In 2026, the Chinese car market, on the surface, is still moving forward, but the underlying tone is not easy. On one hand, NEV penetration continues to rise, with new cars arriving one after another; on the other hand, promotions, price cuts, and benefit increases have basically become the norm.

It is worth noting that selling cars does not mean profit remains. You should know that the most uncomfortable part of this industry is not the lack of sales, but that many enterprises are exchanging profit for market share and cash flow for voice.

Entering July, the market pressure did not suddenly disappear. According to data released by the China Passenger Car Association, from July 1st to 26th, national passenger car retail was 1.123 million units, down 18% year-on-year and 13% month-on-month. From here, it is clear that consumers are more cautious about buying cars, and enterprises can no longer solely rely on a round of marketing hype to push up sales.

However, precisely against this backdrop, Geely Automobile delivered a July «report card» with quite a sense of contrast. Its single-month sales reached 250,161 units, making Geely Automobile the only company in the industry to achieve month-on-month and year-on-month double growth in sales for five consecutive months. Among them, NEV sales (including Geely Automobile, Lynk & Co, ZEEKR) were 160,165 units, up 23% year-on-year, accounting for 64% of total sales. More worth pondering is that Geely Automobile's overseas exports also reached 106,663 units, up 202% year-on-year and 4% month-on-month, achieving double growth year-on-year and month-on-month for seven consecutive months.

You should know that these are not numbers easily exchanged by «lowering the price a bit more» and «pumping volume more fiercely». Because the market today no longer lacks a car that becomes popular in the short term; it lacks a system that can continuously meet demand: mainstream markets need scale, high-end markets need brand momentum, fuel users cannot be abandoned, and NEV users must be persuaded; the domestic market needs stability, and the overseas market must have new growth.

Therefore, what is truly worth looking at in Geely Automobile's July report card is not the result of 250,000 units itself, but where these 250,000 units come from, what supports them, and whether they can continue. When the industry is generally under pressure, why can Geely Automobile still run its own rhythm? Let's explore it together!

Not just «one best-selling model», but a product matrix that can fight

If you break down Geely Automobile's July sales by company, you will find that its growth logic is not single-line.

Geely Brand sales for the month were 197,942 units, up 2% year-on-year, still constituting the most solid basic base of this automaker. Looking down, Geely Galaxy sold 107,797 units, up 13% year-on-year; China Star Series sales were 90,145 units, up 15% month-on-month; ZEEKR deliveries were 35,837 units, a big jump of 111% year-on-year; Lynk & Co sales were 16,382 units, among which NEV products reached 14,069 units. The meaning of these numbers lies not in every brand having to become «Number One», but in different price bands, energy routes, and usage scenarios having relatively clear successors.

Let's look at Geely Galaxy first. It bears the scale task of the mainstream NEV market. Star Wish July sales were 55,105 units, up 24% year-on-year and 8% month-on-month, cumulative sales breaking 800,000 units. For a volume-selling car, the true test has never been whether it can create hype at launch, but whether it can still retain users after rapid product iteration and frequent price cuts by competitors. Continuous sales performance shows that Galaxy is not just hitting the rhythm in a certain window period; it has begun to possess the ability to output stably.

Next is ZEEKR. 35,837 units of monthly delivery and a 111% year-on-year increase are not just a number change in the high-end NEV market. It exactly shows that in the process of Geely Automobile moving upwards, it did not understand high-endization as «more expensive configuration sheets», but is strengthening the combined force of brand, technology, and product experience. Products such as ZEEKR 9X, Refreshed ZEEKR 009, and 7X have successively progressed for delivery, targeting different battlefields such as high-end SUVs, luxury MPVs, and global pure electric markets. Users of high-end cars are not insensitive to prices, but they care more about whether a car is complete enough—design, performance, intelligence, safety, and service cannot focus on just one item.

Compared to ZEEKR, Lynk & Co undertakes the group's «broader» task. It did not crowd into the same comfortable home-use track with all brands, but continues to strengthen sports and travel attributes. In July, Lynk & Co 07 GT went on sale and 10,000 large orders were broken in 27 minutes, although this data comes from the enterprise disclosure standpoint. But it at least reflects a trend: when NEV products gradually look more and more alike, products that can provide clear driving personality and scene value are actually easier to be remembered.

And besides NEV cars, don't ignore fuel cars. When many people talk about NEV transformation, they habitually view fuel businesses as «old burdens» that need to be discarded as soon as possible. But for an automaker pursuing operating quality, fuel cars are still important cash flow and user foundations. In this regard, Geely China Star continues to consolidate fuel car market competitiveness. China Star July sales reached 90,145 units, up 15% month-on-month; the Double Bin Family sales were 31,152 units, up 68% year-on-year. This means Geely Automobile did not use NEV to hard confront and replace all demand, but retained different user choice rights during the transformation process.

