Editor's Note: Incorporating Radar Automotive is seen as another important measure to advance the "One Geely" strategy and continuously optimize resource allocation.
Recently, Geely Automobile announced on the HKEX that it plans to invest approximately 218 million yuan in cash to acquire 100% equity of three core entities of Radar Automotive. Upon completion of the transaction, Radar Automotive will be consolidated into the listed company's financial statements as a wholly-owned subsidiary, marking the formal transition of this new energy pickup brand from a group incubation project to a core business segment of the listed entity.
This move is a key step for Geely Holdings to implement the "Taizhou Declaration". Released two years ago, the declaration established five key directions including strategic focus, integration, and synergy, aiming to reverse resource redundancy and low efficiency caused by independent operations of multiple brands in the past, and promote the group's transition towards centralized synergy.
Guided by this strategy, Geely has successively completed adjustments such as Geometry merging into Galaxy, and Zeekr integrating Lynk & Co. This incorporation of Radar Automotive is seen as another important measure to advance the "One Geely" strategy and continuously optimize resource allocation.
Radar Automotive, Profitability Still in Climbing Phase
Radar Automotive was incubated by Geely Holdings four years ago, and the first model RD6 quickly gained traction after its launch. In 2025, the brand became the only new energy brand to rank in the top five in total pickup sales with 13,040 units sold, with its pure electric segment market share reaching as high as 98%.
However, Radar Automotive has not yet achieved overall profitability. Recent financial data shows divergence in profit and loss among the three core entities: The Shandong company operating the entire industry chain narrowed its loss to 8.646 million yuan, the domestic sales company earned a profit of 12.325 million yuan, while Radar Thailand responsible for overseas expansion expanded its loss to 10.697 million yuan, and the overall business is still in the investment phase.
Equally challenging are market capacity constraints and intensifying competition.
In the first quarter of 2026, domestic new energy pickup sales were only 18,000 units, with penetration below 10%, and growth rate far lower than the overall pickup market. Currently, the main growth in pickups is overseas, with exports accounting for more than half.
At the same time, the track is becoming increasingly crowded. In the domestic market, Great Wall Motor continues to firmly hold the leading position in the domestic pickup market, with global sales exceeding 181,600 units in 2025. BYD Shark Pickup has long prioritized deep cultivation of overseas markets, with an average monthly export volume stable at around 3,000 units. Relying on its hybrid rugged product power, it quickly opened up the Southeast Asian and Australian markets. Recently, the Shark brand was also confirmed to enter the domestic pickup market to compete.
More participants are constantly joining. Changan is accelerating the layout of passenger-oriented new energy pickups, and Chery is also perfecting the pure electric and plug-in hybrid full-category pickup product matrix relying on the Ruilin brand.
Against this backdrop, the advantages Radar Pickup established in the new energy pickup field are being constantly eroded, and whether it can maintain leadership in competition afterward remains unknown.
Another Move in Geely's Grand Integration
The Geely Group is continuously deepening the strategic implementation of the "Taizhou Declaration". In the past year, the group's integration moves were frequent: Geely Galaxy merged with the Geometry brand, Zeekr and Lynk & Co completed equity transfer and formed Zeekr Technology Group, which was subsequently merged into Geely Automobile. Through these adjustments, the group's brand count was streamlined from 6 to 4, and subsidiary holding companies were reduced from 3 to 1, completing a deep internal cleanup.
This acquisition of Radar Automotive will further expand Geely's business landscape. A Geely representative stated that bringing Radar under the China Star umbrella aims to perfect product coverage in luxury, mid-to-high-end, and mass markets, complete the pickup category, and form a complete matrix of sedans, SUVs, MPVs, and pickups to meet diverse user needs; from a strategic value perspective, this acquisition marks the upgrade of new energy pickups from a group-level incubation project to a core strategic category of the listed company.
From the value perspective, the transaction price is 218 million yuan, basically flat with the assessed fair value of the target company, with no premium risk. Geely has acquired a top domestic new energy pickup brand at a low cost, which not only fills the product matrix gap but also provides growth space for pickup overseas expansion, reflecting efficient resource allocation.
For Radar Automotive, although it had previously laid out the Thai market, independent expansion overseas faces high cost and low efficiency issues. Relying on Geely's mature global distribution network, Radar Automotive can quickly penetrate more markets, convert technical momentum into sales volume growth, and accelerate the realization of scale profitability.
In addition, injecting Radar Automotive into the listed company system marks that the holding group no longer manages homogeneous brands dispersively, but instead hands over mature business to core segments for unified operation. This move connects product planning, supply chain, and channel resources, achieves reuse of overseas networks, and is conducive to Radar brand expansion and cost control in domestic and international markets.
In response, industry insiders believe that Geely adopts a "platform incubation + mature recycling" model, relying on group resources to share the early risks of start-up brands, and implementing asset integration after the brand stabilizes its position in the niche market. This strategy balances risk control and asset operating efficiency.
This inclusion of Radar Automotive into the listed system is yet another key execution of this strategic logic.
