Harvard Case - Transforming Geely: From Fridges To Motorcycles To EVS ... To?
"Transforming Geely: From Fridges To Motorcycles To EVS ... To?" Harvard business case study is written by Mark J. Greeven, Patrick Reinmoeller, Lisa Simone Duke, Wei Wei. It deals with the challenges in the field of Entrepreneurship. The case study is 15 page(s) long and it was first published on : Jan 31, 2022
At Fern Fort University, we recommend Geely Automotive pursue a bold and multifaceted strategy to solidify its position as a global leader in the rapidly evolving electric vehicle (EV) market. This strategy will leverage Geely?s existing strengths in manufacturing, technology, and partnerships while embracing disruptive innovation and sustainable practices.
2. Background
Geely, a Chinese multinational automotive company, has a remarkable history of transformation. From its humble beginnings as a refrigerator manufacturer, Geely has successfully ventured into motorcycles, automobiles, and now, electric vehicles. The company?s founder and chairman, Li Shufu, is a visionary entrepreneur with a relentless drive to innovate and expand. Geely?s acquisition of Volvo Cars in 2010 was a landmark event, marking its entry into the premium automotive segment and demonstrating its commitment to global expansion.
3. Analysis of the Case Study
Geely?s success can be attributed to a combination of factors:
- Entrepreneurial Management: Li Shufu?s leadership and entrepreneurial mindset have been instrumental in driving Geely?s growth and adaptability.
- Strategic Acquisitions: Acquisitions like Volvo Cars, Lotus Cars, and Daimler?s Smart division have provided Geely with access to advanced technologies, brand recognition, and global markets.
- Focus on Innovation: Geely has actively invested in research and development, particularly in electric vehicle technology. Its commitment to disruptive innovation is evident in its development of cutting-edge EVs and autonomous driving solutions.
- Strong Manufacturing Capabilities: Geely possesses robust manufacturing capabilities, enabling it to produce high-quality vehicles at scale.
- Strategic Partnerships: Geely has formed strategic partnerships with leading technology companies, such as Google and Baidu, to enhance its technology and analytics capabilities and develop connected car features.
However, Geely faces several challenges:
- Competition: The EV market is highly competitive, with established players like Tesla and emerging Chinese brands vying for market share.
- Technological Advancement: The rapid pace of technological advancements in the EV sector necessitates continuous innovation and investment.
- Global Market Penetration: Geely needs to further expand its global reach and build brand awareness in key markets.
- Environmental Sustainability: The automotive industry is under increasing pressure to adopt sustainable practices. Geely needs to demonstrate its commitment to environmental sustainability in its operations and product development.
4. Recommendations
1. Accelerated EV Development and Expansion: Geely should prioritize the development and launch of a diverse range of electric vehicles across various segments, including luxury, mass-market, and commercial vehicles. This will involve:
- Investing in R&D: Focus on developing advanced battery technologies, autonomous driving systems, and connected car features.
- Product Diversification: Offer a range of EVs with varying price points, sizes, and functionalities to cater to diverse customer needs.
- Global Market Expansion: Target key markets like Europe, North America, and Asia with tailored marketing strategies and localized product offerings.
2. Leverage Existing Strengths: Geely should capitalize on its existing strengths in manufacturing, technology, and partnerships to gain a competitive edge:
- Manufacturing Excellence: Optimize manufacturing processes for efficiency and scalability, ensuring high-quality production of EVs.
- Technology Integration: Integrate advanced technologies like artificial intelligence, machine learning, and cloud computing into its vehicles and operations.
- Strategic Partnerships: Strengthen existing partnerships and forge new alliances with leading technology companies, research institutions, and government agencies.
3. Embrace Disruptive Innovation: Geely should actively pursue disruptive innovation in the EV market, focusing on:
- Shared Mobility Solutions: Develop and implement innovative shared mobility solutions, such as ride-hailing services, car-sharing programs, and subscription models.
- Autonomous Driving Technologies: Invest heavily in the development and deployment of autonomous driving systems, positioning itself as a leader in this emerging field.
- New Business Models: Explore alternative business models, such as subscription services, data-driven revenue streams, and partnerships with energy providers.