From here, it is not difficult to see that this is where the synergy of Geely's four brands is most valuable: Galaxy is responsible for deepening and expanding the mainstream NEV market, ZEEKR is responsible for breakthroughs in high-end value zones, Lynk & Co defends youthful, sporty, and personalized expressions, and China Star stabilizes the basic base of fuel car users. They are not four teams fighting independently, but jointly undertaking growth tasks in different segmented markets.

More importantly, the value of the matrix is not just «many cars». From the appearance of Galaxy TT and Galaxy Warship 700, to the successive deliveries of new ZEEKR and Lynk & Co products, to the product renewal of China Star, Geely is expanding product boundaries to more scenarios such as sedans, SUVs, MPVs, wagons, and NEV off-roading. If the new product rhythm of some automakers can ultimately be converted into continuous delivery and reputation, this matrix will be upgraded from «coverage» to «moat».

Thus, the answer to the question is already becoming clear. Geely Automobile's counter-trend is not relying on a single car suddenly exploding, but relying on a product system that relays to each other. When market demand becomes more fragmented and pickier, try not to let users flow elsewhere. What needs to be seen next is why this system can not only sell cars domestically but also extend growth overseas.

Exports Break 100,000 in Two Consecutive Months, From «Product Going Overseas» to «Value Going Overseas»

In the past, Chinese car exports were often understood as a business of «sending products overseas»: finding importers, laying out channels, grabbing market share. This road can be run fast, but not necessarily far. Because the competition for NEVs is not just battery capacity and screen size on the configuration sheet; it also has to face charging conditions, after-sales response, financial solutions, regulatory standards, and even user trust in the brand in different countries.

The difference in this round of Geely Automobile's overseas growth lies in it starting to do three things at once: using NEV products to open the mainstream market, using high-end brands to raise the value ceiling, and using local partnerships to turn one-time sales into long-term operations. The three lines are not fighting independently, but are jointly answering the same question: how to enter the core price band of the global car market without relying on low prices.

From the data perspective alone, Geely Automobile's overseas exports in July were 106,663 units, achieving month-on-month and year-on-month double growth for seven consecutive months, breaking the 100,000 unit threshold for two consecutive months. The export volume has accounted for 42% of total sales, supporting nearly half of the business. More含金量 (worthiness) is the export structure. Its NEV product exports in July were 62,604 units, surging 616% year-on-year, accounting for 59% of total export volume. In August, Star Wish will enter the broad A0-class Australian market, with a price of 124,000-146,000 RMB, and gross profit margin significantly higher than domestic.

From specific market performance, Geely Automobile's products have already established a foothold in multiple global markets. Geely Star Wish (Geely EX2) ranked first in Thailand EV sales, second in Brazil EV, and second in Mexico pure electric models; Star Ship 7 EM-i (Geely EX5 EM-i) ranked first in Poland C-class PHEV market single model sales, second in Mexico June PHEV segmented market sales, also topping the plug-in hybrid list in Slovenia, Bulgaria and other markets, and ranking second in Mexico plug-in hybrid segmented market.

The overseas expansion of high-end brands is also noteworthy. Since the launch of Lynk & Co 08, global cumulative deliveries have reached nearly 190,000 units, ranking in the top three of Mexico high-end plug-in hybrid SUV and Morocco mid-size plug-in hybrid SUV sales in the first half of the year; ZEEKR ranked first in Australian and Malaysian luxury pure electric brand sales in the first half of the year. ZEEKR 7X ranked first in multiple segmented markets including Australia mid-size SUV over 65,000 AUD, Malaysia luxury EV, Morocco luxury electric SUV, Egypt mid-size luxury electric SUV, and ZEEKR 009 firmly stays at the top of Thailand and Malaysia luxury pure electric MPV sales.

At the same time, ZEEKR's global territory is still expanding rapidly. Among them, ZEEKR 007GT officially landed in 16 European countries; ZEEKR 7X exceeded 1,000 pre-sale orders in South Korea, with high-middle and high-spec ratio as high as 94%; ZEEKR also became the first Chinese high-end automobile brand to land in East Malaysia, and channel networks continue to sink. Geely Automobile's overseas expansion has never been simply «selling cars abroad», but walking the route of localized operations, reducing risks and improving efficiency through win-win cooperation.

