On May 15, Geely Automobile (00175.HK) released an announcement on the Hong Kong Stock Exchange regarding an apparently modest sum, yet carrying extremely strong signaling significance.
The announcement shows that Geely Automobile will acquire 100% equity of Radar Automotive (Shandong) Co., Ltd., Radar Automotive Sales Co., Ltd., and its Thai subsidiary Radar Thailand for a cash consideration of approximately RMB 218 million.
After the transaction, this new energy pickup brand incubated by Geely Holding Group for three years will officially transition from a "group test bed" to a core business segment of the listed company Geely Automobile, and its financial performance will also be consolidated into the listed company's financial statements.
This is not a simple internal asset transfer, but a thoughtful strategic positioning and resource reallocation by Geely Automobile after the new energy vehicle competition has entered deep waters.
Underlying this reflection is the Chinese automotive industry's collective bet and fierce competition on the next potential niche market during the electrification transformation.
Transaction Breakdown: A Cost-effective "Internal Deal"
According to the announcement, this acquisition consists of three parts: Zhejiang Jirun Automobile Co., Ltd. invests RMB 159 million to acquire 100% equity of Radar Automotive (Shandong); Zhejiang Geely Holding Group Automotive Sales Co., Ltd. acquires all equity of Radar Automotive Sales Company for RMB 59 million; and two overseas entities under Geely acquire all shares of Thai subsidiary Radar Thailand for RMB 0.49 million. The total consideration is RMB 218 million, which is basically consistent with the fair value assessment of the three companies, with no obvious premium.
Radar Automotive (Shandong) is the core operating entity, controlling all core assets and value of pickup products, covering full industry chain management from R&D, manufacturing to sales. Radar Automotive Sales Company is responsible for domestic channel operations, while the Thai subsidiary established in July 2024 is a key pivot for going overseas to Southeast Asia.
From a financial data perspective, this transaction is a cost-performance choice for Geely Automobile. Radar Automotive (Shandong) achieved a profit of RMB 67.743 million in 2024, although it turned into a loss of RMB 8.646 million in 2025, but its sales company achieved turnaround to profit in the same year, earning RMB 12.325 million.
Geely used a cost of just over RMB 200 million to include a brand that has already established a leading position in the niche market, with annual sales over 10,000 units and complete assets and technology, under its wing. This calculation is shrewd.
Radar Automotive was born in 2021, released the brand in 2022 and launched its first pure electric pickup RD6, focusing on passengerized and electrified pickup tracks. In the past three years, it has existed as an independent incubation project under Geely Holding Group, maintaining a peer-to-peer relationship with listed company Geely Automobile. This structure was conducive to rapid decision-making and flexible trial-and-error in the initial stage, with the group bearing innovation risks.
However, when the Radar brand ran through the business model in three years, sales accounted for more than 60% of the country's total new energy pickup sales in 2023, its strategic value is no longer negligible. This "incorporation" marks that Geely Automobile officially elevated new energy pickups from an "marginal innovation project" to a "core strategic category".
Geely Automobile CEO Gui Shengyue once stated that Geely's new energy vehicle development should achieve balanced development in all fields, covering luxury, mid-to-high-end, mass market and all categories such as MPV, SUV, pickup, etc. Acquiring Radar is precisely filling the last piece of the puzzle for its key niche market that combines passenger, commercial, and off-road attributes in pickups.
Looking deeper, this is the accelerated implementation of Geely's "One Geely" strategy. In recent years, Geely has continued to streamline the number of brands and subsidiaries. This time injecting the matured Radar business into the listed entity aims to open up product planning, supply chain and channel resources, and improve overall operational efficiency. The holding group is responsible for early incubation and risk isolation. After the model is run through, it is handed over to the listed entity for scale operation, becoming a typical paradigm for Geely to seek balance between risk and efficiency.
Industry Tug-of-War: Has the "Turning Point" of New Energy Pickups Arrived?
Geely's heavy bet on new energy pickups at this time is by no means accidental. The entire market is welcoming the "eve" of structural changes.
In 2025, China's new energy pickup sales soared to 73,000 units, a year-on-year surge of 243%, with growth speed far exceeding the overall level of 11.8% of the pickup market. Although its penetration rate in the entire pickup market is still only about 9.15%, the growth momentum is extremely rapid.
Currently, the new energy pickup market has formed the prototype of "one superpower and multiple strong forces". Geely Radar, relying on first-mover advantage and "pure electric + plug-in hybrid" dual-line layout, steadily sits in the top spot, with full-year insured vehicle volume reaching 13,040 units in 2025.
However, challengers are flocking in. BYD "Shark" pickup is about to land in the domestic market; Chery restarts the Rexis brand and launches pure electric pickup R08 EV; Changan enters with the extended-range technology route and launches the Hunter series; JAC, Great Wall and other traditional pickup heavyweights are also increasing investments in hybrid and pure electric products.
Another battle around pure electric, plug-in hybrid, extended-range technology routes, as well as price range and scenario definition has already begun.
Going overseas is the bigger chessboard. At the 2025 Shanghai Auto Show, GAC Group Chairman Feng Xingya also told the media: "If we want to enter the global market, we must take over the pickup market." According to his estimate, if removing China's car sales, the proportion of global pickup sales to global car sales is about 10%.
China's pickup export volume has reached 300,000 units in 2025, accounting for more than 50% of the total pickup sales. In traditional pickup strongholds such as North America, Australia, and Southeast Asia, electrification transformation is also gaining momentum.
Radar enters Southeast Asia with Thailand as a stepping stone, but fighting alone has high costs and slow network building. After being incorporated by Geely Automobile, Radar can seamlessly access Geely's mature global distribution system and expand quickly to more markets.
Geely Australia executives have revealed that they are developing a new rugged new energy pickup more tailored to the Australian market demand, planned to be listed within the next 1-3 years, directly benchmarking Ford Ranger and Toyota Hilux. This indicates that Geely's ambition is by no means just reigning in the domestic market, but intends to get a share of the pie in the new energy transformation of the global pickup market.
After the sedan and SUV markets are rolled into a "red ocean", pickup - this once niche market, is becoming a key battlefield for car companies to seek growth breakout and explore new paths for going overseas.
This acquisition is a brilliant move on Geely's chessboard, and also a microcosm of the competition dimension of China's new energy vehicle industry being widened again. When pickups meet new energy, the story has just begun.
