That August 1st sales quick report, I read it over and over again. Geely's total July sales reached 250,161 units, nothing unexpected; what really made me pause in front of my computer was the overseas data: exports of 106,663 units, up 202% year-on-year, rising month-on-month and year-on-month for 7 consecutive months, and reaching the 100,000 unit mark for two consecutive months.

Working in this industry for so long, you develop a feel for numbers. Previously when we talked about exports, it was assumed we just pull domestic surplus inventory to the Middle East or Africa to get blood back. But of Geely's 106,000 units this month, new energy vehicles accounted for 62,604 units, a proportion as high as 59%. What does this show? It shows what Geely sends overseas is no longer "surplus stock", but the "elite forces" currently fighting the main battle domestically.

The logic behind this deserves to be broken down and discussed thoroughly.

Model Matrix: No longer single-point explosions, but carpet-style deployment

I see many peers focusing on total sales volume. Actually, break it down by model dimension, you will find Geely's approach has changed. Previously relying on one car to rule the world, now it is rising simultaneously in various sub-segments.

Taking Star Wish (EX2) as an example, it took first place in Thailand's pure electric market in June, pushing BYD Atto 3 aside. This car looks unremarkable domestically, but in Southeast Asia's congested, high-temperature, cost-performance-focused markets, it is simply a dimensional strike. Even more incredibly, this car entered the top two in Brazil and Mexico. An A0-level small car can gain volume simultaneously in Southeast Asia and Latin America with completely different usage scenarios. This is definitely not luck, but right product definition.

Look at Starship 7 EM-i (EX5 EM-i), this car took C-level PHEV first place in Poland. Europeans are shrewd, high fuel prices, inconvenient charging, PHEV is indeed the optimal solution at this stage. Geely taking the domestic Thor Electric Hybrid technology over there, just cut right into the pain points.

Lynk & Co 08 and Zeekr need not be mentioned. Lynk & Co 08 entering the top three in premium plug-in hybrids in a place like Mexico, which is the "heartland of American cars", Zeekr pressing BBA down in right-hand drive markets like Australia, Malaysia. This is no longer explainable by "cost-performance", this is substantive breakthrough in brand elevation. Previously we said Chinese cars going overseas is "encircle the cities from the countryside", now it looks like Geely wants to directly enter "the city" to open stores.

Valencia: This Move Carries More Weight Than 100,000 Units

To tell the truth, July sales volume is just the result, that big move Geely and Ford pulled off in Spain at the end of July is the key to deciding the pattern of the next three years.

Geely spent 221 million euros to buy 34% stake of Ford's Spanish Valencia factory. This money looks a lot, but in the background of building factories in Europe costing billions of euros, this is simply "rock-bottom price".

Why is this move so clever? We who work in industry all understand, the European market has always had a "glass door", that is that anti-subsidy tariff. Previously we made cars and sent them over, tariffs were so high it was shocking, price advantage instantly disappeared. Now Geely directly builds a joint venture factory in Spain, using Ford's idle capacity to make Geely cars. This trick of "borrowing a boat to go out", directly bypasses the tariff barriers.

More importantly, this factory was built in 1976, Ford has run it there for decades, supply chain, workers, union relations are all sorted out. Geely spending small money to do big things, not only gained capacity, but also gained the "ticket" to enter the EU market and "compliance credentials". Afterward, Europeans buying Geely cars, packaging might print "Made in Spain". This is not only a business victory, but survival wisdom under geopolitical games.

System Capability: From "Selling Cars" to "Outputting Systems"

Having done auto reporting for so many years, I have seen too many companies fail miserably when going overseas. Previously many car manufacturers going overseas, just find an agent, send cars over, whether they sell well depends entirely on heaven. But Geely's current gameplay is "system overseas".

What is a system? It is "One Geely" strategic coordination. Geely, Lynk & Co, Zeekr three brands, positioning clearly divided, fighting each other not at all. Geely focuses on volume, Lynk & Co on quality, Zeekr on high-end. This multi-brand synergy is even more important overseas than domestically, because overseas dealers fear OEM left-right mutual fighting.

Looking deeper, it is technical foundation sharing. CMA, SEA these architectures, plus Thor Electric Hybrid, Shield Battery, all globally universal. This is like building blocks, base is universal, above can according to different country regulations, road conditions, consumer habits change shells. This development efficiency is what those still "one car one car redesign" competitors cannot compare with.

Past decade smashed in 250 billion R&D fees, now look, time for harvest has arrived.

Written at last: Don't just look at the spectacle, look at the essence

Of course, we also must be calm. Although Geely's momentum is fierce, challenges are still ahead. Before Valencia factory first car rolls out in 2028, union negotiations, production line renovation, EU certification, every gate is not easy. Moreover, Lynk & Co and Zeekr really entering Western Europe, facing Mercedes, BMW, Tesla these "local heavyweights", hard battles are still ahead.

But for us spectators, Geely's July 106,000 units, signal meaning already very clear. Chinese cars going overseas, already passed that "selling cars out is enough" untamed era, entered "manufacture locally, sell locally, service locally" system competition stage.

Later you see Zeekr on Sydney streets, or Starship 7 in Warsaw, likely not from Ningbo Port crossing ocean transported over, but European local factory roll-out products. This is true globalization, also Geely this wave operation most makes me feel "sophisticated" place.

This game of chess, Geely has only just started placing stones.

“Selling cars doesn't make money" — this industry joke ultimately came true as a prophecy.

The price war has lasted three years, and industry profit margins have fallen from 7.8% ten years ago to 1.5%. "Quantity and profit cannot be had together" changed from a phenomenon into industry consensus.

 

 

But Geely overturned this consensus with a set of data — in the first half of this year, automotive sales reached 1.42 million units, a slight year-on-year increase of 1%; revenue was 173.6 billion yuan, a surge of 15% year-on-year; core net profit attributable to the parent company reached 9.68 billion yuan, a surge of 46% year-on-year; core net profit attributable to the parent company per vehicle was 6,806 yuan, an increase of 45% year-on-year.

 

 

Sales up 1%, profit up 46%.This isn't piled up by "selling more cars, thin margins on high volume", but every car is earning more money. If you look at it over a longer time, this is Geely's sixth consecutive year of positive revenue growth. In a cycle turning from "incremental competition" to "stock elimination", these five words "Volume, Price, and Profit All Rising" are the most hardcore footnote of this semi-annual report.

 

One Geely, Clenched Fist

 

The data is there, anyone can calculate the accounts. But what is more worth asking is — Geely, on what basis?

The answer is hidden in a strategy launched two years ago. In September 2024, Geely released the "Taizhou Declaration", proposing five major measures of "Strategic Focus, Strategic Integration", declaring a move from the expansion era of "raising many children to fight well" to the focus era of "returning to one Geely".

 

 

At that time, Geely answered the two questions most focused by the market: Why and How?

The answer to the former is very direct: change the past situation of scattered brands fighting separately, concentrating resources into a fist; the path for the latter is also very clear: Zeekr, Lynk & Co., Galaxy, and China Star, the four major brands, are under one corporate structure, with the Central Research Institute, supply chain, and manufacturing system all connected. In August this year, a General Sales Company was established, with four brand sales companies under it, further coordinating marketing resources. From R&D, manufacturing, procurement, to sales, "One Geely" completed the last piece of the puzzle.

The effect of integration was also directly written into the income statement — administrative expense ratio dropped to 1.7% in the first half of the year, R&D expense ratio dropped to 5.2%, money was spent less, efficiency was higher.

 

 

The four brands also have their respective duties. Zeekr carries the profit, selling 178,000 units in the first half of this year, accounting for only 12.5% of total sales, but contributing 31.7% of revenue — this is the power of premiumization; average transaction price 350,000, already exceeding BBA.

Galaxy pursues volume, selling nearly 520,000 units in the first half of the year, breaking into the top three globally in new energy. Running volume in the mainstream market, spreading costs, is Geely's basic foundation.

China Star defends internal combustion, selling over 580,000 units in the first half of the year, securing the first place in Chinese brand internal combustion car sales for the 10th consecutive year. Industry internal combustion cars dropped 31.9%, China Star only dropped 8.8%, holding the internal combustion camp with product power.

Lynk & Co. focuses on differentiation, over 144,000 units in the first half of the year, new energy penetration rate reached 65%, labels of "trendy, sports, individual" are stuck tighter, doing what they are good at in niche markets. "No fighting, no internal friction" — this is not one brand fighting, but four pillars holding up Geely's profit chassis simultaneously.

 

Second Curve, Expedition Overseas

 

After stabilizing the domestic market, Geely turned its eyes to further places.

 

 

While the domestic auto market is still fighting in price wars, Geely cars are already loaded onto ocean freighters. In the first half of the year, Geely's overseas export sales reached 474,200 units, a 158% year-on-year increase, exceeding the total export volume of the entire year of 2025. In June and July, overseas monthly sales exceeded 100,000 units consecutively.

Horizontal comparison is more intuitive — Geely has the highest export growth rate among mainstream Chinese automakers, total export volume and new energy export volume both ranked in the top three among Chinese automakers. The proportion of exports to total sales was pulled from about 13% last year's same period to 33%.

 

 

But more valuable than sales volume is the structure of exports — in the first half of this year, Geely's new energy vehicle exports reached 277,200 units, a surge of 585% year-on-year, accounting for 58.5% of total exports. That is to say, in the cars Geely sells overseas, over half are new energy — not moving domestic fuel cars that can't be sold overseas to clear inventory, but pushing the most advanced products to the global market.

At the same time, Geely's approach is also upgrading: from "whole vehicle export" to "system overseas". In the first half of the year, overseas manufacturing plants put into operation reached 12, overseas capacity exceeded 650,000 units, expected to exceed 840,000 units by year-end. Geely Auto Board Chairman An Conghui disclosed longer-term layouts at the performance meeting: Volvo Europe factory will undertake Geely system's luxury car production; Proton Malaysia factory is undergoing technical transformation, planned for upgrade to 500,000 unit-level Southeast Asia manufacturing base; Ford joint venture Spain factory capacity is also 500,000 units. From "selling cars out" to "building factories out", Geely is completing the leap from product overseas to industrial overseas.

 

 

And based on the first half-year growth rate, Geely has raised the full-year overseas sales target from 640,000 units to 920,000 units, and shouted the slogan of sprinting to 1 million units, long-term goal is overseas contributing two-thirds of total sales.

From 13% to 33%, then to two-thirds, a clear upward curve outlines Geely's overseas market growth trajectory, and also marks a key node of a Chinese automaker leaping to a global company.

 

Smart Track, Heavy Bet on AI 

 

One seeks efficiency inwards, one seeks increment outwards —

Integration is tightening resources, going overseas is opening the market. But this merely solves the problem of getting to the table, wanting to win the game, you still need to place a bigger bet.

 

 

Open Geely's R&D ledger: R&D investment 9.06 billion yuan in the first half of the year, year-on-year growth 8%, R&D expense ratio actually dropped 0.3 percentage points. Money was spent more efficiently, but R&D investment absolute value is still rising — this money, most of it thrown to one direction: AI.

In January 2026, Geely announced on US CES that full-domain AI technology system evolved to 2.0 era. Core breakthrough is based on self-developed WAM World Behavior Model, achieving cross-domain fusion of AI technology in various domains of the whole vehicle, allowing automotive intelligence to first possess a continuous evolving "worldview" and "judgment capability".

 

 

Based on WAM model, Geely built a so-called "1+2+N" multi-agent collaboration framework, core logic is not complex: one brain unified scheduling, Super Eva and Qianli Haohan G-ASD respectively responsible for "thinking" and "moving", then extended to all vehicle function modules. Simply put, you say a sentence casually, behind there might be several intelligent modules working together — understand intent, plan path, control vehicle, adjust cockpit, all in one go.

On the ground, Qianli Haohan G-ASD already covers Zeekr, Lynk & Co. brand 16 car models, equipped vehicles over 300,000 units. In 2026, Geely plans to push highway L3 and urban L4 functions under legal permission, and realize Robotaxi commercial operation.

 

 

Different from the industry's common "Product Intelligence" — adding a pile of functions to the car, Geely embedded AI into the full chain from design, R&D, manufacturing to after-sales. i-HEV Intelligent Engine Hybrid, AI Digital Chassis, 16-in-1 Intelligent Electric Drive launched in the first half, behind them all have shadows of AI large models. At the same time, further chess game has been played: Geely has deepened cooperation with NVIDIA, also plans to establish 2030 Laboratory, layout power semiconductors, embodied intelligence, large models and other frontier fields.

If "One Geely" is the chassis, going overseas is the accelerator, then full-domain AI is the steering wheel — it determines where this company will finally drive to. And Geely official stance on this matter is: Accelerating towards "Full-domain AI Intelligent Vehicle Leader".

 

Ending:

 

 

"This is an eye-catching financial report, but not yet at the level of dazzling." At the performance press conference, Geely Auto Board Vice Chairman and Executive Director Gui Shengyue gave four judgments: Above Expectations, Eye-catching, Not Dazzling, Can Sustain Long Term with Huge Room for Improvement.

And behind this exactly corresponds to the three-fold logic of Geely's semi-annual report: Above Expectations, it is efficiency release brought by integration; Eye-catching, it is growth space opened by going overseas; And Not Dazzling but Huge Room for Improvement, it is sober cognition of this AI marathon — trump card has been shown, but the final outcome is far from coming.

For the industry, the greatest value of Geely's semi-annual report is not providing another "case of making money", but providing a "sample of how to live well in a stock elimination cycle" — not relying on price wars, not relying on stacking configurations, relying on strategic determination, system capability and forward-looking layout. This is Geely's answer, and also its deepest moat.

2026First half of the year, China's vehicle manufacturing profit margin fell to 1.5%, reaching a new low in nearly a decade.

In this context, Geely's performance is very prominent.

Total sales volume in the first half reached 1.423 million units, a year-on-year increase of only 1%. However, revenue was 173.6 billion yuan, a year-on-year increase of 15%; core net profit attributable to shareholders was 9.68 billion yuan, a year-on-year increase of 46%. Gross margin increased from 16.2% in the same period last year to 17.9%.

Management summarized it in one sentence: "Revenue growth is faster than sales volume growth, and profit growth is faster than revenue growth."

Growth drivers come from two aspects.

Premiumization — Zeekr's sales volume in the first half reached 178,000 units, a year-on-year increase of 97%, accounting for 12.5% of total sales and contributing 31.7% of revenue. Zeekr's gross margin is approximately 20%, occupying about one-third of the domestic sub-market above 500,000 yuan.

Internationalization — It is the structural change in the financial report worth analyzing most closely. To understand Geely's profit explosion, one must first see the structural explosion of its overseas business.

No New Factories, Overseas Capacity Doubled Plus

In the first half, Geely's overseas export sales reached 474,200 units, a year-on-year increase of 158%, exceeding the full-year export volume of 2025. Among them, new energy vehicle exports reached 277,200 units, a year-on-year increase of 585%.

The proportion of overseas sales to total sales jumped from about 13% in the same period last year to about 33%. In June and July, overseas monthly sales broke through 100,000 units. The growth rate ranks first among mainstream automakers.

Regional markets are showing comprehensive blossoming. Latin America and Africa increased by 298% year-on-year, Europe increased by over 280%, ASEAN over 120%, Eastern Europe and Central/West Asia approached 100%.

Geely announced that it raised the full-year export target from 640,000 units to 920,000 units, and proposed challenging 1 million units.

With going global becoming a clear card and cure-all for Chinese automakers, more worth paying attention to than numbers is Geely's unique strategy for going global.

Zhejiang Geely Holding Group Chairman Li Shufu clearly stated: "In the new process of global transformation, we will not build new capacity. We insist on win-win cooperation with global peers and share capacity."

Behind this sentence, there are three specific details.

"1": One overseas Geely system. Back-end and middle-back-end are fully unified, not acting independently. The three brands Zeekr, Lynk & Co, and Geely maintain clear positioning — Zeekr focuses on tech luxury, Lynk & Co focuses on sports trends, and Geely plans the mainstream household market.

"23456": Five regional markets, totaling 2 million units. Europe 600,000, ASEAN 500,000, Latin America & Africa 400,000, Eastern Europe 300,000, Central Asia & Middle East 200,000.

The timeline is the next 2 to 3 years. Geely Automobile Holdings Ltd. Board Chairman An Conghui reiterated the long-term strategic goal: overseas markets will contribute two-thirds of sales.

The implementation of the strategy relies on three factories.

Volvo Europe Factory — Put into production in 2028, producing Geely's high-end cars.

An Conghui revealed at the earnings call that the Volvo Europe Factory will undertake the production of high-end luxury cars within the Geely Automobile Group, expected to start production in 2028. It specifically involves the Trollhättan factory in Gothenburg, Sweden, the Ghent factory in Belgium, and the newly built EV factory in Košice, Slovakia.

Previously, Volvo signed an agreement with Lynk & Co to be responsible for the exclusive import and operation of the Lynk & Co brand in the European market. Now, the production side is also included in the Volvo Europe system, forming a complete localized layout from manufacturing and import to sales and after-sales service.

Ford Spain Factory — 500,000 units capacity, Roll-off line in 2028.

On July 23, 2026, Geely and Ford signed an agreement to acquire 34% equity of Ford's Valencia plant in Spain for 221 million euros. This factory, put into production in 1976, has an annual capacity of about 500,000 units and is one of the largest manufacturing bases in Europe.