Besides product overseas expansion, Geely Automobile continues to promote localized operation capability construction. In July, Geely Automobile reached an agreement with Ford. The two parties will establish a joint venture company at Ford's Valencia, Spain factory to produce NEV models for the European market through capacity sharing. This light asset cooperation model can quickly cut into core European markets without building factories from scratch, and can effectively counter tariffs and geopolitical policy risks. Both domestic and overseas brokerages have consistently expressed看好 (look favorably). Additionally, on the channel end, Geely Automobile is also promoting simultaneously. Geely Automobile has formally signed with Pakistan comprehensive enterprise group Bestway Group, authorizing it as Geely Galaxy's official importer in Pakistan. It will officially enter the Pakistan market in Q3 this year, initially introducing two pure electric SUVs Galaxy E5 and Star Wish, continuously developing emerging markets.

As of July, Geely Automobile has completed 58% of its annual million-export goal, with pace far exceeding industry expectations. With ZEEKR 9X landing in the Middle East and i-HEV hybrid technology going overseas in the second half of the year, this second growth curve of globalization will continue to release profit potential and become an important support for Geely Automobile to traverse the domestic cycle.

Technical Moat

Why can Geely Automobile maintain profitability in an «bleeding» industry environment? Besides brand and market success, the fundamental reason lies in its deep technical moat. When price wars are fought fiercely, Geely Automobile chose a harder but more correct path: using technology premium to counter price involution.

In core NEV technology, Geely Galaxy released the world's first «Thunder 16-in-1 Smart Electric Drive», completing breakthrough iteration of NEV electric drive underlying technology. This system will be equipped on Geely Galaxy TT first, not only successfully winning «Lowest energy consumption record for mass-produced pure electric cars circling Qinghai Lake» and «Longest continuous dual-car drift on wet roads (electric vehicle)» Guinness World Records, but also controlling 100km/h electric consumption at a surprising level of 8.20kWh. This generational advantage in technology gives Geely Automobile absolute pricing power in the 100,000-200,000 mainstream market.

In the manufacturing field, two core technologies of Geely Automobile won the Second Prize of the 2025 National Science and Technology Progress Award. Whether «Heat-treated Quenching and Tempering Aluminum/Magnesium Alloy and Its Application Technology for Integrated Die Casting» or «Key Technologies and Industrialization of High Safety, High Fault Tolerance, High Efficiency Intelligent Electric Electric Chassis», they all broke the long-term monopoly of overseas enterprises in high-performance materials and high-end chassis fields. This means Geely Automobile can not only make good cars, but also make good cars at lower costs and higher efficiency. This manufacturing cost advantage is the confidence for it to dare to «not lose money» in price wars.

In intelligence, Geely Automobile always insists on safety as the bottom line. On July 21, Geely Automobile obtained the industry's first «Automobile Production Organization Combined Driving Assistance Safety Management System Certification Certificate». In today's era of intelligence driving systems flooding, Geely Automobile did not blindly pursue «futures» functions, but established an industry-leading safety standardization system through «Qianli Haohan» intelligence driving system. In the second half of the year, Geely Automobile will also set up a «2030 Lab» to tackle frontier fields such as acoustics, optics, digital chassis, embodied intelligence, etc. This «develop one generation, reserve one generation, apply one generation» technical rhythm ensures Geely Automobile products always lead by half a position.

Final Thoughts:

July 250,000 units, five consecutive months of double growth, overseas breaking 100,000 consecutive months, NEV penetration rate 64%. Geely Automobile's report card placed against the backdrop of the industry's overall decline speaks for itself.

But what is worth thinking about more than numbers is the way of growth. Geely Automobile did not participate in bottomless price wars or rely on pressing inventory to pump volume, but covered layered markets through multi-brand synergy, opened up incremental space through high-value overseas expansion, and built competitive barriers through underlying technology. This is a path of «high-quality growth». It is not about who loses less, but who has stronger blood-making ability. From multi-brand synergy to global layout, from technological innovation to product value improvement, Geely Automobile is building a systemic capability to traverse the cycle. As the industry elimination window approaches, this capability may be the hardest hand to stay at the table. Let us look forward to Geely Automobile bringing us greater surprises in the future!