4. Promote Sustainability and Social Responsibility: Geely should prioritize environmental sustainability and social responsibility in its operations and product development:
- Sustainable Manufacturing: Adopt environmentally friendly manufacturing processes, reduce carbon emissions, and invest in renewable energy sources.
- Eco-Friendly Vehicles: Develop and market EVs with low environmental impact, featuring recycled materials and energy-efficient components.
- Corporate Social Responsibility: Engage in initiatives that promote social responsibility, such as community development programs and employee well-being initiatives.
5. Build a Strong Brand and Customer Experience: Geely should focus on building a strong brand identity and delivering exceptional customer experiences:
- Branding and Marketing: Develop a compelling brand story that resonates with consumers, emphasizing innovation, technology, and sustainability.
- Customer-Centric Approach: Prioritize customer satisfaction by providing excellent service, personalized experiences, and seamless connectivity.
- Digital Marketing and Engagement: Leverage digital channels to reach target audiences, build brand awareness, and foster customer engagement.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies and Consistency with Mission: The recommendations align with Geely?s existing strengths in manufacturing, technology, and partnerships, while also reinforcing its commitment to innovation and sustainability.
- External Customers and Internal Clients: The recommendations address the needs of diverse customer segments, including individual consumers, businesses, and government agencies.
- Competitors: The recommendations aim to differentiate Geely from its competitors by emphasizing disruptive innovation, sustainability, and customer-centricity.
- Attractiveness: The recommendations are expected to enhance Geely?s market share, profitability, and long-term sustainability.
6. Conclusion
Geely has the potential to become a global leader in the electric vehicle market by embracing a bold and multifaceted strategy that leverages its existing strengths, embraces disruptive innovation, and prioritizes sustainability and customer experience.
7. Discussion
Other alternatives not selected include:
- Focusing solely on the premium EV segment: While this could offer higher margins, it would limit Geely?s market reach and restrict its ability to cater to a broader customer base.
- Partnering with a major automotive manufacturer: This could provide access to resources and expertise, but it could also compromise Geely?s independence and control.
Key assumptions:
- The EV market will continue to grow rapidly in the coming years.
- Geely will be able to successfully develop and launch innovative EV products.
- Geely will be able to attract and retain top talent in the EV industry.
8. Next Steps
- Develop a detailed strategic plan: Outline specific goals, timelines, and resource allocation for implementing the recommendations.
- Establish cross-functional teams: Form teams to oversee the development and implementation of key initiatives, such as product development, marketing, and sustainability.
- Secure necessary funding: Allocate resources and seek external financing to support the ambitious growth plans.
- Monitor progress and adapt as needed: Regularly track progress against key performance indicators and make adjustments to the strategy as needed.
By taking these steps, Geely can solidify its position as a global leader in the electric vehicle market and shape the future of sustainable mobility.
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Case Description
The case is about the continuous entrepreneurial transformation, over two decades, of a company in terms of increasingly advanced technologies and international product markets. It describes how Geely, a leading player in the global automotive industry, started in the 1980s with its founder capitalizing on a series of opportunities during the time of China's high growth. It illustrates how Geely has evolved its technological competence from low-end refrigerators to high-end electric vehicles and mobility systems by deploying growth strategies as diverse as organic growth, acquisition, and integration of businesses across countries. In the process, Geely has turned itself from a late mover and imitator to a strategic innovator and pacesetter in an industry that faces disruption in terms of technology and customer behavior. The case details the phases of Geely's development (from fridges to motorcycles, from motorcycles to cars, and from cars to EVs and mobility solutions). It tracks how Geely's founder, Li Shufu, created a highly successful enterprise in a rapidly growing home market and realigning global economy. The case recounts episodes characterized by continuous improvement and by radical departures from standard practices. Li's entrepreneurial attitude to leveraging available resources step-by-step toward successful deployment is important in turning an affinity for innovation into a competitive advantage and to benefit from China's large market, powerful stakeholders and growing income. At the end of 2020, in the middle of the pandemic, several large and outsized companies that dominated the headlines about Chinese technology giants had become targets of increasing scrutiny by stakeholders in Chinese society. At the end of the case, students are asked to make a choice: Maintain the status quo of high growth; focus on incrementally increasing the quality of growth; or go for a major change?
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