After the joint venture company is established, the Valencia factory will undertake the production tasks for 5 car models of Geely and Ford simultaneously. Geely will put into production two new energy vehicle models including EX2 (Domestic Xingyuan), with the first car rolling off the line in 2028.

It was clarified at this earnings call that the Spain factory will produce Geely Galaxy and Lynk & Co products.

Proton Malaysia Factory — From 200,000 to 500,000 units

The Proton Malaysia factory acquired by Geely is undergoing technical transformation. Capacity is increased from 200,000 units to 500,000 units, positioned as a Southeast Asia manufacturing base. In addition, the Brazil factory cooperated by Geely and Renault has an annual capacity of about 300,000 units, and the Korean factory is also continuing to increase capacity.

As of the first half, Geely's operational overseas manufacturing factories have reached 12, overseas capacity exceeds 650,000 units, and it is planned to be increased to over 840,000 units by the end of the year.

Three factories, three cooperation forms: Volvo is capacity synergy within the system, Ford is external joint venture sharing, Proton is acquisition renovation upgrade. In terms of overseas capacity layout, Geely appears to have almost no repetitive moves, possessing the flexibility of "One Place, One Policy", which exactly reflects the unified investment concept of integrating existing resources.

How the Brand Matrix Supports Overseas Expansion

"123456" Strategy, the core meaning of "1" is an overseas system, three brands with different divisions of labor. So to what extent have Geely's three brands achieved in the overseas market?

Zeekr is the highest-end brand for going global, with an average transaction price of 350,000 yuan, with a clear goal: to occupy one-third of the market in China priced above 500,000 yuan, and to also take one-third of the global high-end market.

In the first half of this year, Zeekr has entered markets such as Malaysia and the Middle East. Zeekr 7X and 007 are the current export mainstays. In the second half of the year, Zeekr 9X, 8X, and 009 will expand to more markets: Zeekr 9X lands in Central Asia in Q3 and enters Europe in Q4; Zeekr 8X enters Latin America and Europe in Q4; Zeekr 009 and 009 Glory launch European versions in the second half of the year.

According to reports, some overseas markets have already seen situations where dealers add markups to car purchases, indicating sufficient demand.

Lynk & Co is positioned as "Sports Trends + Volvo Entry-Level Supplement", has signed 10 dealers in Belgium, and the pace of entering Europe is accelerating. Europe focuses on plug-in hybrids as the main product direction, forming differentiation with Zeekr's pure electric positioning.

Galaxy and China Star are responsible for the mainstream mass market. Geely Automobile Holdings Ltd. CEO Gan Jiayue announced at the earnings call that Geely will no longer develop traditional fuel vehicles in the future; all fuel vehicle models will turn to i-HEV Smart Hybrid, and next year all i-HEV models will be launched to the overseas market.

The i-HEV engine thermal efficiency is 48.41%, breaking the global mass production record. This is Geely's trump card to compete head-on with Japanese hybrids overseas. In the first half of the year, China Star sales volume dropped 5.7% year-on-year, but market share increased from 8.7% last year to 10.4%, winning against the industry against the background of a 31.9% decline in the fuel vehicle market.

Conclusion

Geely is also bearing the pressure of shrinking overall volume in the domestic market.

At the earnings call, An Conghui openly shared: The brand power of Geely's system in the mainstream price range is still insufficient, lacking strong mid-range products.

In the downturn cycle of the industry, the core reason why Geely was able to submit a scorecard with 46% profit growth is that it completed two leaps in the strategic dimension: using Zeekr's premiumization to break through the profit ceiling, and using deep overseas localization cooperation to broaden survival space.

The domestic elimination race is far from over; globalization is a required course for survival. But in this interim report, Geely proved one thing to the industry: car companies that plant roots deeply into the global system early can better undertake the challenges of the times.

In addition, how to coordinate brand positioning and manufacturing standards when Volvo factories OEM Geely brand models? Can the joint venture model of Ford Spain factory be replicated to other markets? How to cope with the high uncertainty of geopolitical politics? It still needs time to test.

In the past, when evaluating the success of a Chinese private enterprise, we especially liked to tell the founder's story.

Ren Zhengfei, Jack Ma, Ma Huateng, Cao Dewang, Li Shufu… In the critical years of growth for many enterprises, the founder was almost synonymous with the company. Where the company should go next, what is worth betting on, and when to take risks often depended on this person's judgment.

Even for the outside world, the founder themselves was the company's biggest certainty.

But if a company really wants to last for decades, sooner or later it must face a harder question: If one day this person is no longer in that position, will the company continue to move forward?

Now, the batch of Chinese private enterprises that grew up earliest has successively reached the time when they must handle this matter.

On August 17, Geely Automobile announced an important personnel adjustment.

Starting from August 18, Li Shufu resigned as Chairman and Executive Director of Geely Automobile Holdings Limited, and was appointed Lifetime Honorary Chairman; An Conghui succeeded as Chairman, and Gan Jiayue took over as CEO. Li Shufu of course has not left Geely, he is still Geely Automobile's major and controlling shareholder, and also continues to serve as Chairman of Geely Holding Group.

But the changes are now very clear. The person who has been tied to the word "Geely" for the past few decades is starting to hand over the governance and operation of this listed company, Geely Automobile, more completely to a professional management team.

This baton pass did not happen during Geely's most difficult times. Quite the opposite.

In the first half of 2026, Geely Automobile's revenue was 173.6 billion yuan, up 15% year-on-year; core net profit attributable to parents was 9.684 billion yuan, up 46% year-on-year, and gross margin rose to 17.9%.

The boss was not forced into a corner by performance, and the company was not waiting for someone to put out fires; instead, behind a rather good semi-annual report, Li Shufu himself moved his chair back.

This is worth discussing. Because changing people when the company is in trouble is actually easy to understand. When sales are not good, profits drop, or strategy goes astray, someone has to come out to change the approach.

The difficulty lies in whether the company can actively do less when it is clearly still moving up, and the founder themselves is still capable of making decisions.

In Geely's story over the past more than 30 years, Li Shufu's personal color was too strong.

Early car manufacturing, then acquiring Volvo later, followed by Lynk & Co, Zeekr, and today Geely's net spread globally, many decisions that looked quite bold or even a bit risky back then,were behind with a strong Li Shufu style.

When a company is small, this style is very useful.

When everyone hesitates, the boss dares to make the decision; when everyone thinks the risk is too big, the boss dares to bet; when the industry hasn't figured it out yet, the boss has already led the company forward. Many of the first generation of Chinese private enterprises were rushed out this way.

But once the company becomes large, this set of games will also encounter its own ceiling.

How complex is Geely today?

Just in the listed company system, there are multiple brands including Geely, Lynk & Co, Zeekr, etc.; if you further expand the vision to the entire Geely Holding system, outside there are also global resources like Volvo, Proton, etc. Behind it, it also triggers R&D, procurement, supply chain, and manufacturing, business spread all the way to Europe, Southeast Asia, the Middle East, and South America.

Different markets have different regulations, different users, different industrial partners, and even energy routes are not entirely the same.

So large a pile of things, if in the end it still has to wait for one person to make the decision,then even if this person has 48 hours a day it won't be enough.

So at this performance meeting, I think Gui Shengyue's sentence is more important than many sales targets: "In the future, Geely will rely less on personal charm and authority, and instead rely on organizational systems and talent echelons".

It sounds like a bit of an enterprise management class, but put it in Geely, it's really not an empty word.

Because what Geely needs to prove now is not whether Li Shufu still has the ability to lead the company forward, but after Li Shufu gradually retreats from the daily governance and operation of the listed company, can this system still run as usual, and is there someone to push it forward.

So An Conghui sitting in this position is very key.He has no halo of being an external hire, nor is he a sudden star manager brought in from outside for a high price, but someone who grew up in the Geely system.

Li Shufu evaluated him at the performance meeting like this: "An Conghui is a very excellent professional talent cultivated within the Geely system. Professional talents are rare."

Thinking about this sentence carefully, it is actually more interesting than praising his resume as beautiful.

Because if a company talks about talent echelons every day, but when the top management team is handed over, they find no one inside can take over, and in the end still have to seek a 'master' with 'heavy money' from the whole country or even the world, then this talent echelon is somewhat remained in the PPT.

This point, An Conghui at least has caught.

Of course, once people are in place, the matter has just begun.The trouble in front of Geely, he also has not hidden.

Making his public appearance for the first time as Chairman of Geely Automobile's Board of Directors, An Conghui spoke quite directly: "We still lack blockbuster products, the core problem lies here." Then he added a sentence:"We lack mid-range strength."

I think this sentence is quite rare.

After all, semi-annual revenue over 170 billion yuan, core profit up 46%, first appearance of the new chairman, changed for many companies, the press conference would likely start playing "Historic Best", "Comprehensive Leadership", "Enter New Stage" in a loop.

An Conghui first picked out a fault for himself, and this fault picked was quite accurate.

Today's Geely, one head has Zeekr to support high-end.First half of year Zeekr sales volume increased 97% year-on-year to 178,000 units, revenue increased 103% to 55 billion yuan. The other end still has Star Wish, this car everyone is more familiar with, entry market now basically monthly charging ahead in sales ranking.

Trouble lies exactly in the middle.

150,000, 200,000, 250,000, 300,000 yuan this big section, is also the region with the most intensive competition in China's auto market now. BYD, Chery, Changan, Li Auto, AITO, Xpeng, all piled up here products, piled up technology, fighting for users.

You have platform, I have; you have smart driving, I have; you have big battery, I can even stuff a few more degrees than you.

So when An Conghui says "mid-range strength is not enough", actually he has explained the problem very practically, Geely now does not lack technology and resources, lacks is the efficiency of continuously transforming these abilities into more blockbusters.

This is also where "One Geely" needs to reflect value most in the next.

In the past few years Geely has been doing integration, cross products reduced, overall product quantity down over 20%; first half management expense rate down from 1.9% to 1.7%, R&D expense rate down from 5.5% to 5.2%, past R&D, procurement, supply chain resources scattered in different brands, different business systems, also constantly twisting together.

These numbers look quite good in the financial report.

But when consumers buy cars, obviously they won't sit in the dealership asking sales: "May I ask your company management expense rate how much did it drop this year?"

For consumers, "One Geely" at the end should behave very concretely.

After R&D stops burning money repeatedly, can product development be faster; same underlying ability can be reused by more models, same budget can exchange for stronger product power; brand boundaries more clear, don't trample each other's feet again, one car from project start more clearly knows who it sells to.

In the end, these internal efficiencies all have to fall on products.

Develop faster, cost lower, brand boundaries clearer, finally can continuously produce a batch of sellable cars, "One Geely" can count as from internal integration, walked to the consumer front.

As for why exactly now push this organization forward, I think there is another very realistic reason.

Geely's next stage, already impossible to only stare at China market.

First half of this year, Geely overseas sales 474,000 units, up 158% year-on-year, already exceeded 2025 full year export volume. Full year overseas target also adjusted up from 640,000 units to 920,000 units, and began to challenge 1 million units.

However, beyond numbers, Geely's round of global game strategy is actually more worth watching.

Li Shufu said clearly this time, in future globalization process, Geely does not plan every go one place to oneself build large construction re-create a factory,but more share existing capacity with global peers.

Europe has cooperation with Ford around Valencia Spain factory, Volvo itself has mature Europe manufacturing system; Malaysia has Proton, South America also has cooperation with Renault.

Put these things together to look, will discover Geely past 10+ years those at the time looked mutually scattered investments, acquisitions and cooperation,now slowly pieced together into a net that can be used for global business.

Back then many people looked at Geely buying Volvo, first reaction still felt, Chinese company bought this big one Europe brand, digest can manage?

Now looking again,Volvo brought to Geely, obviously not just a luxury brand.

It also has Europe industrial experience, supply chain relations, R&D capability, and hardest thing for money to directly buy, is dealing with global auto industry credit.

So Geely's next stage obviously also not just "export more China cars".That is more like Chinese auto globalization early stage thoughts.

A truly global auto company, has to be able to produce in Europe, produce in Southeast Asia, produce in South America, do business with local enterprises, use local supply chain, at the same time bring out China these years in new energy, intelligence and product development efficiency advantages.

At this time, a company if still wants to rely on founder's one will cover so many markets, basically already not realistic.

Arrived at this step,organizational capability also not just inside company how to manage people question, it will directly affect Geely next stage can put this global network spread how big, run how fast.

Also because of this, I think Li Shufu this time retreat one step, to challenge things actually bigger than "Geely future can still make money" a lot.

Look out to global, whether enterprise can transcend founder, from beginning always very hard.

Founder can leave company, brand, technology, money and system, but hard to pack leave next generation their judgment, ambition even that sometimes looks not too rational creativity.

Even strong like Apple, also cannot bypass this question.

After Jobs, professional manager born Cook can run Apple continue to make money, market value higher and higher, this of course is a remarkable ability. But like iPhone that redefines one industry product, later indeed less and less seen.

Enterprise can hand out operation right, founder creativity also cannot handle "job handover".

This might also be Geely next stage needs to face.

Li Shufu already does not need to prove again whether can do success auto company. From back then one private auto company all the way to today half year revenue 170 billion yuan, this matter already does not need prove.

Next stage to look, is An Conghui and Gan Jiayue led a set more professionalized system forward, Geely can still retain back then dare to bet, dare to experiment, dare to go other people didn't go place take a look head.

If can, then this time baton pass significance, just far more than changed one chairman.

After all, create one great company, was originally rare thing.

More hard, is always great down.

Over the past two days, we attended Geely's interim performance briefing, which mainly highlighted the "123456" strategy and the 5th Generation Energy Replenishment Technology.

Well, understanding this from an outsider's perspective, it simply means Geely wants to accelerate its own globalization.

If you observe closely, you will find that the so-called "product globalization" of most domestic automakers nowadays is a form of pseudo-globalization. Either they manufacture products domestically and ship them out to sell, or they build factories locally for local production.

But Geely's globalization is not this model; it uses others' factories to build its own cars. So you see why Geely spent 221 million euros to acquire a stake in the Ford factory in Spain, and why it upgrades the capacity of the Proton factory in Malaysia from 200,000 units to 500,000 units. Actually, these are both Version 2.0 of "local car manufacturing".

Although many might think that if a car's assembly, supply chain, and sales channels are all handled by foreigners, it is no longer considered a "Chinese car", foreign consumers seeing production sources outside China theoretically makes it easier to boost sales volume, after all, their stereotype is that "Made in China is cheap but dare not buy".

Actually, the 5th Generation Energy Replenishment Technology also addresses the same issue, which is solving deeper-level user fears, because only if users dare to buy, can the cars be sold.

Therefore, the true essence of Geely's globalization is to strip "Chinese car" labels from the products, finally transforming itself into a global brand without national attributes.

Consumers can reject "Made in China", but it is hard to reject a car produced in Spain, assembled by Europeans, with transparent technical standards.

On August 17, Geely Automobile announced its mid-year 2026 performance. Almost at the same time, a more symbolic handover was also taking place.

Li Shufu resigned as Chairman and Executive Director of Geely Automobile Holdings Limited, with An Conghui taking over as Chairman. For Geely, amidst simple personnel adjustments, the enterprise achieved a governance upgrade after a new phase of development.

After all, today Geely Automobile has set its 2030 goal at sales volume over 6.5 million units and revenue exceeding 1 trillion yuan. Having reached the current scale, how to establish a systemic, professional, and young management system, to let Geely transform from being driven by "one person" to truly becoming the cause of "a group of people", has become key to supporting the next round of growth.

Right at this node, Geely presented a semi-annual report with considerable weight. In the first half of the year, Geely's total sales volume exceeded 1.42 million units, total revenue reached 173.6 billion yuan, up 15% year-on-year, maintaining growth for six consecutive years; core net profit attributable to shareholders reached 9.68 billion yuan, up 46% year-on-year, profit growth significantly outpaced revenue growth; gross margin reached 17.9%, core net profit margin increased to 5.6%, revenue per vehicle increased 16% year-on-year to 112,000 yuan. By the end of June, cash reserves further reached a historic high of 69.56 billion yuan.

If the management handover solves the question of "who will lead Geely forward in the future", then the semi-annual report this year answers what kind of Geely the new management team is taking over. At least based on the current portfolio, An Conghui is taking over an automotive group with a stable financial foundation, a gradually clear brand matrix, rapid expansion in overseas markets, while still possessing ample technology and cash reserves.

Of course, a good hand does not mean the game will be easy. Geely's full-year sales target for this year reached 3.45 million, completed 1.423 million in the first half, still needs to complete over 2 million in the second half; after rapid growth in new energy vehicle sales, the mainstream market of 120,000 to 250,000 yuan still needs to strengthen "mid-range products"; after overseas sales exceeded 470,000, how to move from exports to truly local operations has become a new exam question; meanwhile, "One Geely" still needs to continue to solve the efficiency problems behind multiple brands, multiple platforms, and a huge organizational system...

At this time, what is truly worth discussing in this semi-annual report is no longer how much money Geely earned. After the important management handover, they are jointly answering: When Geely goes from a 3 million unit-level automaker to a 6.5 million unit-level global automotive group, what does it rely on to achieve the next round of growth?

Aiming for One Million Units, Geely's Globalization Reached the Moment to "Change Track"

One of the most notable changes Geely witnessed in the first half of the year was overseas markets. Data shows that in the first half of the year, Geely Automobile overseas sales exceeded 474,000 units, up 158% year-on-year. Among them, new energy vehicle overseas sales reached 277,000 units, up 585% year-on-year, new energy vehicles accounted for 58.5% of overseas sales proportion. By the first half of the year, Geely has covered 114 core overseas markets, global channels exceeded 2,000.