2026 年嘅中國車市，表面上仍向前行，但底色卻唔咁輕鬆。一邊係新能源滲透率繼續抬升，新車一台接一台地上；另一邊，促銷、減價、權益加碼幾乎成為常態。

值得注意嘅係，車賣出去，並唔等於利潤就留喺度。要知道，呢個行業最難受嘅地方，唔係無銷量，而係好多企業正喺用利潤換份額、用現金流換聲量。

進入 7 月，市場嘅壓力冇突然消失。根據乘聯會公布嘅數據顯示，7 月 1 日至 26 日，全國乘用車零售 112.3 萬輛，同期下跌 18%，環比下跌 13%。從度好明顯睇出消費者買車更加謹慎，企業都唔可以再純粹依賴一輪營銷熱度，將銷量推上去。

然而，就係偏偏喺呢種背景下，吉利汽車卻交出一份頗有反差感嘅 7 月「成績單」，其單月銷量 250,161 輛，吉利汽車成為行業唯一一家連續五個月實現銷量同比環比雙增長嘅整車企業。其中新能源銷量（含吉利汽車、領克、極氪）160,165 輛，同比增長 23%，佔總銷量 64%。更值到琢磨嘅係，吉利汽車嘅海外出口同樣達到 106,663 輛，同比增長 202%，環比增長 4%，連續 7 個月實現同比環比雙增。

要知道，這可唔係「價格再低少少、衝量再猛少少」就能輕易換嚟嘅數字。因為今日嘅市場早就唔缺一款短期走紅嘅車，缺嘅係能持續接住需求嘅體系：主流市場要有規模，高端市場要有品牌勢能，燃油用戶唔可以被放棄，新能源用戶又必須被說服；國內要穩，海外仲要有新增量。

所以，吉利汽車 7 月成績單真正值到睇嘅，並唔係 25 萬輛呢個結果本身，而係呢 25 萬輛從邊嚟、靠乜嘢撐住、仲可以唔可以延續。當行業普遍承壓時，吉利汽車點解仲可以跑出自己的節奏？下面不妨一齊來探討下！

唔只係「一個爆款」，而係一套能打嘅產品矩陣

如果把一家公司 7 月嘅銷量拆開看，會發現吉利汽車嘅增長邏輯並唔單線。

吉利品牌當月銷售 197,942 輛，同比增長 2%，仍然構成了呢間車企最厚實嘅基本盤。往下看，吉利銀河賣出 107,797 輛，同比增長 13%；中國星系列銷量 90,145 輛，環比增長 15%；極氪交付 35,837 輛，同比大增 111%；領克銷售 16,382 輛，其中新能源產品達 14,069 輛。 呢啲數字嘅意義，並唔在於每一個品牌都要做成「第一」，而係在於不同價格帶、能源路線同用車場景，都有相對清晰嘅承接者。

先看吉利銀河。佢承擔嘅係主流新能源市場嘅規模任務。星願 7 月銷量 55,105 輛，同比增長 24%、環比增長 8%，累計銷量突破 80 萬輛。 對於一款走量車而言，真正嘅考驗從來唔係上市嗰陣有無冇辦法制造熱度，而係喺產品快速迭代、競品頻繁減價之後，係咪仲留得住用戶。連續嘅銷量表現說明，銀河並唔係只喺某一個窗口期踩中咗節奏，佢已經開始具備穩定輸出嘅能力。

再看極氪。35,837 輛嘅月交付、111% 嘅同比增幅，放喺高端新能源市場入面並唔只係一個數字變化。佢恰恰說明吉利汽車喺往上走嘅過程中，並唔係將高端化理解爲「更貴嘅配置單」，而係喺補強品牌、技術同產品體驗嘅合力。極氪 9X、煥新極氪 009、7X 等產品相繼推進交付，針對嘅係高端 SUV、豪華 MPV 同全球化純電市場等不同戰場。 高端車嘅用戶對價格並非唔敏感，但佢哋更在意一輛車係咪足夠完整——設計、性能、智能、安全同服務，唔可以只突出一項。

相較於極氪，領克承接着集團「向寬」嘅任務佢冇同所有品牌擠喺同一個舒適家用賽道，而係繼續強化運動同旅行屬性。7 月，領克 07GT 上市後 27 分鐘大訂破萬，儘管呢個數據來自企業披露口徑。但佢至少反映出一個趨勢，當新能源產品逐漸長得越來越似，能夠提供明確駕駛個性同場景價值嘅產品，反而更容易被記住。

而除咗新能源車外，你都別忽略燃油車。當好多人談新能源轉型時，習慣性將燃油業務看作係需要盡快甩掉嘅「舊包袱」。但對一家追求經營質量嘅車企而言，燃油車仲係重要嘅現金流同用戶基礎。喺呢方面，吉利中國星依舊持續鞏固燃油車市場競爭力，中國星 7 月銷量達到 90,145 輛、環比增長 15%，雙繽家族銷量 31,152 輛，同比增長 68%。 這意味著，吉利汽車冇用新能源去硬碰硬咁替代全部需求，而係喺轉型過程中保留咗唔同用戶嘅選擇權。