Such growth directly changed Geely's goals set at the beginning of the year.

At the mid-year performance conference, An Conghui, Chairman of Geely Automobile Holdings Limited, announced raising the 2026 overseas sales target from 640,000 units to 920,000 units, and further proposed challenging 1 million units. The more long-term goal is even more aggressive; in the future, Geely hopes two-thirds of sales come from overseas.

The importance of this sentence may be even greater than "exporting one million units" itself. Because if calculated based on Geely's 2030 sales target of over 6.5 million units, two-thirds means in the future Geely may need to support a sales scale of millions of units overseas. At that time, overseas markets will not be a supplement to Chinese sales but must truly become core business on par with the Chinese market.

Therefore, what Geely is doing now is no longer just "selling more cars abroad".

Gan Jiayue, CEO of Geely Automobile Holdings Limited, stated that Geely is building an overseas system of "One Geely". Zeekr, Lynk & Co, Geely, and other brands share middle and back-office resources, and establish different scale goals around Pan-European, ASEAN, Latin America & Africa, Eastern Europe, Central Asia, and Middle East regions. Among them, Pan-European market target reaches 600,000 units, ASEAN 500,000 units, Latin America & Africa 400,000 units, Eastern Europe 300,000 units, Central Asia & Middle East 200,000 units, together forming a 2 million unit overseas foundation. This is also what Geely internationalization calls the "123456" strategy.

Overseas goals have changed, and the methods to achieve these numbers are all different.

In the past, the most typical path for Chinese cars going overseas was producing domestically and exporting via trade; one step further, independently building factories locally. Now, Geely is trying to utilize industrial resources accumulated from years of global mergers and acquisitions and cooperation to turn overseas partners' existing capacity into its own global manufacturing network.

An Conghui revealed that Geely's overseas manufacturing system has already begun to take shape. Malaysia Proton factory is upgrading to a 500,000 unit Southeast Asian production base; Spain Ford factory has about 500,000 units capacity, will produce multiple Geely brand models in the future; Volvo Europe factory can take on Geely's high-end products; Renault合作的 Brazil project planned capacity about 300,000 units. Geely summarizes this as "industrial symbiotic" going overseas, that is, using existing resources of partners like Volvo, Proton, Renault, Ford, etc., to accelerate localization with a relatively lighter asset model.

The value of this system will be more obvious in the environment where global trade barriers are increasing. For an enterprise planning for most future sales to come from overseas, true globalization is having R&D, production, supply chain, channels, and after-sales service capabilities in different markets. To this, Gan Jiayue specifically emphasized at the press conference "whether after-sales service can be done well is one of the important marks of whether Chinese automakers can successfully go global", which actually explains that Geely's understanding of globalization is changing.

From selling products to managing markets, then to managing local industrial systems, this is a layer of change behind Geely's export numbers that deserves more attention. Moreover, overseas growth is turning back to improve Geely's profit structure. Taking Galaxy Xingyuan as an example, it undertakes the task of sales volume domestically, but overseas markets, due to higher selling prices and profit space, can contribute better revenue per vehicle. In the first half of the year, Xingyuan exported 87,000 units, accounting for over 40% of Galaxy brand exports, some overseas market selling prices significantly higher than domestic.

In other words, past exports solved "selling more cars", in the future Geely hopes to solve "where to sell cars for more profit".

Strengthen Both Ends, Next Step is to Strengthen the "Waist"

However, the beautiful numbers in the semi-annual report do not mean Geely has no problems. At the performance meeting, An Conghui directly pointed out the most realistic shortcoming in the current product structure: Geely new energy still lacks a strong enough "mid-range product".

Today Geely's product matrix two ends are already quite clear.

High-end market, Zeekr has gradually built price and brand support. In the first half of the year, Zeekr sales reached 178,400 units, up 97% year-on-year, sales accounted for 12.5% of Geely total sales, but contributed 31.7% of revenue, average transaction price around 350,000 yuan, meaning Zeekr is undertaking the important task of Geely improving revenue per vehicle and profit structure. The other end, Galaxy has established scale advantages. In the first half of the year, Galaxy sales close to 520,000 units, Xingyuan and other products became important volume-driving models.

What truly needs strengthening is the middle.

120,000 to 250,000 yuan is exactly one of the most cruel and largest mainstream battlefields for China's new energy vehicles today. This market faces not a single brand, but a product group formed by many domestic new energy brands densely layout. Consumers are extremely sensitive to range, space, intelligent driving, cockpit, hybrid efficiency, and even price.

Of course, Geely is not without products. Galaxy E5, Starship 7, and Lynk & Co some models have already entered this market, but from the whole new energy matrix perspective, there is still a need for more "mid-range forces" that can continuously stand at the top of niche markets and form stable monthly sales volumes. This is why the second half of the year is so important for Geely.

Gan Jiayue stated that Galaxy TT, Galaxy Warship 700, and Lynk & Co 07 GT, New Lynk & Co Z20, and other products are entering the market one after another, essentially bearing the same task: to let Geely new energy's sales structure further transform from "few star models + high-end brands" to a product matrix with multiple stable pivot points. According to Geely announced plans, Galaxy will also expand mainstream market coverage through featured new products, main model upgrades, etc., while Lynk & Co 07 GT aims for the 150,000 to 200,000 yuan B-class plug-in hybrid wagon market.

An automotive group that reached 3 million units, 4 million units, and future 6.5 million units scale cannot always rely on one or two hit products to support growth. In the second half of the year, what Geely truly needs to prove is whether it can establish a whole row of "mid-range forces". This is the first product system exam that "One Geely" must accept after completing brand sorting.

"One Geely" Starts Subtraction, Profit Sheet Starts Addition

In the past decade or so, Geely built a huge brand and technology system through acquisitions, incubation, and internal innovation. It helped Geely complete the leap from a Chinese independent automaker to a global automotive group, but following this came multiple brands, multiple platforms, multiple R&D teams, multiple sales systems, and even product cross-over in similar price ranges.

During the industry's high-growth period, this model could cover efficiency problems through incremental growth; when the industry enters stock competition, repeated R&D, repeated procurement, repeated channels, and internal product competition will directly reflect on the profit sheet. Therefore, the most important significance of "One Geely" is to do a "subtraction" to the complex system left behind by past rapid expansion.

Gan Jiayue revealed that after "One Geely" integration, Geely has adjusted product planning with cross-over, reducing product quantity by about 20%. At the same time, R&D starts sharing vehicle architecture, electronic-electrical architecture, three-electric, assisted driving, and smart cockpit technology resources; procurement promotes joint procurement; manufacturing coordinates production; channels and after-sales gradually co-build, middle and back-office human resources, finance, legal, and other resources also begin coordination.

These changes have finally entered the financial statements. In the first half of the year, Geely's administrative expense ratio decreased 0.2 percentage points year-on-year to 1.7%, R&D investment ratio decreased 0.3 percentage points to 5.2%; in the case of rapid overseas business expansion, sales expense ratio still remains basically flat compared to the same period last year. At the same time, Geely's total R&D investment still reached 9.061 billion yuan, up 8% year-on-year.

Even more noteworthy is that in the first half of this year, Geely continued to actively compress supplier payment terms, currently supplier payment terms have been unified to within 60 days, small and medium suppliers further shortened to within 30 days; listed company accounts payable turnover days decreased from 115 days last year to 103 days, second quarter further dropped to 96 days.

For automakers, extending payment terms can improve short-term cash flow, shortening payment terms means true money flows out earlier. Geely chose the latter, essentially using its own cash reserves to exchange for supply chain stability. By the end of June, Geely cash reserves still reached a historic high of 69.56 billion yuan.

So, the value of 69.56 billion yuan besides "Geely has a lot of money on the ledger", it also gave Geely the qualification to make long-term choices in the industry's low-profit cycle.

Gasoline Vehicles Are Another Card in Geely's Globalization

There is another number in the semi-annual report that is easily overlooked.

In the first half of the year, Geely gasoline and gasoline hybrid model sales reached 623,500 units, down 8.8% year-on-year. Surface appearance seems not very eye-catching. But Gan Jiayue responded that the same period China gasoline and gasoline hybrid market overall decreased about 17%, Geely decline significantly smaller than market, thus instead achieving market share increase.

In past few years, some automakers equated "comprehensive new energy transformation" with quickly exiting gasoline vehicles, but for an ultra-large automotive group like Geely, the answer is obviously more complex. So what Geely did to gasoline vehicles was redefinition, laying out from harmless and intelligentization two directions.

Gan Jiayue pointed out that in the future Geely will no longer continue to develop traditional pure gasoline products, but gradually transition to i-HEV Smart Engine hybrid, reducing fuel consumption through electrification, while moving intelligent cockpit, assisted driving, and other capabilities formed in new energy era to gasoline foundation.

Currently i-HEV has covered Emgrand, Xingyue L, Xingrui and other main products, within the year will also add 3 model types, year-end i-HEV plan to hit monthly sales over 30,000 units, and enter European, Asia-Pacific, UK, Australia New Zealand and other overseas markets in 2027. In this way, China Star's role will also change. In the first half of the year, China Star sales exceeded 580,000 units, continuing to contribute stable sales and profits to Geely. For today's Geely, cash flow created by gasoline vehicles can continue to support large-scale investment in new energy, AI, globalization, etc.; after i-HEV transformation, China Star can again become an important product tool for Geely entering some overseas markets.

This strategy is actually a very realistic technical route selection, letting different energy forms serve different markets. Pure electric suits mature infrastructure markets, plug-in hybrid, extended-range cover more new energy scenarios, i-HEV adapts to areas with insufficient charging facilities, methanol can enter more special energy markets. Geely ultimately hopes to establish a system where five technical routes parallel: pure electric, plug-in hybrid, extended-range, gasoline hybrid, alcohol-hydrogen.

From this perspective, gasoline vehicles are not Geely new energy transformation's "historical burden", but are being re-constructed as a tool in the globalization era.

Recently, Geely's series of moves were quite aggressive. Besides the adjustments in executive management, the layout and specific operations of the overseas market also have clearer plans. First, regarding sales targets, Geely's 2026 exports were raised from 640,000 vehicles to 920,000 vehicles, challenging an annual sales volume of one million.

 

In the first half of the year, Geely's overseas sales were approximately 480,000 vehicles, a year-on-year increase of 158%. With the traditional peak season of the second half of the year, Geely's standard for raising the sales target is very pragmatic, and there is a high probability of successfully challenging an annual sales volume of one million vehicles.

 

Meanwhile, Geely Holding Group CEO An Conghui stated: Volvo's factories in Europe will become an important base for Geely's European strategy, undertaking the production of high-end luxury cars within the Geely Automobile Group, expected to start production in 2028. Looking at the data, Volvo's year-on-year decline in the European market in 2025 was 10%, dropping to approximately 332,700 vehicles.

 

Entering the first quarter of 2026, Volvo's sales in Europe and other regions worldwide were 95,335 vehicles, a further year-on-year decline of 2%. Global sales from March to May were 179,000 vehicles, a year-on-year drop of 5.5%. The surge in Geely's sales in the overseas market can just utilize Volvo factories' idle capacity, which is quite reasonable.

 

Meanwhile, regarding layout in other overseas markets, Geely previously acquired Proton's factory in Malaysia. After upgrading, it has an annual production capacity of 500,000 vehicles to meet the needs of the Southeast Asian market. In South America, it relies on Renault Brazil's industrial collaboration, sharing manufacturing resources and market channels between the two parties, significantly reducing the investment cost of building its own factories.

 

Additionally, in July this year, Geely and Ford also reached an agreement. Both parties will establish a joint venture company in Valencia, Spain. Through capacity sharing, they will create various new energy vehicle models for the Ford and Geely brands for the European market. From this perspective, Geely's layout in the overseas market is mainly to revitalize the group's various brand resources, or establish joint venture companies with other brands, trying to avoid the high investment of building factories alone, and also serving a role in risk avoidance.

During the first half of this year, China exported 5.096 million vehicles, a 65.3% increase year-on-year, with June seeing single-month exports surpass 100,000 vehicles for the first time. Among these, the proportion of new energy vehicles has exceeded 46%.

More importantly, this wave of overseas expansion is no longer just about loading cars onto ships for shipment. Chery, BYD, SAIC, and Great Wall Motor have all built factories abroad, moving entire factories, supply chains, and channels over. Even with the EU raising tariffs to 45.3%, China's car exports to Europe increased by 84.7% in the first quarter, with market share rising from 0.5% three years ago to 11%.

The opportunity has truly arrived. At this critical moment, Geely did something at its mid-year performance briefing: raising the full-year overseas sales target from 640,000 vehicles to 920,000 vehicles in one go, and also stated an ambition to aim for an annual sales volume of one million.

A single increase of 44% in targets is rare among domestic automakers. The first reaction of outsiders is "It's just bragging." However, after reviewing Geely's mid-year report and its overseas strategy, you will find it isn't gambling, but holding a clear play it has held for a long time.

These 920,000 vehicles are not made on a whim

We have seen too many companies喊 targets at the beginning of the year and quietly adjust them by mid-year. But this time, Geely's reasons are so simple you cannot refute them: the original 640,000 target was already completed in the first half.

Let's look at the data directly, all from the mid-year performance announcement: overseas sales reached 474,000 vehicles in the first half, a 158% increase year-on-year, exceeding last year's full-year volume. Last year's entire workload was finished in this year's first half.

Overseas monthly sales broke 100,000 vehicles for two consecutive months in June and July, with July alone reaching 106,700 vehicles, a massive 202% increase year-on-year. This is no longer luck, but a new normal. Cumulative sales for the first seven months were 580,900 vehicles, a 164.8% increase year-on-year. So, adjusting from 640,000 to 920,000 simply means writing the obvious trend into official numbers ahead of time.

Moreover, the quality of these 920,000 vehicles is even more worth discussing than the numbers themselves. New Energy Vehicles are the absolute main force: new energy exports reached 277,200 vehicles in the first half, skyrocketing 585% year-on-year, accounting for nearly 60% of total exports; in July alone, new energy exports were 62,600 vehicles, directly more than six times the previous year.

In other words, what Geely is selling overseas is no longer the old story of exchanging foreign exchange via low-price fuel vehicles, but new energy vehicles equipped with intelligent cockpits and three-electric technology. More impressively, as volume increases, prices do not drop — average vehicle revenue is 112,000 yuan, up 15,000 yuan year-on-year, with a gross margin of 17.9%, and core net profit per vehicle of 6,806 yuan, up 45% year-on-year.

Selling more and selling for more value. With this momentum, raising the target to 920,000 might even be considered conservative by Geely itself.

Where is the confidence? Three words — Systematic Capability

Geely's overseas expansion has long passed the stage of just shipping cars to ports; now it is moving factories, technology, and brands outward. This is the fundamental reason why it dares to shout 920,000 vehicles without feeling insecure.

The first layer of confidence is that capacity has truly landed. Overseas, 12 factories are already running, with capacity exceeding 650,000 units, aiming for 840,000 by year-end. This is not a PPT pitch, but actual production lines. Southeast Asia is the root. The Proton AHTV industrial park in Malaysia is upgrading capacity from 200,000 to 500,000 units, and was included in the Malaysian government's national development plan, handling R&D, manufacturing, and exports all at once.

Europe has two legs. On July 23, Geely spent 221 million euros to acquire 34% equity in Ford's Valencia, Spain factory, an old plant with 500,000 units annual capacity, where Galaxy and Lynk & Co will start production in 2028; the Volvo Europe factory will take over the luxury car role within the system, also aiming for 2028. For South America, it will leverage Renault's local bases and channels.

The most refined point of this asset-light, industry symbiosis strategy is: it bypasses the "Made in China, Sold Globally" tariff wall, using joint ventures, equity, and shared capacity to plant Chinese brands directly into local industrial chains. While others are still figuring out how to export, Geely is already answering how to take root.

The second layer of confidence is that channels and markets are spread out systematically. 114 core overseas markets, 17 emerging markets, and over 2,000 offline channels. Regional layout is also clear: ASEAN one 300,000-unit tier, Europe, Eastern Europe, and Latin America/Non-ASEAN three 200,000-unit tiers, Middle East & Asia one 100,000-unit tier. The benefit of this multi-polar pattern is that even if one market fluctuates, it won't cause severe damage — this is exactly the strategy only mature multinational automakers have.

The third layer of confidence is a thick war chest. R&D expenditure in the first half was 9.06 billion yuan, up 8% year-on-year; cash reserves on hand were 69.56 billion yuan. With nearly 70 billion yuan backing, daring to continue increasing R&D spending speaks of long-termism. Going overseas is a marathon, not a sprint; the money bag is the stamina for the second half.

Why偏偏 is it now?

Some might say, anyone can shout targets, why believe Geely can deliver? My view is that this window right now is almost tailor-made for Chinese automakers going global.

Sky time (Timing). In the export map of the first half of this year, Russia, Brazil, and the UK ranked top three, with emerging markets contributing over 4.14 million vehicles in one breath, and the acceptance of Chinese brands visibly warming up. Despite tariffs, market share in Europe continues to rise, proving that the product power of Chinese new energy vehicles is already hard to stop. Geely is stepping right on this biggest trend.

Earth location (Geography). Domestic new energy penetration rates hit 60%, and the world's top-tier industrial scale has given Chinese automakers cost and efficiency advantages in batteries, intelligent driving, and supply chains that others cannot catch up with in a short time. Once these advantages start flowing outward, it is the starting point for Chinese automobiles rewriting the global landscape.

People (Team/Strategy). Geely's strategy in the past two years has been doing subtraction — Geometry merging with Galaxy, Lynk & Co merging with Zeekr, brands shifting from fighting independently to collaborative warfare. The effect is real: administrative expense ratio dropped from 1.9% to 1.7% in the first half. With strength twisted into one rope, the momentum for going overseas naturally increases.

There is also a rather interesting detail. On the day the mid-year report was released, Geely announced management adjustments simultaneously: Li Shufu stepped down as Chairman of the Board and became Honorary Chairman, An Conghui took over, Gui Shengyue served as Vice Chairman, and Gan Jiayue became President. Completing this generational transition while handing in these results is itself a sense of calm — Geely's globalization no longer relies on the bravery of a single person, but on a whole set of running systems and teams.

920,000 vehicles, what does it actually mean?

To be honest, 920,000 vehicles is a hard threshold in the global automotive landscape. It means Geely is moving from "First Tier of Overseas Expansion" to "True Global Automaker". When a Chinese automaker's overseas sales approach one million units, its identity is no longer just an exporter of Made-in-China products, but someone qualified to sit at the table to discuss rules.

Geely's own words are more direct: the long-term goal is to have two-thirds of sales come from overseas. Once that day comes, Geely will change from "Chinese Geely" to "Global Geely" — this is what generations of Chinese automotive people want to do, and the outline is becoming clearer now.

Of course, I won't put too many words to fill the air. The overseas market has never been a smooth path; tariffs, geopolitics, localization, cultural differences — every hurdle requires real skill, the battle for 920,000 vehicles has just begun.

But there is one thing I dare to judge: a car company that dares to raise export targets from 640,000 to 920,000 at mid-year in front of the whole industry, with nearly 70 billion yuan in cash on hand and 12 overseas factories running — it is not gambling, it is using strength to force you to reconsider it.

Auto Review:

In the wave of exports surpassing 5 million units this half, which Chinese automaker will dare to shout for one million in overseas sales next? When Chinese car overseas sales collectively stand on one million units, how will the global automotive chessboard be played again?

This matter is worth our focus on the long view, watching slowly.

On August 17, Geely Automobile (0175.HK) released its 2026 interim results.

In the first half of the year, the company achieved total revenue of 173.6 billion yuan, a year-on-year increase of 15%, setting a new historic high; after deducting the impact of exchange gains and losses and impairment of non-financial assets, core net profit attributable to the parent company reached 9.68 billion yuan, a year-on-year increase of 46%; total sales volume was 1.423 million vehicles, setting a new historic high for the same period.

The industry backdrop for these results is not easy. Data from the National Bureau of Statistics shows that in January to May 2026, profits in the automotive manufacturing industry fell 19.8% year-on-year; the China Passenger Car Association estimated that the automotive industry sales profit margin for the first half of the year was about 3.8%, still at a historic low. Volume competition, rising raw materials, and investment in transformation simultaneously squeezing profits has become a common industry challenge.

Therefore, observing this interim report, what is most worth focusing on is not how many new highs revenue and profits have set, but the relationship formed between the numbers: sales volume remained basically flat, revenue grew by 15%, core profit grew by 46%, revenue growth speed was faster than sales volume, and profit growth speed was faster than revenue. At the same time, gross margin rose to 17.9%, an increase of about 1.6 percentage points year-on-year; core net profit margin was 5.6%, an increase of about 1.2 percentage points; revenue per vehicle was 112,000 yuan, a year-on-year increase of 16%; core net profit attributable to parent company per vehicle was 6,806 yuan, a year-on-year increase of 45%. These indicators all point to one thing: Geely's growth is shifting from scale expansion to structural improvement and efficiency enhancement.

Integrating "Synergy" Into the Interim Report

Behind the improvement in profitability, high-end products and overseas business are two direct drivers, while system synergy constitutes a deeper reason.

In the first half of the year, Geely's administrative expense ratio further dropped to 1.7%; the proportion of R&D investment to revenue fell from 5.5% to 5.2%, but the absolute value of R&D investment grew 8% year-on-year, reaching 9.06 billion yuan. The simultaneous occurrence of expense ratio decline and R&D investment increase means the company is reducing duplicate construction and inefficient expenditure, without contracting technical investment intensity.

The cash position also provides verification. In the first half of the year, net cash flow from operating activities approached 20 billion yuan; as of the end of June, capital reserves were about 69.6 billion yuan, at a historic high. Expense efficiency, R&D intensity, profit growth, and cash creation improved synchronously. This interim report presents not short-term elasticity brought by a certain vehicle model, but a comprehensive result after a management system gradually matures.

This also provides an entry point to re-understand "One Geely".

In September 2024, Geely Holding Group released the "Taizhou Declaration", proposing five initiatives: Strategic Focus, Strategic Integration, Strategic Synergy, Strategic Prudence, and Strategic Talent. At the beginning of 2026, "One Geely, Leading in All Aspects" was further clarified as a strategic goal for 2030, core to which is strengthening top-level planning and global synergy, forming a global "One Chessboard" of co-created technology, co-explored markets, and shared supply chains. The purpose is to recombine Geely's accumulated brands, platforms, technology, supply chains, and global resources into a unified system capable of efficient operation.

Over the past two years, Geely has successively promoted the strategic integration of Zeekr and Lynk & Co, completing Zeekr's privatization; it established large-scale procurement, R&D, and platform-based sales systems internally, and adjusted vehicle planning with overlapping models between brands. Management revealed at the results conference that after reorganization, the number of overlapping products between brands has decreased by more than 20%, and the administrative expense ratio and R&D investment ratio have also declined.

This adjustment has gradually formed a clear structure: the front office maintains brand differentiation, while the back office promotes the unification of technology, R&D, procurement, supply chain, and global resources.

Four Major Brands Form a Complete Value Ladder

"One Geely" does not mean all brands grow into the same face. After system integration, the division of labor among the four major brand sectors is rather clearer.

Geely China Star bears the scale basic board of the fuel and oil-mixed markets, with sales of 581,000 vehicles in the first half of the year, and plans to comprehensively promote i-HEV and intelligence; Geely Galaxy focuses on high-value mainstream new energy markets, with sales of 520,000 vehicles in the first half of the year, breaking through 2.5 million vehicles cumulatively after three years; Lynk & Co strengthens its positioning of sporty, trendy personalized high-end, with sales of 144,000 vehicles in the first half of the year, with the new energy proportion rising to 65%; Zeekr bears the task of technology luxury and brand upward movement, with sales of 178,000 vehicles in the first half of the year, a year-on-year increase of 97%. Thus, Geely has formed a complete product gradient from mainstream fuel, mainstream new energy, to personalized high-end, technology luxury.

The positioning of the four brands differs, while simultaneously sharing vehicle architecture, electronic and electrical architecture, intelligent driving, intelligent cockpit, battery, electric drive, and electric hybrid technical resources — reducing duplication between brands, underlying capabilities are reused, and the same technology can form scale effects across different price bands.

Zeekr is the part that best reflects the structural change. In the first half of the year, Zeekr contributed revenue of about 5.5 billion yuan, a year-on-year increase of 103%; vehicle sales above 300,000 yuan grew 578% year-on-year; accounting for about 12.5% of sales, it contributed about 31.7% of the group's revenue. Zeekr 9X delivered more than 46,000 vehicles in the first half of the year, ranking first in sales of vehicles above 500,000 yuan in the country. High-endization for Geely is no longer just a brand image project, but an operating variable that can enter revenue, gross margin, and per-vehicle profit.

Globalization Begins to Move from Sales Volume Increment to Profit Increment

Along with high-endization, overseas business is changing the revenue structure.

In the first half of the year, Geely's overseas sales were 474,000 vehicles, a 158% year-on-year increase, surpassing the full year of 2025 in half a year; among them, overseas new energy vehicle sales were 277,000 vehicles, a 585% year-on-year increase, accounting for about 59%; June single-month overseas sales broke 100,000 vehicles for the first time. The company subsequently raised the full-year overseas target from 640,000 vehicles to 920,000 vehicles, and proposed a challenge of 1 million vehicles.

The importance of this set of data is not just in growth speed. Management disclosed at the results conference that the export business comprehensive gross margin is significantly higher than domestic: domestic about 15%, overseas about 22% to 25%; the increase in the proportion of overseas high-end and new energy vehicles was an important driver for the gross margin in the second quarter rising from 17.5% to 18.4%. The overseas market has shifted from supplementing sales volume to lifting the profit center.

The outbound method is also changing synchronously. Geely proposed establishing "One Geely Overseas System", with Zeekr, Lynk & Co, and Geely brands maintaining clear positioning, and middle and back office resources unified synergy. In July this year, Geely and Ford announced the establishment of a joint venture in Spain, utilizing Ford's Valencia factory to produce models for both brands, with the factory's potential annual capacity about 500,000 vehicles; expansion of the Malaysia Proton base and cooperation with Renault in Brazil and Korea are also being promoted.

Acquiring Volvo, investing in Proton, partnering with Renault, in the past was more understood as the expansion of a global asset map. Entering the "One Geely" stage, these resources are being reorganized into local manufacturing, supply chain, channels, and brand operation capabilities. Management's summary is: products "Go Out", supply chains "Go In", brands and technology "Go Up".

AI Establishes the "One Geely" Common Foundation

Beyond the four brands and global markets, AI is another main thread to understand "One Geely".

In 2026, Geely released Full-domain AI 2.0, with the technical logic of connecting vehicle computing power, data, and models, forming a unified vehicle intelligent center, allowing intelligent cockpit, assisted driving, chassis, safety, and power systems to operate synergistically. This unified foundation is spreading on a large scale to the four brands: Qianli Haohan G-ASD will cover Zeekr, Lynk & Co, and Galaxy products, Super EVA 2.0 promotes cabin-vehicle integration, Robotaxi customized models and large-scale operations are also on the way.

The application scope of AI extends from cockpits and assisted driving to traditional automotive engineering. In the first half of the year, Geely released i-HEV Intelligent Hybrid, AI Digital Chassis, and 16-in-1 Intelligent Electric Drive; the next stage will apply large model capabilities to 900V high-voltage charging, battery thermal control, and lifecycle management.

This is exactly the value of "One Geely" at the technical level: underlying capabilities are unified for development, front-end products are differentiated for application according to brand positioning. One set of technology covers a larger sales volume and more price bands, the marginal efficiency of R&D investment continues to improve — this also explains why R&D investment is still increasing in the first half of the year, while the R&D investment ratio is falling.

"Leading in All Aspects", Entering the Quantifiable Verification Stage

Looking back from this semi-annual report, "One Geely" has a more concrete meaning than a strategic slogan.

It is a brand system: China Star, Galaxy, Lynk & Co, and Zeekr each bear clear tasks, covering from scale basic board to high-end value breakthrough.

It is a management system: R&D, procurement, sales, supply chain, and product planning reduce duplicate investment, system synergy begins to enter expense ratio, gross margin, and per-vehicle profit.

It is a global system: domestic and overseas synergy, vehicle export and localized operation proceed in parallel, global resources form a One Chessboard. Full-domain AI constitutes a common technical foundation, transforming intelligence from single-point configuration into a system capability across brands, energy forms, and markets.

And on August 17, it added the last piece: governance system. A few hours after the interim report release, Geely Automobile announced management adjustments — Li Shufu resigned as Chairman of the Board and Executive Director, and was appointed Lifetime Honorary Chairman; An Conghui succeeded as Chairman, Gan Jiayue became President, and Li Shufu continued to command Geely Holding Group. His statement at the results conference can serve as a footnote: "The automotive industry is a marathon without an end; corporate inheritance and value orientation determine a company's sustainable development capabilities." Thus, the "One Geely" integration has progressed from brand, organization, and technology to corporate governance itself — the continuity of strategy is formally handed to systems and teams.

Therefore, the value of this interim report is not just in 173.6 billion yuan revenue and 9.68 billion yuan core net profit attributable to the parent company. More worth focusing on is that capabilities previously scattered across different brands, technology platforms, and global markets are being organized into the same set of management logic, and are starting to act together on revenue structure, profit levels, and cash creation.

After the automotive industry entered a deep competition stage of electrification, intelligence, and globalization, the competition between companies is no longer about a certain hit model. Whether profitability can break dependence on price cuts, whether growth can cross a single market, whether technology can be reused on a large scale, whether brands can have clear division of labor, whether organizations can operate without relying on a single person — these factors collectively determine whether a vehicle enterprise can weather the cycle. In this sense, "Leading in All Aspects" is closer to a set of system indicators that need continuous verification, rather than a sales ranking for a certain stage.

What does "One Geely" intend to do?

The answer is walking from strategic text into financial statements, and also into governance structures: improving efficiency through system synergy, creating value through brand division of labor, opening growth space through global operations, and building long-term competitiveness through full-domain AI — and this time's management handover adds the last piece of the map to "Leading in All Aspects". After this map is fully pieced together, Geely's goal for 2030 truly has a way to run continuously.

This is perhaps also the most worth rereading part of this semi-annual report.

On July 15, Geely Star Wish cumulative sales broke through the 800,000 unit mark. From 0 to 800,000, it took only 21 months, averaging 1 vehicle sold per minute and over 1,200 vehicles sold per day. This A0-class compact car, once viewed as merely "for grocery runs and commuting", has forcefully turned itself into a phenomenon-level blockbuster in the Chinese automotive market. On August 10, Star Wish released another big move — exclusive fan appreciation rights for 800,000 users were officially launched. This wave directly maximized expectations in the car community.

I. One Vehicle Delivered Every 60 Seconds

21 months, 800,000 units, what is the concept? Equivalent to on average every 60 seconds, one Star Wish finds an owner. In 2025, Star Wish directly topped the Chinese automotive market all-category sales champion, leaving a crowd of sedans and SUVs behind; in the first half of 2026, cumulative sales rushed to 249,000 units, year-on-year growth of 21%; July single month sold 55,105 units, breaking the 50,000 unit mark for two consecutive months. In the A0-class pure electric market, its market share has already exceeded 30%. Some people always say the ceiling of A0-class compact cars is low, Star Wish counters and proves: compact cars can also dominate the whole field.

This image appears to be AI-generated

II. From China's Sales Champion to Global Top Trend

Even more impressive is that Star Wish's ambition is not limited to domestic. In Q1 2026, it directly joined the global new energy vehicle sales top three, it is the only Chinese brand model to appear on the list. Currently, Star Wish has landed in global 30+ countries, taking China new energy two-door models export TOP2; Brazil launched 5 months sales exceeded 10,000, June topped Thailand new energy sales champion, August 5 again officially launched in Australia, third quarter still to enter EU and UK. From emerging markets all the way to developed countries, galloping on foreign streets Star Wish, has already become a moving Chinese business card.

III. The Ace Card Behind the Galaxy Speed

Star Wish's surge also propelled the entire Geely Galaxy brand. From January to July 2026, Geely Galaxy cumulative sales reached 627,000 units, holding the number one spot for emerging EV brand sales, and also ranking in the top three global new energy brands; as of now, cumulative sales have exceeded 2.44 million units, becoming the fastest new energy brand globally to reach this scale. Behind this dazzling "Galaxy Speed", Star Wish is the most powerful engine. Without Star Wish's sprint, there is no Galaxy takeoff. An A0-class compact car supporting the entire brand's prestige — if said two years ago, no one would have believed it.

800,000 units is a milestone, and also a brand new starting line. From "a hit upon launch" to "being a champion is the norm", Star Wish uses a series of hardcore data to vividly display the big impact of a compact model. Next, it will take the trust of 800,000 users to sprint towards the Million Club. This acceleration legend staged by Chinese compact cars has just begun.

800,000 people buying cars, what answer would they choose? The sales list writes it clearly: Geely Xingyuan. 21 months on the market, 800,000 users voted with their hard-earned money, bringing this A0-class small car to the sales champion throne. Someone asks, why is it them? Peel away the marketing filter, take it apart to see the hard-core assets of this small car, and you will find: Hit products never rely on luck, but rather on solid, cross-class product strength.

1. Good Battery, No Blind Box Gaming

What are small cars most afraid of? False range claims, unreliable batteries. Xingyuan directly gives you peace of mind: Equipped with CATL cells across the board, regardless of version or batch, users never have to play the blind box. Coupled with an all-domain liquid cooling temperature control system, CLTC range up to 480km, real-world tested range redemption rate exceeds 100%; 30% to 80% fast charging takes only 19 minutes, recharging efficiency leads in class. Plus Shenhu battery safety system and 11-in-1 intelligent e-drive, full-link protection from cell protection to BMS smart management. Regarding the battery, Xingyuan welded 'peace of mind' to the car.

2. Good Chassis, Even Beginners Dare to Let Loose

Having a good battery isn't enough, driving well is the real skill. Xingyuan's chassis is honed with real skill: Joint tuning by China and Germany, rear-wheel drive + multi-link independent suspension standard across the board, 4.95m turning radius, U-turn in narrow alleys in one go. This January, the team also partnered with Lotus Engineering to travel to Sweden, repeatedly honed ESC and anti-slip systems in minus 30°C ice and snow, sediment track experience into daily stability. 130km/h Fishhook Test, 80.7km/h Moose Test, unique in its class. Wenzhou owner avoided danger twice with emergency evasions on a foggy day, this is the best live ad for this chassis.