從度好明顯睇出，正正就係吉利四大品牌協同最有價值嘅地方：銀河負責將新能源主流市場做深做廣，極氪負責向高端價值區突破，領克守住年輕化、運動化同個性化嘅表達，中國星就穩住燃油車用戶嘅基本盤。佢哋唔係四支各自為戰嘅隊伍，而係喺唔同細分市場入面共同承擔增長任務。

更重要嘅係，矩陣嘅價值唔只喺於「車多」。從銀河 TT、銀河戰艦 700 嘅亮相，到極氪、領克新產品嘅陸續交付，再到中國星嘅產品煥新，吉利正喺將產品邊界往轎車、SUV、MPV、旅行車同新能源越野等更多場景延展。而一啲車企嘅新品節奏，若能最終轉化爲持續交付同口碑，就會令呢套矩陣從「覆蓋面」升級爲「護城河」。

於是，問題嘅答案已經開始清晰，吉利汽車嘅逆勢，並唔係靠某台車突然爆發，而係依賴一套彼此接力嘅產品體系，喺市場需求變得更碎片化、更挑剔嘅時候，盡量唔讓用戶流向別處。接下來要看嘅，係呢套體系點解唔只能夠喺國內賣車，仲能把增長延伸咗去海外。

出口雙月破 10 萬，從「產品出海」到「價值出海」

過去，中國汽車出海常被理解爲一門「將產品送到海外」嘅生意，搵進口商、鋪渠道、搶份額。呢條路可以跑得快，卻未必跑得遠。因為新能源汽車嘅競爭，唔只係配置表度嘅電池容量同屏幕尺寸，佢仲要面對唔同國家嘅補能條件、售後響應、金融方案、法規標準乃至用戶對品牌嘅信任。

而吉利汽車呢輪海外增長嘅唔同之處，係喺佢開始同時做三件事：用新能源產品打開主流市場，用高端品牌抬高價值上限，再用本地合作將一次性銷售變成長期經營。三條線並唔係各自為戰，而係喺共同回答同一個問題：點解唔靠低價，進入全球汽車市場嘅核心價格帶。

單從數據上看嚟，吉利汽車 7 月海外出口 106663 輛，連續 7 個月同比環比雙增長，連續兩個月突破 10 萬輛大關，出口量已經佔咗總銷量嘅 42%，幾乎撐起咗半壁江山。更有含金量嘅係出口嘅結構，其 7 月新能源產品出口 62604 輛，同比激增 616%，佔總出口量嘅 59%。8 月，星願將進入 A0 級廣闊嘅澳洲市場，售價 12.4 萬 -14.6 萬人民幣，毛利率顯著高於國內。

而從具體市場表現嚟看，吉利汽車嘅產品已經喺全球多個市場站穩咗腳跟。吉利汽車星願（Geely EX2）拿下泰國電動車銷量第一、巴西電動車第二、墨西哥純電車型第二；星艦 7 EM-i（Geely EX5 EM-i）拿下波蘭 C 級 PHEV 市場單車型銷量第一、墨西哥 6 月 PHEV 細分市場銷量第二，喺斯洛維尼亞、保加利亞等市場亦登頂插混榜單，喺墨西哥插混細分市場位列第二。

高端品牌嘅出海同樣可圈可點。領克 08 上市以來全球累計交付近 19 萬臺，上半年躋身墨西哥高端插混 SUV、摩洛哥中型插混 SUV 銷量前三；極氪上半年拿下澳洲、馬來西亞豪華純電品牌銷量榜首，極氪 7X 喺澳洲 6.5 萬澳元以上中型 SUV、馬來西亞豪華電動車、摩洛哥豪華電動 SUV、埃及中型豪華電動 SUV 多個細分市場拿下銷量第一，極氪 009 就穩居泰國、馬來西亞豪華純電 MPV 銷冠。

與此同時，極氪嘅全球版圖仲喺快速擴張。其中，極氪 007GT 正式登陸歐洲 16 國；極氪 7X 喺韓國預售訂單破千台，中高配佔比高達 94%；極氪仲成為首個落地馬來西亞東馬地區嘅中國高端汽車品牌，渠道網絡持續下沉。吉利汽車嘅出海，從來都唔係簡單嘅「將車賣到國外」，而係行本地化運營嘅路線，透過合作共贏降低風險、提高效率。

除咗產品出海，吉利汽車持續推進本地化運營能力建設，7 月吉利汽車同福特達成協議，雙方將喺西班牙華倫西亞工廠成立合資公司，透過產能共享為歐洲市場生產新能源車型。呢種輕資產嘅合作模式，唔使由零建廠，就能快速切入歐洲核心市場，仲能有效對沖關稅同地緣政策風險獲得海内外券商嘅一致看好。此外，渠道端吉利汽車亦喺同步推進，吉利汽車同巴基斯坦綜合性企業集團 Bestway Group 集團正式簽約，授權佢作為吉利銀河喺巴基斯坦嘅官方進口商，將於今年第三季度正式進入巴基斯坦市場，首批引入銀河 E5 同星願兩款純電 SUV，持續開拓新興市場。

截止 7 月，吉利汽車已經完成咗年度百萬出口目標嘅 58%，節奏遠超行業預期。隨著下半年極氪 9X 登陸中東、i-HEV 混合技術全面出海，呢條全球化嘅第二增長曲線，仲會持續釋放盈利潛力，成為吉利汽車穿越國內週期嘅重要支撐。

技術護城河

點解吉利汽車可以喺「失血」嘅行業環境中保持盈利？除咗品牌同市場嘅成功，根本原因在於佢深厚嘅技術護城河。喺價格戰打得如火如荼時，吉利汽車揀咗一條更難但更正確嘅路：用技術溢價對抗價格內捲。

喺新能源核心技術上，吉利銀河發表嘅全球首款「雷霆 16 合 1 智能電驅」，完成咗新能源電驅底層技術嘅突破性迭代。呢套系統將率先搭載於吉利銀河 TT 上，唔單成功斬獲「駕駛量產純電轎車環青海湖能耗最低記錄」同「濕滑路面最長連續雙車飄移 (電動車)」兩項吉尼斯世界紀錄，更將百公里電耗控制在 8.20kWh 嘅驚人水平。呢種技術上嘅代際優勢，令吉利汽車喺 10-20 萬嘅主流市場擁有咗絕對嘅定價權。

喺製造領域，吉利汽車嘅兩項核心技術榮獲 2025 年度國家科學技術進步獎二等獎。無論係《一體化压铸用免熱處理強韌化鋁/鎂合金及其應用技術》，定係《高安全、高容錯、高能效智能電動底盤關鍵技術及產業化》，都打破咗海外企業喺高性能材料同高端底盤領域嘅長期壟斷。這意味著，吉利汽車唔單能造出好車，仲能以更低嘅成本、更高嘅效率造出好車，呢種製造端嘅成本優勢，係佢喺價格戰中敢於「唔虧本」嘅底氣。

智能化方面，吉利汽車始終堅持以安全為底線。7 月 21 日，吉利汽車獲得行業首張「汽車生產組織組合駕駛輔助安全管理体系認證證書」。喺智駕系統氾濫嘅今日，吉利汽車冇盲目追求「期貨」功能，而係透過「千里浩瀚」智駕系統，建立咗行業領先嘅安全標準化體系。下半年，吉利汽車仲會設立「2030 實驗室」，攻克聲學、光學、數碼底盤、具身智能等前沿領域。呢種「研發一代、儲備一代、應用一代」嘅技術節奏，保證咗吉利汽車產品始終領先半個身位。

寫喺最後：

7 月 25 萬輛、連續五個月雙增、海外連破十萬輛、新能源滲透率 64%，吉利汽車呢份成績單放喺行業整體下滑嘅背景下，含金量不言而喻。

但比數字更值到思考嘅係增長嘅方式。吉利汽車冇參與無底線嘅價格戰，冇靠壓庫衝量，而係透過多品牌協同覆蓋分層市場、透過高價值出海打開增量空間、透過底層技術構建競爭壁壘。呢係一種「高質量增長」嘅路徑。唔拼邊個虧得少，拼邊個造血能力強。從多品牌協同到全球化佈局，從技術創新到產品價值提升，吉利汽車正喺構建一套穿越週期嘅體系化能力。當行業淘汰賽嘅窗口越嚟越近，呢種能力或先係留在牌桌度最硬嘅底牌。讓我們期待吉利汽車喺未來為我哋帶來更大嘅驚喜！

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.