3. Good Safety, Stand Tough Without Fear

Driving control is face, safety is the lining. Xingyuan partnered with CCTV to challenge frontal 50km/h + lateral 55km/h continuous collision, high voltage system powers down in seconds, battery pack does not smoke or catch fire, passenger cabin structure intact; AEB stop at 120km/h, AES active avoidance at 130km/h, active and passive safety maxed out directly. A Chengdu owner's car was rear-ended by a box truck, crashed into 'total loss level' but unscathed, bought another Xingyuan afterward; Thailand owner rear-ended and crushed by 18-wheeler heavy truck, similarly escaped safely. Regarding safety matters, Xingyuan never plays games.

Small cars shouldn't just be cheap, they must be reliable. Xingyuan achieved cross-class quality in battery, chassis, safety three major matters, only then earned the confidence of 800,000 users. How to choose an A0-class small car? Remember one sentence: Like Xingyuan, willing to pile up materials, daring to weld safety bottom line, just buy it without hesitation.

August has just begun, Geely has made two moves.

First, July sales report reached 250,161 units, with same-period and month-on-month growth for 5 consecutive months, new energy vehicles accounting for 64%.

Following closely, on August 2, Geely Automobile Group Sales Headquarters was officially launched.

To be honest, restructuring when sales are at a high point is harder than radical treatment when sales are low.

Geely's step of "retracting the fist to strike harder" reveals a rare composure and puts the industry's chronic issue of multi-brand management on the table.

250,000+ Units: Refusing Imbalanced Growth for Balanced Development

Zeekr delivered 35,837 units, a 111% increase year-on-year.

The 9X secured the 500,000+ RMB range, the 7X delivery exceeded 10,000.

This proves that Zeekr's foothold in the high-end market is not a fleeting phenomenon.

Galaxy withstood the fire of the mainstream market, Star Wish sold 55,105 units individually, cumulative sales broke 800,000.

A7 EM's Guinness Record of 2,608 kilometers negated range anxiety at its source.

Lynk & Co 07GT had over 10,000 major orders within 27 minutes of launch, and immediately plans to compete in rally racing. This contrast of half-home, half-racing is exactly the scarcity Lynk & Co found in the red ocean.

More worth mentioning is the overseas market.

Exports reached 106,663 units, breaking 100,000 for two consecutive months, with new energy vehicles accounting for 59%.

Star Wish topped charts in Thailand and Brazil, Zeekr 7X led in Australia and Malaysia.

This shows Geely is no longer solely dependent on domestic involution, but has built a multi-tiered brand echelon in the global market.

This pattern of internal and external cultivation is more valuable than sales numbers alone.

Sales Headquarters: From Warlord Division to Legion Warfare"

This establishment of the Sales Headquarters is by no means a simple departmental merger, but a closure of a Geely strategy in the "Taizhou Declaration."

Lin Jie leads, also managing Zeekr; Fan Junyi serves as Executive Vice President, managing Lynk & Co on one hand and Galaxy on the other, preserving Zeekr's independence and premium tone, while enabling Lynk & Co and Galaxy, two brands with similar tones and slightly overlapping price bands, to achieve synergy in the middle and back office.

Wang Bo manages China Star, Guan Jiuyang serves as Executive Vice President of Galaxy.

In this era of micro-profits with vehicle gross margins falling to 1.5%, the enemy of multi-brands is often themselves.

In the same city and on the same street, Galaxy and Lynk & Co compete for customers. Repeated channel construction devours profits. This is a common disease of many car companies.

Geely's move to retract its fist is essentially treating front-office brands as special forces to maintain flexibility, while managing channel, data, budget, and other middle and back-office resources as a unified logistics army.

This "split front office, unified middle and back office" model can effectively solve internal friction and improve marginal efficiency.

Zhang Guan Commentary: Geely's "Entropy Reduction" Experiment

In my opinion, this step by Geely is an "entropy reduction" experiment on automotive industry involution.

Previously, when discussing multi-brands, the talk was about differentiation; now discussing multi-brands, efficiency must be discussed.

Referring to the previous experience of integrating Zeekr and Lynk & Co, the sales expense ratio dropped to 5.9%, which is actual profit.

With the operation of the Sales Headquarters, Geely's channel reuse rate overseas will increase significantly. Selling multi-brand models at a single set of outlets can greatly dilute overseas costs.

Of course, organizational change inevitably accompanies pain.

Six originally independent sales systems need to divide budgets and set strategies at one table; an adaptation period is inevitable.

But Geely chooses to act when winning, rather than passively putting out fires. This strategic resolve deserves praise.

On July 23, 2026, Valencia, Spain. On this day, Geely Automobile and Ford Motor—two "old friends" shaking hands again after 16 years—signed a significant agreement in a factory with nearly 50 years of history.

Geely Automobile announced the acquisition of a 34% equity stake in Ford's Valencia, Spain factory for 221 million euros. Both parties established a joint venture, sharing one of Europe's largest automobile factories with an annual capacity of about 500,000 units. Geely will launch two new energy models here, with the first vehicle rolling off the line in 2028; Ford will continue producing three multi-energy models such as Kuga.

This is not only capacity sharing between the two automakers but also a key strategic move in Geely's globalization strategy—from "going out" to "integrating in," from complete vehicle exports to local manufacturing. Geely is exploring its own path amidst the changes in the global automotive industry.

The "Trust Vote" from 16 Years Ago

To understand the origins of this cooperation, we must turn the clock back to March 28, 2010.

On that day, Geely Holding Group acquired Volvo Cars entirely from Ford for 1.8 billion USD. At that time, Geely was an unknown Chinese private car company, while Volvo was a well-known luxury brand. This "small swallowing big" deal shocked the global automotive industry.

But what kept this story going until now was not the deal itself, but what happened after the deal.

After taking over Volvo, Geely did not rush to integrate but chose to "let the tiger return to the mountains"—keeping Volvo's Swedish headquarters and Belgian factories, respecting its independent development system, and fulfilling all commitments to the brand, employees, and unions made during the acquisition. Ford, as the former parent company, witnessed throughout how Geely protected and revived a classic brand with pragmatic actions.

This commercial integrity of "doing what you say" won Ford's respect and trust for Geely. 16 years later, when Ford faced challenges in capacity efficiency and the market in Europe—the Valencia factory has an annual capacity of 500,000 units, but actual production in 2025 was less than 100,000 units—it chose to extend an olive branch to Geely again. Through capacity sharing, it aims to create new energy vehicle products for Geely and Ford brands for the European market, improve capacity utilization, and jointly expand the regional market. Behind this lies trust accumulation across time cycles.

As Geely Holding Group Chairman Li Shufu often said internally: The fun of business lies in making friends and doing deals at the same time, achieving win-win results in every cooperation, and leaving pleasant memories. This philosophy was concretely embodied in this cooperation.

"Light Asset" Going Overseas: Building a "Network of Friends" Instead of Factories

Unlike most Chinese automakers choosing to "build their own factories" for going overseas, Geely took a differentiated path.

In April this year, Geely Holding Group clarified a new strategy for overseas expansion: instead of building new production factories, it proceeds to advance business layout through cooperation, integration, and reviving existing capacity. For Geely, in the context of tense geopolitical situations and changing global patterns, prioritizing the use of existing factories by partners is a more pragmatic choice.

This "light asset" logic has been repeatedly verified in Geely's previous global layout:

Volvo's European factories provide a manufacturing pivot for Geely to enter high-end markets;

Proton's Southeast Asian network allowed Geely to build a High-Tech Automotive Valley in Tanjong Malim, Malaysia;

Renault's Brazilian factories and channels support new energy cooperation between both parties in the Latin America and Africa market;

The establishment of HORSE Powertrain with Renault achieves deep technical synergy for the global market.

Geely and partners use these ready resources together. This Geely-style localization method improves overseas and market expansion efficiency while reducing regional barrier risks. Wanlian Securities Investment Consultant Qu Fang evaluated: "This belongs to a light asset, high efficiency 'going overseas' layout mode. Compared with building factories, the investment is lower, the implementation cycle is shorter, and the pace of capacity expansion can be adjusted flexibly."

The Spanish joint venture is the European debut of this model. Geely secured a 34% equity stake and stable subcontracting capacity with only 221 million euros, quickly obtaining a production base compliant with EU standards. Relying on Ford's accumulated European supply chain and local operation experience over many years, it greatly reduced the cost and risk of overseas layout.

From "Product Export" to "System Going Overseas"

In the first half of 2026, Geely Automobile's overseas sales reached 474,000 units, up 158% year-on-year, exceeding the total export volume of the full year of 2025. Among them, new energy exports were 277,000 units, surging 585% year-on-year, accounting for 58%.

Behind these numbers is a net Geely wove globally over the past decade-plus—acquiring Volvo, investing in Proton, holding Lotus, and cooperating with Renault to build factories in Korea and Brazil. Now, this net has added a key node: Spain.

Geely Automobile Group CEO Gan Jiayue once emphasized that Geely promotes international development by adhering to the strategies of "global synergy" and "regional deep plowing." Geely has built a global strategic system composed of "five major design centers, five major research and development centers, five major test areas, five major energy technology forms, and five major AI intelligent ecosystems."

In January 2026, Geely Holding released the "One Geely, Leading Comprehensively" 2030 strategic goal: achieving a breakthrough in global total sales of 6.5 million, revenue exceeding 1 trillion yuan, and ranking among the top five global automakers by sales by 2030. The core of the new strategy is integration—unified scheduling in R&D, manufacturing, supply chain, and global market levels, reducing internal duplicate investment, and improving efficiency through scaled synergy.

In terms of overseas layout, Geely focuses on the "3+2" five major markets: Europe, Eastern Europe, ASEAN, Latin America and Africa, and Middle East Asia Pacific. Plan to increase overseas outlets to 2,200 by the end of 2026. Based on the strong performance in the first half of the year, Geely has adjusted the full-year export target to 900,000 units.

Why Europe? Why Now?

Europe is the highland of the global automotive industry and a key market for Geely's global strategy. But the threshold of the European market is rising.

Currently, the EU has set high additional tariffs on imported electric vehicles from China, and direct export would greatly compress price competitiveness. Geely's choice to localize production in Spain is essentially using "local manufacturing" to bypass tariff barriers. A Citigroup research report points out that local production bases help the company avoid import tariffs that the EU might impose on Chinese electric vehicles and greatly improve price competitiveness.

This strategy was also used by foreign automakers entering China thirty years ago—in the 1990s, international giants like Volkswagen and General Motors established joint ventures with Chinese automakers to enter the Chinese market, bypassing high import tariffs through local production. The logic at the time was "trading technology for market." Now the roles are reversing—under the premise of acting in accordance with laws and regulations, Chinese automakers take technology and products to Europe to "trade capacity for market."

A few words by Ford Europe President Jim Baumback at the signing scene were particularly meaningful. He evaluated Geely as "one of the fastest-growing automotive forces globally," possessing world-class electrification capabilities, speed, and vast global scale; while Ford has over a century of engineering wisdom, an unbreakable bond with European users, and the best workforce. He believes the combination of the two will form unparalleled competitive advantages. This statement is both recognition of Geely and reflects Ford's practical considerations for this cooperation.

From "Going Out" to "Integrating In"

Geely Automobile Group Vice President Nan Shengliang defined this cooperation as a "milestone event in global development." He stated that this will further solidify Geely's localization layout in Europe, enabling Geely to truly establish roots in and deeply cultivate Europe with safe and low-carbon products and leading new energy technologies.

From the European media title at the 2006 Frankfurt Motor Show "The Chinese are coming, but can their cars run?" to sharing a factory with Ford in the European heartland in 2026—in 20 years, Geely has walked the complete cycle from being questioned to being recognized.

Behind this is a deep evolution of Geely's globalization strategy: from simple product export to "going out" to establish overseas sales networks; from early capital acquisition learning advanced brands and technologies to "integrating in" through local manufacturing to deeply integrate into regional markets. Geely is exploring not simply product output, but a new paradigm of "using global resources to serve regional markets, using local capabilities to win global competition."

Ending Words

This factory in Valencia, Spain, was once an important asset of Ford in Europe, and now is becoming a key piece on the board of Geely's new globalization game. From the "small swallowing big" of acquiring Volvo to the "light asset" of regional expansion—Geely has written a progressive history of Chinese automaker globalization in 16 years. And this history is still being written.

Written by Han Zihan   Edited | Qingzhu

A Prime Minister, plus three cabinet ministers, standing behind an investment by a Chinese automaker. Amid the EU adding layer upon layer of measures to Chinese electric vehicles, it itself conveys a signal.

On July 23, at the Geely Valencia factory, in the presence of Prime Minister Pedro Sánchez, Geely Automobile and Ford signed a joint venture agreement to create new energy vehicles for Geely and Ford brands for the European market through capacity sharing.

Not buying a factory, but a joint venture; not defeating others, but win-win cooperation.

Whether bringing in or going out, Geely's internationalization has always implemented Chairman Li Shufu's words: "Business is beautiful, doing business and making friends at the same time". 

Time rewind to 16 years ago. On March 28, 2010, Geely Holding Group signed the final 100% equity acquisition agreement for Volvo Cars Group with Ford Motor Company. Geely became the first multinational corporation in the Chinese automotive industry. Ford witnessed and supported this cooperation case with global automotive industry influence, forging commercial friendship with Geely.

Today, 16 years later, Geely and Ford shake hands again. For the current explosive growth of Chinese cars going overseas, this has strong implications.

2026, the overseas expansion of China's automotive industry is undergoing a key leap from quantitative change to qualitative change. 

In the first half of the year, China's vehicle export volume reached 5.096 million, up 65.3% year-on-year. June's single-month exports broke the 1 million vehicle threshold for the first time. For every 10 vehicles produced domestically, nearly 4 head to overseas docks.

Consulting firm AlixPartners predicts that China's annual vehicle export volume is expected to reach 10 million, becoming the first country globally to break this number.

Behind the numbers, deeper changes are occurring.

In June, the market share of major Chinese brands in Europe was 13%, surpassing Japanese brands for two consecutive months. When we occupy a larger share of the EU market, we cannot just sell cars simply, we must achieve harmonious win-win with the local industrial ecosystem, laws and regulations, and social well-being.

The joint venture between Geely Automobile and Ford to establish a company in Spain happens to stand at this node of qualitative change. It is also another practice of Li Shufu from "going out" to "integrating in".

  

A Prime Minister's Endorsement, and Two Handshakes Spanning 16 Years

 

On July 23, the day of the signing ceremony. Spanish Prime Minister Pedro Sánchez appeared at the Almussafes factory in Valencia, followed by three ministers from the Ministry of Labor and Economy, Ministry of Industry and Tourism, and Ministry of Science, as well as the President of the Valencian Community.

The Almussafes factory was built in 1976, and was once Ford's largest production base outside the United States, with cumulative production of over 11 million vehicles to date. For nearly 50 years, this factory has been the livelihood for tens of thousands of families in the Valencia region of Spain.

But the industrial era never stops for sentiment. Starting from 2024, with the promotion of EU industry and electrification, Ford gradually ceased production of multiple fuel models such as Mondeo, S-MAX, Galaxy, leaving only one production line producing the Kuga in the huge factory.

Last year, the factory with an annual capacity of 500,000 vehicles actually produced less than 100,000 vehicles, with utilization rate less than one-quarter. The factory that once fed thousands of Spanish families is facing a crossroads of fate.

Geely's arrival could not have been more timely. Through capacity sharing, it not only brings jobs, capacity, and tax revenue to the locality, but also allows Ford to activate remaining assets in a more efficient way, continuing to generate value.

According to the plan, the joint venture company will officially commence operations in the first half of 2027.

In the new factory, Geely will launch two new energy vehicle models, and Ford will also produce three multi-energy vehicle models, including continuing to produce the Kuga, and launching an all-new rugged compact SUV of the Bronco family in 2028.

The five models will share capacity and coordinate production scheduling. Both sides stated in the announcement that the joint venture will "promote more model choices and value enhancement", and through "integrating output to reduce per-vehicle costs". For the local economy, jobs are preserved, and an industrial lifeline of a region is reactivated, which can be called a win-win on multiple fronts.

Currently, Spain is becoming a strategic pivot for Chinese automakers landing in Europe. Labor costs are about one-third of Germany's, energy costs are lower than Germany and France, possessing world-class port clusters, and Barcelona is the core gateway for Chinese cars entering Europe.

In Q1 2026, Chinese brands sold approximately 38,700 vehicles in Spain, up 67% year-on-year.

Jian Jiayue, CEO of Geely Automobile Group, said a passage: Automakers going overseas will face many issues, from the overseas perspective, Chinese brands are there to "conquer" other people's markets, so the "going out" of Chinese automotive brands is actually to "walk in". Walking into the local market. Building factories in joint venture locally, mobilizing local resources, is a path of multi-win.

For Geely, although it seems like taking a small loss, cannot enjoy profits exclusively. But it actually avoided many hidden costs and efficiency frictions.

The EU has always been a high threshold market, with high compliance costs, high environmental protection requirements, long approval processes, influence of local voter opinions and political factions, which will make business behavior complicated. Specific cases can refer to the drama-like twists and turns of Tesla's German factory.

Actually, now there are already domestic automakers who suffered the same loss. Fighting alone, one-sidedly emphasizing ambition and sales targets, instead resulted in much hostility and obstruction, even becoming a chip in local political party games.

But the other path Geely took, preserving jobs in overseas markets, activating assets for old car companies, taking root for Chinese brands locally, letting technology flow become a constructive force, by "win-win cooperation, beauty shared" making oneself a welcomed partner.

 

Seeking Strategic Depth, Prioritizing Synergy

 

Citi estimates that if Geely obtains the 150,000 vehicle annual production quota in the Valencia factory, the cost is only equivalent to 10%-20% of building a new greenfield factory.

Beyond cost advantage, the more critical value lies in time. From signing to production, the joint venture model requires only 18 months, while self-built factories usually take three to five years. In the rapidly changing European electric vehicle market, an 18-month time difference is enough to determine whether a brand can lock in position.

Geely has already validated this strategy in many markets globally.

In Malaysia, in 2017, Geely acquired 49.9% stake in Proton and fully dominated operations. Let Proton walk out of the quagmire of losses, achieving brand revitalization.

In January 2026, Proton's exclusive EV factory at Tanjung Malim Automotive High-Tech Valley officially started production, and the first pure electric model eMas7 started CKD local assembly. The eMas7 is built on the Geely Galaxy E5 platform, ranking champion in Malaysia EV sales for consecutive months.

Until today, from Malaysia's political circles to the public, they still regard Proton as "their own brand". What Geely does is not replacing, but making it better.

In Korea, Geely cooperated with Renault to launch intelligent hybrid models. In Brazil, Geely acquired 26.4% stake in Renault Brazil, sharing factory capacity and market network.

In Europe, Volvo Cars is fully responsible for Lynk & Co's commercial and brand operations in the European region, assisting Lynk & Co brand's regional expansion in Europe.

This is exactly Geely's unique logic of global layout — not advancing alone, but weaving an ecological synergy network. Every cooperation node is both a strategic pivot to enter local markets, and proof of long-term trust from partners. Making globalization a value network of multi-win cooperation and continuous deepening.

So, although "from product exports to system exports" has become industry consensus, what exactly is the system? Moving your own system forcefully there, or building a system from scratch, or integrating into the local system? These operational details reflect a company's business values and development outlook.

Geely's Spain joint venture and the logic behind this system provide a good sample and idea for the Chinese automotive industry, and reflect as substantial growth data.

In the first half of 2026, Geely's overseas sales reached 474,000, up 158% year-on-year, already exceeding the total export volume of the full year 2025. Based on the first half performance, Geely has upped the full year export target to 900,000 vehicles.

  

Conclusion: From "Student" to "Partner", the Metamorphosis and Responsibility of Chinese Automakers

 

In early 2010, Geely and Ford signed an agreement in Gothenburg, Sweden, to acquire the globally renowned Swedish luxury brand Volvo for 1.8 billion US dollars, and the media used "snake swallowing an elephant" to describe this transaction.

Geely fulfilled all commitments with action, did not intervene in Volvo's independent operations, protected and respected its existing development systems, letting Volvo achieve brand revitalization in the following decade plus.

More importantly, Geely also learned Volvo's systematic R&D capabilities, safety-first manufacturing standards and quality control. This transaction allowed Geely to complete an "advanced study", laying the capability foundation for active performance on the global stage later.

Traditional automakers hold existing capacity, channels, and sales teams, while Chinese automakers hold the advantages and cost efficiency of the fastest growing new energy system, both sides found what both parties need in this stage.

As Ford Europe President Jim Baumback said: "Geely's world-class electrification capabilities, speed, and massive global scale, combined with Ford, are unparalleled competitive advantages."

From the humble "student" in 2010 to the equal "partner" in 2026, Geely exchanged pragmatism for trust, won respect with capability, and integrated into global industry development in the best way.

Geely's globalization has never been a simple capital game, but constantly exploring open and win-win global industry cooperation models under the premise of legality and compliance, it is respect for brands and technology, layout and deep construction of synergy systems.

From Volvo to Proton, Lotus, then Mercedes-Benz, Renault, and Ford, Geely's built global system synergy not only activated new momentum for Geely's global development, but also formed a solid guarantee to help brand going overseas. This also confirms what Li Shufu said, "Business is the most equal and beautiful manifestation of human civilization."

16 years ago, Geely bought Volvo from Ford.

At that time, many people's first reaction was not admiration, but worry: a Chinese private car company suddenly taking over a European luxury brand, was this an overseas acquisition, or simply spending money to buy a master to worship?

16 years later, the story circled back to Ford.This time, however, the positions of the people sitting at both sides of the negotiation table were slightly different.

On July 23, Ford and Geely announced they will establish a joint venture company targeting the European market around the Valencia, Spain factory.Ford holds about 66%, Geely holds about 34%, both parties will produce multi-energy models of Ford and Geely brands here. According to the plan, two Geely new energy SUVs will be rolled off the line in 2028, and both parties will jointly develop a new car that offers pure electric, plug-in hybrid, and extended-range versions.

So strictly speaking,Geely did not buy the Ford factory with people and land as a package deal.

But what is most worth looking at is not who has a few more percentage points on the equity table, but who needs whom more.

The Valencia factory has an annual capacity of about 500,000 vehicles and was once one of Ford's most important manufacturing bases in Europe, producing a long list of models familiar to European consumers such as Fiesta, Mondeo, Galaxy. However, now the factory mainly relies on Kuga to maintain production, capacity utilization is only about 30%, and production volume has dropped by more than 70% compared to 2019.

A factory capable of producing 500,000 cars is now waiting for orders most of the time. Machines are still there, workers are still there, supply chains are still there,but there aren't enough cars to sell.

It is like an old restaurant that once had people queuing for two hours to eat; the kitchen, tables and chairs, waiters, nothing was missing, but finally discovered there were only three tables of guests in the hall.

At this time, Geely pushed the door and walked in.Not here to eat, but bringing menus, chefs, and a group of new customers, asking Ford: Your kitchen is empty anyway, why don't we partner up?

This is the really interesting part of this news. In the past, Chinese car companies going to Europe were usually there to learn. Learn how Europeans do design, learn how Germans tune chassis, learn how century-old car companies manage supply chains. If really can't learn, directly hire a few designers, chassis engineers, and sales executives back.

Chinese cars at that time were like students who suddenly made money, searching the world for famous teachers. European car companies sat on the podium, collecting tuition fees while being somewhat condescending.

In 2010, Geely acquired Volvo, which was the most representative transaction under this historical background. Why did Ford sell Volvo back then? Because after the financial crisis, they lacked money and needed to contract their frontline. Why did Geely buy? Because it needed brands, technology, and a mature global system.

That was a standard exchange of Chinese capital for European technology.

But the logic of today's Valencia cooperation has been reversed. What Ford needs from Geely is not just money,but new energy products, vehicle platforms, development speed, and orders that can fill the factory again.

In other words, 16 years ago Geely bought a European luxury brand from Ford; 16 years later, Ford is starting to invite Geely back to help solve what cars the European factory should actually build.

This is not simply "feng shui goes in cycles", but a rearrangement of power relations in the automotive industry. Because for an automotive company, what is truly dangerous has never been selling fewer cars, but gradually losing the ability to define the next car.

Factory idleness is just the appearance.Behind the appearance is Ford's awkwardness in Europe's new energy transformation.

In the past few years, Ford has done a lot of things in Europe. It cooperated with Volkswagen, launching Explorer EV and Capri EV based on Volkswagen's MEB platform; also cooperated with Renault, hoping to jointly develop cheaper small electric vehicles; now inviting Geely into Valencia.

Cooperation is certainly not wrong. The automotive industry is inherently a highly collaborative industry, no car company can manufacture everything from chips to tires by itself.

But when a century-old car company's new products rely more and more on others to provide platforms, technology, or capacity solutions, things are not as easy as "open cooperation".It shows that Ford is using partners to make up for its speed and cost shortcomings in European new energy products.

Past Ford, others came to borrow platforms, factories, brands. Present Ford, started looking for partners everywhere. Volkswagen handles part of the pure electric platform, Renault helps solve small electric vehicles, now Geely brings new energy SUVs and new platforms into the Spanish factory.

Those who don't know might think Ford pulled a group chat in the auto industry, the group name being "European Business Self-Help Mutual Aid Society".

And Geely choosing to enter Valencia at this time is absolutely not doing charity in Europe.

Chinese car companies going overseas, the simplest stage, is to load cars onto ships from domestic and ship them to Europe to sell. But with tariffs, local manufacturing rules, and political reviews increasing, pure exports are becoming a business with higher costs and lower certainty.

The EU currently still implements countervailing measures on pure electric vehicles produced in China, and is also discussing more clear "Made in Europe" requirements.

So now what Chinese car companies are thinking is no longer "how to sell cars to Europe",but "how to make themselves part of the local European industry". That is exactly the purpose behind BYD poaching a former Hungarian foreign minister; Geely's cooperation with Ford in the Spanish Valencia factory today is the same.

After all, building a factory from scratch is like registering a new account again. But entering a factory that Ford has operated for many years is like taking over an old account with real-name certification, credit records, and lists of local government and union friends.

What is truly valuable is not those stamping machines in the factory building, but the workers behind them, suppliers, certification experience, and interest relationships formed with the local government and community.

In the past, what Europe feared most was whether Chinese cars would take away Europeans' jobs. Now a slightly awkward picture has emerged,if Chinese car companies don't come, some European workers' jobs will be even harder to keep.

Europe is adding tariffs on Chinese EVs on one side, worrying that Chinese brands will impact the local industry; on the other side, welcoming Chinese models into local factories, because factories need orders, local areas need tax revenue, workers need jobs.

What they say on their mouths is "prevent industrial hollowing out", but their bodies honestly ask: When can those two models of SUVs go on the production line?

However, seeing this, don't rush to open champagne yet.

Chinese car companies walking into European factories does not mean they have obtained permanent property rights from then on.On the contrary, the troubles Chinese enterprises have encountered overseas in the past year and a half are already so many that they could almost shoot an international business war serial drama alone.

The UK government forcibly nationalized British Steel under China's Jingye Group; The Netherlands government implemented rare operational intervention on Nexperia under Wingtech Technology; Panama Supreme Court ruled contracts invalid for companies under Hutchison Whampoa operating two canal ports; Australian government clearly promoted Darwin Port to return to national control, Landbridge Group holding 99-year lease has launched legal action.

The resource countries are not idle either.Niger expelled three Chinese oil company executives, wanting to avoid debt; Indonesia, after relying on Chinese capital and technology to become a global nickel industry center, started tightening ore quotas, raising taxes and fees, adjusting pricing methods, hoping to keep more profit and resource control rights in its own hands.

The most uncomfortable is India, planning to maintain strict review for Chinese enterprises for a long time, BYD was recently investigated due to import parts tariff issues. The Indian government also issued a 650 million tax bill to BYD.

Looking at these things together, it is indeed easy to feel a sense of an approaching storm.

It seems as soon as Chinese enterprises prepare to go out on a large scale, the whole world starts closing doors and changing locks, then tells you, sorry, recently the four words "National Security" are a bit busy, ports are managed by it, chips are managed by it, steel is managed by it, mines are also managed by it.

But this is exactly the proof that Chinese enterprises have truly started globalization.

In the past, Chinese companies had less presence overseas, of course not so much friction. You just sell some goods, others treat you as a supplier; when you start buying factories, getting ports, controlling resources, building supply chains, even affecting a country's employment and industrial security, the way others look at you naturally changes.

A person who never goes to sea certainly will not encounter storms at sea. But this cannot prove the shore is safer, it can only prove he can never reach the other shore.

So the question has never been whether Chinese enterprises should go overseas or not,the way of going overseas must be upgraded.

In the past, Chinese enterprises were best at calculating production costs, how much a battery costs, how long it takes for a car to roll off the line, how much efficiency can be improved.

In the future, we also have to learn to calculate political costs, whether the government will change, whether industrial policy will turn, whether the boundary of "National Security" will suddenly expand, after contract disputes, whether local laws and arbitration mechanisms are reliable.

From this angle, looking at the joint venture between Geely and Ford, it is even more interesting.

Ford holds 66%, Geely holds 34%, on the surface Geely has no control, not enough "to feel proud". But this may exactly be a design where courage and wisdom coexist.

Geely did not buy a European factory alone, then hang a sign at the door announcing flag planting success, but kept Ford on the ship, kept Spanish workers on the production line, tied local suppliers, government tax revenue and employment into the project.

If someone really wants to overturn the table in the future, those whose feet will be hit first are not just Geely, but also Ford, local unions, parts enterprises, and families relying on this factory to eat.

This is mature globalization.It is not walking to a country, declaring this belongs to me from now on; but making more and more locals discover that if this project is gone, they will also feel the pain.

So these recent overseas frictions are certainly worth being vigilant, but not worth concluding "Chinese enterprises should not go overseas".

The larger the contact surface, the more friction points there are naturally. The heavier the assets Chinese enterprises take out, the more critical the industries entered, the more resistance encountered will not just be commercial competition, but become a mixed question of law, politics, public opinion, and national security.

This is very troublesome, but it is also an unavoidable path.

16 years ago, Geely bought Volvo from Ford, buying a ticket to enter the global automotive industry.

16 years later, Geely walked into Ford's European factory, bringing not just money, but products, technology, efficiency, and orders.

In the past, Chinese cars going overseas, they sold cars. In the future, what truly needs to be exported is a complete car-making method, and the ability to survive in unfamiliar rules.

The thing European cars worried most about has indeed happened. Chinese car companies not only drove cars into the European market, but also started to embed themselves into the production lines of the European automotive industry.

But for Chinese enterprises, the real test has just begun.

Selling cars is just the first step. True globalization is walking outwards while getting beaten, while learning how not to get beaten for nothing.

The first half of the new energy vehicle race tests the ability to build hit models; the second half shifts the focus to the power to define standards for core components.

While many automakers are still weighing whether to self-develop components, Geely has completed an independent layout of the full three-electric chain, from batteries to electric drives and from hybrid to pure electric.

Shortly before this, Geely Galaxy held a "Star Drive Era" launch event to officially release the Thunder 16-in-1 Intelligent Electric Drive. On the same day, Star Drive Tech, carrying this electric drive product, made its first public appearance. This enterprise, expected to break 20 billion yuan in revenue this year, is the key move by Geely in laying out the electric drive track.

At the same time, the three "Hidden Champion" enterprises cultivated by Geely in three major areas of hybrid-electric, batteries, and electric drives — Haosi Power, Jiyao Mobility, Star Drive Tech — collectively announced, fully unfolding Geely's full-stack self-developed map for its three-electric systems.

These component companies growing within the Geely system are continuously entering the procurement lists of mainstream global automakers as independent suppliers.

Behind the 16-in-1, a dual narrative of energy efficiency and performance

In the new energy vehicle industry, the competition for electric drive integration is essentially an ultimate game about "space, weight, and efficiency".

For every additional component integrated, a set of connecting wiring harnesses is reduced, energy loss at one point is lowered, and chassis space is saved.

However, the higher the integration, the exponentially rising challenges in heat dissipation, electromagnetic interference, and reliability.

The Thunder 16-in-1 Intelligent Electric Drive released by Geely this time deeply integrated 12 core hardware items including motor, motor control, reducer, inverter, onboard charger, DC/DC converter, high-voltage distribution unit, vehicle control unit, battery management system slave control, thermal management controller, smart gateway, torque control module, and 4 software functions: smart energy management, smart charging management, smart motion control, and smart health management.

Image Source: Geely

It is reported that this system weighs only 75kg, significantly simplifies the power transmission chain, effectively reduces energy loss during transmission, and achieves a dual breakthrough in energy efficiency optimization and vehicle lightweighting from a structural level.

At the technical and craft level, this electric drive relies on Geely's mature 800V high-voltage platform architecture, paired with AI smart energy optimization technology, achieving precise distribution and efficient utilization of energy; it also breaks through energy efficiency bottlenecks further through multiple refined craft innovations such as 0.2mm low-stress ultra-thin silicon steel sheet material selection, high-precision gear honing process, and innovative inverted V gear structure, achieving the industry's highest comprehensive efficiency of 93.8% (CLTC) for mass-produced vehicles at this level, with energy consumption as low as 10 kWh/100km, turning every unit of electricity into vehicle driving kinetic energy efficiently.

In the Qinghai Lake energy consumption challenge, the Geely Galaxy TT equipped with the Thunder 16-in-1 Intelligent Electric Drive ultimately achieved an ultra-low energy consumption of 8.20 kWh/100km, successfully creating the "Lowest Energy Consumption for Driving a Mass-Produced Pure Electric Sedan around Qinghai Lake" Guinness World Record.

Beyond efficient energy saving, the Thunder 16-in-1 Intelligent Electric Drive also achieved a leap in power performance. The Geely Galaxy TT four-wheel drive comprehensive power is as high as 425kW, and 0-100 acceleration is as low as 3.8s.

It is reported that this system adopts a single-chip integration solution, integrating signal analysis, calculation processing, dynamic control, etc. of the power chassis into a high-computing-power chip, compressing the average 40ms of traditional control links to the fastest 2ms, achieving high-speed response of power commands.

Through AI deviation prediction control and adaptive PID algorithms, real-time torque deviation is reduced from 3% to 1%, making vehicle body attitude control more precise and delicate; 54-channel directional cooling technology is applied, doubling the heat dissipation efficiency compared to traditional oil channel schemes, reducing the maximum motor temperature by 15 degrees, effectively solving the problems of power decay and performance overheating under high-load conditions, creating an ultimate "human-vehicle unity" experience for users with no delay in response, no deviation in output, and no decay in continuity.