8 月剛啟幕，吉利連出兩手。先是 7 月銷量快報 250161 輛，連續 5 個月同環比雙增，新能源佔比 64%。緊接著，8 月 2 日，吉利汽車集團銷售總公司掛牌。實話實說，喺銷量高位時動組織，比銷量低迷時刮骨療毒更難。吉利呢步「收拳再打」，透著一種難得的從容，亦將多品牌管理的行業頑疾擺上了檯面。

25 萬輛 + 嘅成色：拒絕偏科嘅均衡增長

極氪交付 35837 輛，同增 111%。9X 站穩 50 萬以上區間，7X 交付破萬。呢證明極氪喺高端市場嘅立足，並非曇花一現。銀河更係扛住咗主流市場嘅炮火，星願單款 55105 輛，累計破 80 萬。A7 EM 嗰 2608 公里嘅吉尼斯紀錄，將續航焦慮由根源上給否定咗。領克 07GT 上市 27 分鐘大定破萬，轉身就要改拉力賽車落場，呢種一半居家一半賽道嘅反差，恰恰係領克喺紅海搵到嘅稀缺性。

更唔提海外。出口 106663 輛，連續兩月破 10 萬，新能源佔比衝到 59%。星願喺泰國、巴西，極氪 7X 喺澳洲、馬來西亞紛紛登頂。呢顯示吉利不再單純依賴國內內捲，而喺全球市場建構起多層次嘅品牌梯隊。呢種內外雙修嘅格局，比單純嘅銷量數字更有含金量。

銷售總公司：從諸侯割據到軍團作戰”

今次成立銷售總公司，絕非簡單嘅部門合併，而係對《台州宣言》中一個吉利戰略嘅閉環。林傑掛帥，兼管極氪；範峻毅任常務副總，一手抓領克，一手分管銀河，既保住咗極氪嘅獨立性同高端調性，又令領克同銀河呢兩個調性相近、價格帶略有重疊嘅品牌，能喺中後台實現協同。王博管中國星，關久旸任銀河常務副總。

喺而家整車利潤率跌至 1.5% 嘅微利時代，多品牌嘅敵人往往係自己。同城同街，銀河與領克互搶客戶，渠道重複建設吞噬利潤，呢係好多車企嘅通病。吉利此番收拳，本質上係將前線品牌作為特種部隊保持靈活性，而將渠道、數據、預算等中後台資源作為後勤軍團統一管理。呢種「前台分兵、中後台合一」嘅模式，能有效解決內耗，提升邊際效益。

張觀評述：吉利嘅「熵減」實驗

喺我睇嚟，吉利呢一步，係對汽車行業內捲嘅一次「熵減」實驗。以往大家講多品牌，講嘅係差異化；而家講多品牌，必須講效率。參考此前極氪同領克整合嘅經驗，銷售費用率降至 5.9%，呢就係實打實嘅利潤。隨著銷售總公司嘅運作，吉利喺海外嘅渠道复用率將大幅提升，一套網點賣多品牌車款，能極大攤薄出海成本。

當然，組織變革必然伴隨陣痛。六個原本獨立嘅銷售體系，要喺一張桌上分預算、定策略，磨合期喺所難免。但吉利揀喺贏嘅時候動刀，而非被動救火，呢份戰略定力值得讚賞。

吉利汽车集团公布数据，2026 年上半年全球累计销量达 1422958 台，创下历史最佳业绩，同比去年 142 万台小幅增长 1%。

吉利汽车集团今年上半年海外销量 474228 台，同比暴涨 158%，该数值已超过 2025 全年海外总销量。6 月海外单月销量首次突破 10 万台，刷新月度出口纪录。

其中新能源汽车（NEV）出口 277189 台，同比大增 585%，占集团海外总销量的 59%。

极氪作为吉利核心高端品牌，上半年销量 178370 台，全球累计交付量突破 80 万台。2026 年 1-5 月，极氪在香港市场市占率达到 40.7%。

极氪 7X 领跑香港高端 SUV 市场；墨西哥市场 4、5 月连续拿下高端纯电车型销量第一。旗下旗舰 MPV 极氪 009，连续 5 个月蝉联泰国纯电 MPV 销量冠军。

吉利品牌以欧洲市场与新能源车型为两大核心，加速全球扩张。仅用时 45 天就完成德国、西班牙、荷兰、法国等欧洲 7 国市场布局，快速夯实品牌海外根基。

同时吉利与葡萄牙、奥地利、瑞士头部经销商集团达成合作，完善海外经销网络，主力车型吉利 E5、星瑞 EM-i 现已登陆 20 多个欧洲国家销售。

领克（Lynk & Co）同样加快出海步伐。旗舰车型领克 900 全新登陆阿联酋、埃及、卡塔尔、越南等市场；领克 08 正式在哈萨克斯坦上市并完成首批用户交付。领克 08 现已成为越南、墨西哥等重点市场中型插混车型热销爆款。