At the level of safety, reliability, and durability, the deeply integrated monolithic architecture design of the Thunder 16-in-1 Intelligent Electric Drive reduces a large number of external connection points and low-voltage wiring harness layouts, lowering the probability of failure from the source.

In the production manufacturing process, the precision of key processes reaches micrometer level, production data throughout the process is 100% traceable, ensuring the quality standardization and reliable zero difference of every electric drive and every component.

Meanwhile, this electric drive is also equipped with an industry-leading smart health management system. Through the electric drive AI lifespan prediction model, active checkups and maintenance are performed on key components, like a "online doctor" in the cloud, changing from "passive maintenance" to "active care", effectively ensuring vehicle safety and user experience for a long time.

Star Drive Tech moves to the forefront, globalization accelerates

Behind the successful mass production and launch of the Thunder 16-in-1 Intelligent Electric Drive is the deep technical accumulation and global industrial system strength of Geely's core ecosystem partner — Star Drive Tech.

As Geely's ace card for electric drive technology, Star Drive Tech has been redefining the boundaries of electric drive technology:

In 2021, the industry's first self-developed 400V silicon carbide electric drive was pioneered, equipped on Zeekr 001, and remains a classic benchmark for balancing electric drive efficiency and performance to this day; in 2024, the industry's first ultra-high integration 11-in-1 intelligent electric drive was launched, becoming the lightest weight, smallest volume, and highest comprehensive efficiency electric drive product at that time; in 2025, the world's first 900V high-performance magnesium alloy coaxial dual electric drive was released, creating the record for the highest power density and highest torque density of mass-produced magnesium alloy dual electric drive assemblies in the industry.

Star Drive Tech defining a new benchmark for global electric drive technology is not just a slogan, but a systemic capability based on a full-stack technical moat where "mass production + pre-research" advance on two tracks.

At the mass production level, the 900V high-voltage magnesium-aluminum alloy electric drive assembly, full-series silicon carbide motor control, and X-pin platform motors have been scaled up for installation, proving reliability and advancement in mass market validation; at the pre-research level, next-generation technologies such as amorphous alloy motors, three-level motor controllers, and embedded motor controllers have been reserved, leaving enough "technical margin" for subsequent product iterations.

Currently, Star Drive Tech has outlined a growth curve that is steep and almost unbelievable:

2022 revenue was 40 million, leaped to 600 million in 2023, broke through 1.7 billion in 2024, and reached 14.8 billion in 2025. From 1.7 billion to breaking 10 billion, it only took 1 year, nearly 6 times annual growth, which is rare in the automotive parts industry.

Image Source: Geely

Star Drive Tech CEO Lin Xiaoze stated that in the first half of this year, the installation volume of motors and motor controls of Star Drive Tech has firmly ranked in the industry top 3, with technical strength located in the global first echelon. According to him, based on predictions, in 2026, Star Drive Tech revenue will exceed 20 billion yuan.

Lin Xiaoze stated that Star Drive Tech showed its "ambition" from the beginning: if doing, must do global electric drive technology!

Speaking with hardcore technology, facing the world with a global layout, Star Drive Tech is turning ambition into reality. Starting from Geely's full series of brands, Star Drive Tech quickly opened up the situation and has become an electric drive partner commonly selected and recognized by global leading automakers.

Currently, Star Drive has smoothly entered the supply chain systems of many global known vehicle factories such as Volvo, Polestar, Renault, Jaguar Land Rover, etc., and multiple in-depth cooperation projects are steadily advancing. It is understood that Star Drive Tech has signed 30 billion in overseas orders, and the export in 2026 is expected to increase by 100%.

Behind the orders is a global layout map that is becoming increasingly perfect. Currently, Star Drive Tech has established R&D and after-sales service centers in Gothenburg, Sweden and many places globally, with Central European teams relaying cooperation, possessing the ability to respond timely to serve global customers 24 hours a day.

Overall, Star Drive Tech has built a global R&D and manufacturing network covering five major cities in China: Wuxi, Shanghai, Hangzhou, Ningbo, Jiaxing, Quzhou, linked with Gothenburg, Sweden, possessing full-chain independent R&D and manufacturing capabilities from key components to assembly system levels.

Worth mentioning is that the globalization of Star Drive Tech is also accelerating. According to public reports, Star Drive Tech's first overseas factory in Malaysia will be put into production in 2026, becoming a bridgehead radiating the Southeast Asian market.

When the core competition of new energy vehicles moves from "vehicle integration" to "core component definition power", Star Drive Tech has the potential to become the "CATL" of the electric drive world.

New Energy Race Second Half, Fighting for "Supply Chain Sovereignty"

At the "Star Drive Era" launch event, Geely Automobile Group Vice President and Geely Automobile Research Institute Dean Li Chuanhai disclosed for the first time the three "Hidden Champion" enterprises cultivated by Geely in three major areas of hybrid-electric, batteries, and electric drives — Haosi Power, Jiyao Mobility, Star Drive Tech.

These three enterprises constitute the true "technical base" of Geely's new energy strategy, and also make Geely the only domestic automaker with global-level independent suppliers in three core tracks simultaneously.

Image Source: Geely

Haosi Power was merged and established by Geely's Aurora Bay Technology and Renault's Horse Tech. Geely and Renault each hold 45% shares, Saudi Aramco holds 10%.

Haosi Power has matched 25 global vehicle enterprises, covering brands such as Geely, Renault, Volvo, Mercedes-Benz, Nissan, Mitsubishi, and is the only global hybrid solution provider in the industry that supplies multiple brands in Europe, America, China, and Korea simultaneously.

Haosi Power's products cover engines, transmissions, hybrid power platforms, and extend to range extender, alcohol-hydrogen alternative fuel and other diverse routes. Zeekr 9X is known as the "Strongest Hybrid SUV on Earth", equipped with the Hanhai Super Hybrid System with power breaking the megawatt level, which was made by Haosi Power.

Jiyao Mobility was established by Geely integrating its battery business, and unified Gold Brick Battery, Shendun Short Blade Battery into the Shendun Gold Brick Battery brand. Currently, Jiyao Mobility has built ten major intelligent manufacturing bases and three research institutes in cities such as Quzhou, Zhejiang, Jianhu, Jiangsu, Ganzhou, Jiangxi, Ningguo, Anhui. As of the second quarter of 2026, the cumulative shipment of cells has reached 75 million units. With the production of existing capacity, the total capacity will reach 150GWh, making it the company with the largest short blade battery capacity globally.

As mentioned above, Star Drive Tech, with its amazing growth curve and technical iteration speed, firmly stays in the domestic electric drive first echelon.

The three enterprises perform their respective duties, allowing Geely to form an independent closed loop of full-link from energy to drive, from hybrid to pure electric.

Then, why does Geely spend such great effort to cultivate three "Hidden Champions" within the system?

The answer is hidden in two macro trends:

First, Supply Chain Security. The crisis of "chip shortage and expensive electricity" previously made all Chinese automakers realize that core three-electric technology cannot rely on external suppliers. Self-research and self-production is not a question of "whether to", but a question of "whether to survive".

Second, Technical Standard Output. When Chinese new energy vehicle exports increased by 585% year-on-year in the first half of 2026, exporting complete vehicles is just a phenomenon, the real profit highland lies in the power to define standards for core components.

According to the sales data disclosed by Geely Holding Group on July 15 for the first half of 2026, the group's total sales reached 1,934,842 vehicles, creating a new high for the same period. Among them, New Energy vehicle sales were 1,100,893 vehicles, an increase of 10% compared to the same period last year, and the new energy penetration rate increased to 56.9%.

Listed company Geely Automobile cumulative sales in the first half were 1,422,958 vehicles, new energy vehicle sales 799,454 vehicles, with a penetration rate of 56%.

During the same period, Geely Automobile's overseas export volume reached 474,228 vehicles, a year-on-year increase of 158%, this number has already exceeded the total export volume of the whole year of 2025. Among the total export volume, new energy vehicles accounted for 58%, export volume was 277,189 vehicles, a significant year-on-year increase of 585%.

When a car company's new energy penetration rate exceeds 56% and overseas exports double in growth, what supports all this is certainly not just product design or brand marketing, but the full-chain independent and controllable system behind it from batteries to electric drives, from hybrids to pure electric, from R&D to manufacturing.

Nowadays, the competition of China's automotive industry has upgraded from the contest of complete vehicle parameters to the fight for core supply chain sovereignty. As Li Chuanhai said at the launch event: "Hidden champions are the solid base for the stable development of China's industrial chain and also the greatest confidence for China's automobiles to participate in global competition head-on."

July 16, 2026, Geely Automobile officially launched the world's first Thunder 16-in-1 intelligent eDrive, relying on its Star Drive Technology full-stack self-developed technology foundation, achieving generational innovation in three dimensions: energy consumption, performance, and reliability. This new eDrive system was first equipped with Geely Galaxy TT, winning two Guinness World Records, proving the hardcore strength of domestic eDrive in balancing energy saving and performance with actual test data, officially kicking off the "Star Drive Era" of the global eDrive industry.

Extreme Integration Reshapes Efficiency Ceiling, 8.20 kWh/100km Refreshes Ring-Lake Energy Consumption Record

Currently, the new energy industry普遍 suffers from insufficient integration and high energy loss pain points. The Thunder 16-in-1 intelligent eDrive achieves new levels of industry integration through deep fusion of 12 hardware modules plus 4 sets of intelligent control algorithms. The entire assembly adopts a lightweight magnesium alloy integrated structure, with a total weight of only 75 kg, reducing weight by over 15% compared to mainstream products on the market; redundant components such as casings, wiring harnesses, and connectors were simplified by over 180, reducing the vehicle body vertical height to 325 mm, while simultaneously releasing 28 L of practical storage space in the trunk, maximizing both lightweighting and space utilization.

The entire system is built on an 800V high-voltage platform, comprehensively optimizing energy consumption from three dimensions: conduction, electromagnetic, and mechanical losses. The high-voltage architecture significantly reduces line current, paired with a shortened 30% high-voltage wiring harness, directly cutting conduction losses by 80%; silicon carbide power devices, 0.2mm ultra-thin low-loss silicon steel sheets, Umini-Pin short扁线 windings, and high-precision honed inverted-V gear combinations work together to reduce switching, core, copper losses, and mechanical friction losses respectively; supplemented by Geely Star Rui AI Cloud Power Large Model, equipped with multiple sets of intelligent energy algorithms, dynamically matching optimal working intervals for different road conditions such as harsh winters, high-speed, and urban congestion.

Under the superposition of multiple technologies, the Thunder 16-in-1 eDrive CLTC comprehensive efficiency reaches 93.8%, the highest level for current mass-produced 800V eDrives. For every 1% increase in efficiency, vehicle electricity consumption can decrease by 1.5%. In actual testing on all roads around Qinghai Lake, the Galaxy TT equipped with this eDrive delivered an ultra-low electricity consumption of 8.20 kWh/100km, successfully certified the "Mass-Produced Pure Electric Sedan Lowest Energy Consumption Around Qinghai Lake" Guinness Record, breaking the global energy efficiency upper limit of pure electric models.

All-Domain Performance No Degradation, 46 km Continuous Drift Establishes Performance Benchmark

Breaking the inherent bias that "energy saving must sacrifice power", the Thunder 16-in-1 four-wheel-drive version dual-motor combined power output reaches 425 kW, 0-100 km/h acceleration in only 3.8 seconds, balancing daily commuting economy with the explosive power of intense driving.

Performance core advantages come from a fully self-developed one-chip integrated control architecture, compressing the traditional multi-chip 40 ms signal transmission link to 2 ms ultra-fast response, throttle instructions immediately follow the press; equipped with AI adaptive torque correction algorithm, converging power output deviation from 3% to 1%, coupled with motion posture prediction model, dynamically allocating front and rear axle torque in milliseconds, body slip control is precise and delicate.

Aiming at the extreme working condition high temperature degradation problem, the industry first 54-channel directional centrifugal oil cooling system, wrapping the motor windings 360 degrees, doubling the cooling contact area, reducing motor peak working temperature directly by 15℃, insulation life simultaneously increases by 10%, long-time high-speed rotation, full-torque output will not trigger power limit protection.

Relying on this stable and controllable power system, Galaxy TT completed super 46 km continuous two-car drift on wet roads at Dongying Intelligent Networked Testing Ground, surpassing the Porsche record held in 2020, winning the Guinness Certification for the Longest Continuous Drift for Electric Vehicles. Pure electric drift has strict requirements for instantaneous torque explosion, posture control, and continuous heat dissipation. The performance of no power degradation and no body loss of control throughout the process fully confirms the stability of this eDrive under extreme working conditions.

Full-Link Strict Trials, 5 Million km Durability Builds Safe and Reliable Bottom Line

High integration architecture reduces failure-prone points such as lines and joints from the source, paired with micron-level precision manufacturing technology, the Thunder 16-in-1 eDrive inherently possesses higher reliability. Production end full-line automation rate can reach up to 95%, MES, QMS digital systems connect the full process, every part, every assembly can be traced, eliminating quality control differences.

In the vehicle usage phase, the eDrive carries AI smart health management system, equivalent to a dedicated power online doctor, real-time monitoring of core parameters such as bearings, power modules, lubricating oil, motor temperature, relying on digital twin models to predict potential failures, realizing active warning, maintenance in advance, saying goodbye to the traditional passive mode of vehicle failure repair.

To adapt to global diverse usage environments, Star Drive Technology built a verification system covering 15 major fields, over 9,000 test items. Products underwent extreme tests including -60℃ to 140℃ ultra-large temperature difference cycle, high temperature and high humidity 300,000 km equivalent aging, 60 times gravity acceleration vibration, 1,512 hours salt fog corrosion, 24 hours 900mm deep water immersion, etc., whole vehicle road durability cumulative completed 5 million km actual test, successfully obtained CATARC "High Quality eDrive" official certification.

Star Drive Technology builds the industry foundation, Geely's three-electric hidden champion cluster forms global competitiveness

The launch of the Thunder 16-in-1 eDrive relies on the full industry chain support of Star Drive Technology, Geely's "hidden champion" in the eDrive field. Star Drive integrates multiple eDrive R&D and manufacturing sub-brands, building a global network covering five domestic intelligent manufacturing bases, Swedish Gothenburg overseas R&D center, Malaysian overseas factory, holding over a thousand patents, among which invention patents account for over 60%, owning the world's first 30,000rpm high-power motor test bench, laboratory passed CNAS authoritative certification, can independently complete all eDrive full items test.

On the production capacity level, Star Drive Technology eDrive total annual production capacity 3 million units, first half of 2026 motor electronic control installation volume ranks in the top three of the industry, products not only match Geely Galaxy, Zeekr, Lynk & Co, Volvo and other self-owned brands, also bulk supply Jaguar Land Rover, Renault, Lotus and other overseas car companies, signed long-term supply orders with leading car companies in many European countries, continuously outputting Chinese power technology to the global market.

Looking at Geely's complete new energy layout, in the hybrid field Haosi Power, in the battery field JiYao Power, in the eDrive field Star Drive Technology, the three hidden champions form a complete three-electric closed loop: Haosi Power owns world-top hybrid thermal efficiency technology, matching 25 whole-vehicle enterprises globally; JiYao Power layouts ten battery factories, planning total capacity 150 GWh, Divine Shield Gold Brick Battery achieves 12C ultra-high rate fast charging; Star Drive Technology launched from 400V to 900V full voltage platform eDrive products, Thunder 16-in-1 is the work of current technology collection of excellence.

From low energy consumption hybrid system, safe fast charging battery, to the ultra-high integration intelligent eDrive released this time, Geely completed three-electric core technology full-stack autonomous controllable, completely got rid of overseas parts technology dependence. The eDrive industry standards and underlying technology logic previously dominated by European and American enterprises are being rewritten by Chinese brands.

Conclusion: Leading China's New Energy to Go Global with Technology Autonomy

The launch of Thunder 16-in-1 intelligent eDrive is not just the iteration of a single power product, but the concentrated release of Geely's full industry chain self-research system strength. Relying on Star Drive Technology's global R&D, intelligent manufacturing, verification system, Geely achieved breakthroughs from materials, processes, hardware to intelligent algorithms in an all-round way, proving with two world-class records that domestic eDrive has already stood in the world technology first echelon.

In the future, Geely will continue to deepen the R&D of three-electric core technologies, relying on the industry advantages of the three hidden champion enterprises, continuously outputting high-performance, high-reliability, high-energy-saving new energy power solutions to the global market, promoting the domestic automotive industry from scale expansion to high-quality technology leadership, continuously consolidating the core discourse power of Chinese automotive brands in the global electrification reform wave.

Recently, Geely Holding Group announced its performance for the first half of 2026, once again becoming the focus of industry attention.

Data shows that Geely Holding Group's total sales volume in the first half of 2026 reached 1,934,842 units, setting a new historical record. Among them, new energy vehicle sales reached 1,100,893 units, a year-on-year increase of 10%, with new energy penetration rate further rising to 56.9%. In the first half, Geely Automobile Holdings Limited (0175.HK) sold 1,422,958 units, setting a new high for the same period; new energy vehicle sales (including Geely, Lynk & Co, Zeekr) were 799,454 units, a year-on-year increase of 10%, with a new energy penetration rate of 56%.

According to CPCA data, Geely Automobile's domestic terminal retail sales volume in the first half of the year was 1.021 million units, ranking first in China's passenger car domestic sales for the first half of 2026, and also the only domestic brand to exceed sales of one million units.

However, to truly understand Geely's "new historical record" this time, one cannot only look at the total volume of 1.93 million units, nor stay only at the domestic first place of 1.021 million units. What is more worth asking is: Against the backdrop of slowing industry growth, divergent user demands, and intensifying global competition, what exactly does Geely rely on to beat the market?

It can be said that Geely's performance in the first half of the year was not just a refresh of sales records, but a concentrated realization of its long-term system capabilities once again.

In Geely's first-half performance report, several "Firsts" stood out especially.

Among them, Geely China Star sales reached 581,000 units, firmly holding the first place in domestic brand fuel vehicle sales; Zeekr delivered 178,000 units, a year-on-year increase of 97%, with delivery growth rate ranking first in the luxury new energy market. At the same time, Geely Xingyuan monthly sales broke through 50,000 units, cumulative sales exceeded 750,000 units since listing, continuously reigning as the sales champion across all brands and categories, becoming a genuine national hit.

These "Firsts" seem to come from different tracks, but together reveal an important characteristic of Geely's growth: running fast, and walking steadily. Among them, China Star stabilizes the fuel vehicle base, continuing to maintain leadership in the stock market; Zeekr accelerates upward breakthrough, and Xingyuan continues to scale up in the mainstream new energy market.

Fuel and new energy, mainstream and high-end, scale and value, different sectors are not simply a zero-sum game, but gradually forming a mutually supportive growth structure. This balance is precisely the most worthy part of attention in Geely's first-half performance.

Supporting this balanced growth, on one hand is a multi-brand lineup with clear positioning and wide coverage; on the other hand, it is the continuous deepening of the "One Geely" strategic integration.

Not long ago, Geely Holding Group Chairman Li Shufu publicly stated that they will orderly close, cancel, and merge relevant redundant entities of Geely Automobile Group Co., Ltd., focusing advantageous resources to strengthen the core listed platform of Geely Automobile Holdings Limited. This more precise resource allocation for different market cycles and user needs is also further improving the operating efficiency and anti-cycle ability of the entire group.

From this perspective, what Geely truly deserves attention to is not just how many "Firsts" were captured, but behind these "Firsts", a growth system balancing scale, structure, and efficiency is forming. This ability to hold the base while continuously opening up new volume is the key for Geely to traverse industry cycles and maintain long-term leadership.

Another important growth lever for Geely comes from the overseas market.

From the performance in the first half of the year, Geely's overseas business is entering an accelerated realization period. Its overseas sales reached 474,228 units, a year-on-year increase of 158%, exceeding the total export sales of 2025. More worth noting is that its overseas growth is not mainly relying on traditional fuel vehicles for volume, but simultaneously upgrading towards new energy and high-end. Its new energy product export sales in the first half were 277,000 units, a surge of 585% year-on-year, with new energy proportion reaching 58%. This means Geely's overseas business growth logic is gradually shifting to relying on new energy technology, product experience, and brand value to open up incremental space.

Among them, Geely Galaxy new energy products entered the top sales ranks in multiple overseas markets; Zeekr won championships in niche markets of countries such as Thailand, Malaysia, Mexico.

This global synergy is also reflected in the performance of other brands under Geely Holding Group. Among them, Volvo Cars sold 325,000 units in the first half, of which new energy sales were 161,000 units, a year-on-year increase of 3.8%, with new energy penetration rate 50%. Pure electric model deliveries grew for 9 consecutive months, and new energy transformation continued to breakthrough.

In addition, Polestar Cars sold 30,400 units in the first half, setting a new historical record, achieving sales breakthroughs in major markets such as the UK, Germany, and South Korea. Proton Cars sold 100,300 units in the first half, a year-on-year increase of 39.1%, creating the best sales performance since 2011. It is worth mentioning that the Proton e.MAS 7 PHEV launched in February of this year continued to sell well, leading the Malaysian plug-in hybrid niche market.

Of course, a new historical record is only an interim result. Another issue worth noting is, with Geely having already stood on a new step, what cards does it have in hand for the second half of the year?

From the currently released information, Geely's new product and technology offensive in the second half of the year remains dense. First is Geely Galaxy TT. As a mid-to-large pure electric sedan, its body length reaches 4999mm, wheelbase is 2920mm, and it will match the Qianli Haohan H7 assisted driving solution. From the product positioning perspective, Galaxy TT targets young consumers' needs for sports design, smart experience, and personality expression, and also means Geely Galaxy will further extend to the higher value pure electric sedan market.

While products break through upwards, Geely's technical base is also continuing to upgrade. On July 16, Geely Galaxy's global first "Thunder 16-in-1 Intelligent Electric Drive" is about to be launched, native adapted to 800V high voltage platform, and 16 categories of functional modules including motors, silicon carbide electronic control, whole vehicle thermal management, etc. are highly integrated. The "16-in-1" will also be systemically integrated to further optimize whole vehicle space, weight, energy consumption and cost, continuously enhancing Geely Galaxy's competitive barrier.

Additionally, the imminent arrival of Galaxy Warship 700 also means that Geely will officially enter the new track of plug-in hybrid hard-core SUVs, which combines growth potential and profit margins.

For an enterprise that has already stood at the forefront of the Chinese automobile market, "selling more" is only the first stage; how to improve efficiency while expanding scale, how to maintain business quality during new energy transformation, and how to replicate domestic competitiveness to the global market are the questions that must be answered to become a world-class automobile group. And Geely is steadily walking on this path of advanced development.

July 16, when Geely Galaxy launched the Thunder 16-in-1 Intelligent Electric Drive, a name that had long been hidden behind the scenes — Xingqu Technology — was pushed to the forefront. It did not become famous overnight, but after years of accumulation, it holds over 1,000 patents, five intelligent manufacturing bases, and is a system-level presence with an annual capacity of 3 million electric drive assemblies. This enterprise, regarded by Geely as a "Hidden Champion" in the electric drive field, is exporting Chinese power technology to the globe at an astonishing speed. Its rise illustrates a truth: in the new energy era, the true barrier is not a single hit product, but comprehensive industrial dominance across the entire chain.

I. System is King, Ecosystem is the Foundation

The subtlety of Xingqu Technology lies in that it is not merely a manufacturing enterprise, but an industrial consortium spanning Asia and Europe, integrating R&D, manufacturing, and verification. At the R&D end, with bases in Wuxi, Hangzhou, Ningbo, and Shanghai in China, it collaborates with an overseas team in Gothenburg, Sweden, to build a 24/7 global R&D network. Among over 1,000 patents, the proportion of invention patents exceeds 60%, covering the full voltage platform from 400V to 900V. From the world's first 900V Magnesium Alloy Electric Drive to the industry's highest integrated 16-in-1, every product is a shock to the boundaries of existing technology. This "borderless R&D" layout keeps Xingqu Technology always at the forefront of technology.

The manufacturing strength is equally impressive. The automation rate of five production bases exceeds 95%, and the processing accuracy of core equipment reaches the micrometer level. MES, LES, PLM and other digital systems are fully connected, achieving 100% intelligent traceability of the production process. More critically, the production lines have multi-platform flexible co-line capabilities, allowing products of different specifications and power ranges to switch seamlessly on the same line. This means Xingqu Technology can efficiently respond to diverse needs from home commuting to high-end performance, using scale effects to suppress costs and flexible customization to meet the market. This is not a simple factory, but a precisely operating industrial machine tool.

And the verification system is the last link in technology implementation. The Xingqu Experimental Center has obtained CNAS certification, possessing the world's first 30,000rpm single motor direct drive test rig. From environmental adaptability to corrosion durability, three dimensions, over 9,000 tests are fully covered. The AI test data platform can analyze 300,000 hours of historical data in real-time, using failure prediction models to identify hazards in advance. This "R&D-Manufacturing-Verification" closed loop allows Xingqu Technology to achieve zero quality difference when delivering every electric drive. Once system advantages are formed, it is difficult for competitors to replicate.

II. Global Map, Competition & Cooperation Breakthrough

Xingqu Technology's global ambition extends beyond technology to the market. In the first half of 2026, its installed drive motors have ranked in the industry's TOP3. Product and technical services not only cover domestic brands like Geely, Zeekr, Lynk & Co, and Volvo, but also penetrate into Lotus, Jaguar Land Rover, Renault and other top international carmakers, and even signed long-term orders with top European carmakers in the UK, France, and Germany. This means Chinese electric drives are no longer a "backup plan" but an essential core component in the global supply chain. Xingqu Technology has pasted the "Made in China" label onto the engine compartments of European OEMs with its strength.

This global layout is not simple export trade, but deep participation in global competition. With R&D and after-sales service centers established in Sweden and manufacturing bases planned in Malaysia, Xingqu Technology is weaving a global service network covering Asia, Europe, and Africa. By establishing cooperative relationships with international giants such as HORSE, Schaeffler, ZF, and Magna Powertrain, it has formed an open ecosystem of co-research and shared capacity. This "competition and cooperation" posture avoids the risk of isolated operations and exports Chinese power technology into global standards. In the new energy era, whoever controls the standards controls the discourse.

More noteworthy is that Xingqu Technology is changing the international user's perception of Chinese electric drives. In the past, the impression of foreign brands on Chinese three-electric systems remained at "low cost, low performance", but the efficiency and reliability of the Thunder 16-in-1 directly broke the stereotype. Coupled with star products such as the Shendun Gold Brick Battery and Thor AI Electric Hybrid 2.0, Geely has formed a matrix suppression in the three areas of hybrid, batteries, and electric drives. From domestic brands to international luxury cars, from East Asia to Europe, Xingqu Technology's products have proven that "Chinese Power" can compete head-on with any opponent.

III. Reshaping Patterns, Building High Barriers

This electric drive revolution is reshaping the competition logic of the entire industry. In the past, carmakers competed on motor unit performance or battery capacity, but now the focus of competition has shifted to system integration capabilities and full life cycle efficiency. The Thunder 16-in-1 integrates 16 functional modules into one, not only reducing weight and space, but more critically, reducing the failure risk caused by system complexity. Compared with it, those competitors who are still coping with competition by piecing together solutions either fall into a cost quagmire or cannot balance performance and reliability. Geely has mastered the initiative of defining electric drives from top to bottom through Xingqu Technology.

At the level of industry barriers, Xingqu Technology's "Hidden Champion" identity means it is not only Geely's technology foundation, but also the vanguard of the entire Chinese electric drive industry moving outward and expanding territories. When other brands are still relying on external suppliers to provide core modules, Geely has achieved full-stack self-research from chips to casings, from algorithms to verification. The cost advantage and technology iteration speed brought by this vertical integration capability are difficult for any enterprise that relies purely on procurement to catch up with. In the future, the key to victory in the electric drive track is no longer a single product, but whoever possesses an ecosystem system capable of self-evolution.

From the perspective of industry impact, Xingqu Technology's rise has pulled the threshold of Chinese electric drives to a higher water line. It forces all participants to invest more resources in hard-core innovation in dimensions such as integration, efficiency, and reliability. For those players who just want to "lie down and win" in the low-end market, this competitive pressure is undoubtedly a wake-up call. At the same time, it sent a signal to the world: China is no longer just the world's largest consumer market for electric drives, but is becoming a source of technology export. When the "Hidden Champion" steps to the forefront, the rules of the entire industry will be rewritten.

Conclusion:

The story of Xingqu Technology is essentially the best interpretation of Geely's national strategy of "mastering core technologies independently". It does not pursue short-term volume, but builds a solid industrial barrier with years of R&D investment, global layout, and systematic verification. "Though the thousand sievings are hard, the gold is found only after the wild sand is cleared." When the Thunder 16-in-1 is equipped with the Galaxy TT breaking records, the world finally sees the true face of this "Hidden Champion". It is not only Geely's technical backer, but also the vanguard paving the way for Chinese automotive power to go global.

3 Guinness World Records in Hand! Geely's "Thunder 16-in-1" Electric Drive, Welds Shut the Global E-Drive Ceiling

On July 16, Geely Automobile Group officially released Geely Galaxy's world's first "Thunder 16-in-1 Intelligent Electric Drive". Relying on Xingqu Technology's years of technical accumulation and complete industrial layout, this new electric drive achieved a generational breakthrough in energy saving, performance, and reliability, directly pulling the daily usage experience of pure electric vehicles to a new height. The Geely Galaxy TT, equipped with this electric drive for the first time, won two Guinness World Records at once: "Lowest Energy Consumption for Driving a Production Pure Electric Sedan Around Qinghai Lake" and "Longest Continuous Dual-Car Drift on Slippery Roads (Electric Vehicle)", proving the global leading strength of Chinese brands in the electric drive field with solid results.

The "Thunder 16-in-1 Intelligent Electric Drive" released this time has the most intuitive feature of integrating 16 hardware and software functions that were previously scattered into one, equivalent to packaging several independently working devices into one highly collaborative unit. It not only has over 180 fewer scattered parts, but its weight is also 15% lighter than mainstream industry products, and can free up an additional 28L of trunk space inside the vehicle. For ordinary car owners, it means carrying more luggage and being more practical for daily travel.

In terms of the most concerned matter of saving power, this electric drive achieved the industry's first place in mass production of the same level with a 93.8% comprehensive efficiency. Simply put, from current transmission, energy conversion to daily full-scenario driving, every link is "picking details" to reduce waste: 800V high-voltage platform plus shortened conduction paths directly reduce current transmission loss by 80%; more advanced silicon carbide chips, thinner silicon steel sheets, and high-precision gears further minimize losses in the electricity, magnetism, and force conversion process; plus the support of Geely Xingrui AI Cloud Power Intelligent Energy Management Large Model, when turning on heating in winter, driving long distances on highways, or commuting during city rush hours, the system will automatically find the most power-saving operation mode. Car owners don't need to deliberately control their footwork, they can find a balance between comfort and power saving. It is precisely thanks to this extreme energy-saving design that the Galaxy TT achieved an ultra-low power consumption of 8.20 kWh/100km in the test run around Qinghai Lake, setting a Guinness World Record for lowest energy consumption for production pure electric sedans around Qinghai Lake.

In terms of power performance, it achieved the level of the top tier of the same level. The four-wheel drive version reaches a comprehensive power of 425kW, and 0-100 acceleration only takes 3.8 seconds. The rarest thing is "fast and stable": the average command response of traditional electric drives is 40ms, it relies on the design of one-chip integration to compress it directly to the fastest 2ms, the power follows the moment the accelerator is stepped on, truly achieving "hits exactly where pointed"; AI algorithms can also reduce real-time torque deviation from 3% to 1%, greatly improving the accuracy of power output of the wheels; plus 54-channel directional cooling technology, the maximum temperature of the motor can be reduced by 15 degrees Celsius, even if driving intensely for a long time, there will be no power attenuation or system torque limit situation.

It is precisely relying on this performance of "performance without interruption throughout the process" that the Galaxy TT completed over 46km of continuous dual-car drift on slippery roads, breaking the record set by Porsche in 2020. Many people may not know that drifting pure electric vehicles is much more difficult than fuel cars: at the moment of starting drift, precise torque must be exploded in milliseconds to allow the car body to smoothly enter the sliding state; during the drift process, power output must be constantly finely adjusted, a slight deviation will cause loss of control; under extreme working conditions of continuous tens of kilometers, the electric drive must withstand continuous high speed and high thermal load, and cannot trigger protection due to overheating. This successful challenge is equivalent to giving all ordinary car owners a reassurance: even if encountering heavy rain and slippery roads, continuous climbing, or long-time intense driving, this electric drive can still output stably and won't let you down.

In terms of reliability, this electric drive has undergone an "over-standard level" test. From single parts to complete electric drive assembly, to the whole vehicle on the road, covering 9000+ tests in 15 areas, cumulatively completing 5 million kilometers of durability verification, and also obtained the authoritative certification of CAERI "High Quality Electric Drive". It also comes with a cloud "online doctor" - Smart Health Management System, relying on AI life prediction model to actively give key components a "checkup", not waiting for parts to break to warn maintenance in advance, turning the past "repair after break" into "active care", reducing the failure probability in the process of using the car from the root.

On the day of launch, Xingqu Technology also opened to the outside world for the first time, showing Geely's complete electric drive R&D, intelligent manufacturing and full-chain industrial layout to the outside world. Currently, Xingqu Technology's R&D and manufacturing network spans multiple cities in China as well as Sweden and Malaysia, with cumulative patent applications exceeding 1000, and the highest automation rate of five major intelligent manufacturing bases exceeds 95%, production accuracy reaches micron level, and the whole process of every electric drive can be intelligently traced. In the first half of this year, the motor installation volume of Xingqu Technology has firmly stayed in the industry TOP3. Products not only serve domestic brands like Geely Galaxy and Zeekr, but also supply to many international car companies such as Volvo, Jaguar Land Rover, and Renault, and signed long-term orders with many top European car companies.

At this point, Geely has cultivated three "Hidden Champions" enterprises in the three core fields of hybrid, battery, and electric drive: Haosi Power, Jiyao Tixing, and Xingqu Technology, forming a full-chain autonomous and controllable three-electric technology system. From the Guinness World Record of over 2608km range created by the Thor Intelligent Hybrid before, to the two new records won by this Thunder 16-in-1 Intelligent Electric Drive, Geely is reshaping the global new energy vehicle power technology standards with solid technical breakthroughs, injecting strong Chinese power into the innovation and upgrade of the global new energy industry.