吉利集团此番亮眼成绩，源于极氪、吉利、领克三大品牌在各区域市场的产品竞争力全面落地，也印证了母公司吉利控股集团 “一个吉利（One Geely）” 全球一体化战略带来的持续增长动能。

吉利集团相关负责人表示：“在全球需求整体疲软的大环境下，海外销量实现 158% 的爆发式增长，得益于极氪等全系品牌过硬的产品实力获得市场认可。下半年，伴随极氪 7X 登陆韩国等区域新车投放，我们将因地制宜灵活推出新品，进一步巩固在全球新能源市场的领先地位。”

为支撑持续增长，吉利集团 2026 上半年持续强化全球运营体系：全球零部件配送网点扩充至 13 处，并在巴西、印尼等地搭建本地化整车生产体系。

目前吉利业务覆盖全球 100 多个国家，拥有超 2000 家经销与服务门店，持续为全球用户提供本土化车型、配套服务与专属用车体验。

极氪7X的海外交付数据陆续出来了，有几个数字挺让人意外的——它在澳洲、香港和马来西亚都拿到了细分市场的第一名。关键是，这车在海外卖的价格比国内贵了一倍不止，不是靠便宜走量。

阿联酋天价号牌车主

澳洲是目前表现最好的市场。一季度交了1725台，6.5万澳元以上（约30万人民币）的纯电SUV里排第一，4月份单月973辆直接超过了特斯拉Model Y。不过要注意，这个“第一”限定在6.5万澳元以上这个价位段，不是所有纯电SUV都算。

香港市场同期交了1504台，豪华SUV细分第一。香港买车的人选择多、要求高，能卖到这个成绩不容易。

欧洲这边稍弱一些。极氪7X在德国、法国、意大利、西班牙、葡萄牙五国同步开售，一季度合计966辆，进入欧盟畅销中国电动车前十。数量不算多，但极氪进欧洲还不到一年，在BBA老家能站住脚，算不错的开局。以色列5月卖了300辆，同比增长172.7%，中东接受度也挺高。

海外卖这么贵，谁在买？

极氪7X国内卖22.98万-26.98万元，海外价格翻倍。欧洲定价52,500-62,250欧元，折合人民币40-47万。澳洲6.5万澳元起，约30万人民币。这个价位对应的对手是宝马iX3、奔驰EQC这些传统豪华品牌的纯电车型。

能卖到这个价位还有人买，产品得有两把刷子。海外版是800V平台，75度金砖电池5.5C快充，10%-80%只要10.5分钟，续航620公里。安全方面拿了欧洲E-NCAP、澳洲ANCAP和中国C-NCAP三个五星认证，车身用2000MPa热气胀钢柱从A柱贯穿到C柱。

不同市场做了不同调整

极氪7X出海不是直接换个标卖到国外。欧洲版侧重800V平台和高速稳定性，毕竟德国有不限速高速；澳洲版强化了空间和外放电功能，当地人拖房车、接露营设备是日常需求；中东版直接加了车载冰箱，40多度的高温很实用。

同一套底子，针对不同市场做侧重调整，这比早年中国品牌“一款车卖全球”的思路要成熟不少。

极氪整体出海节奏

极氪5月全球卖了3.4万辆，同比增长82%；前5个月累计14.3万辆，增长93%。已进入全球40多个国家和地区，门店超640家，累计交付75万辆。极氪9X也在推进海外，6月进中东，四季度进欧洲。

极氪7X的海外销量占比目前还不大，但能在BBA的价位段卖出去，不靠打折促销，说明产品在国际市场是有竞争力的。

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文源 | 源Auto

作者 | 潘卓伦

一直努力向北京、上海、广州、成都四大国内A级车展看齐的粤港澳大湾区车展，开始在国内车展圈占据一个特别的生态位。

数据显示，在2026粤港澳大湾区车展开幕的首个周末（5月30日—5月31日），中国港澳地区的主流社交平台关于“大湾区车展”“深圳看车”“内地电车”等话题的热度同比显著增长，发帖量达到四位数级别。

显然，随着“港车北上”、“澳车北上”等政策越来越受追捧，同时中国品牌电车在中国港澳地区的认可度水涨船高，占有地理优势的粤港澳大湾区车展已经成为内地车企加码港澳的必争之地。

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以在5月交出34377辆月销成绩创历史新纪录的极氪为例，为巩固在中国香港细分领域销量冠军的地位，其在粤港澳大湾区车展邀请香港知名堪舆学家麦玲玲为未来将进入香港市场的新款009站台，吸引大量中国港澳地区媒体关注。

相比之下，在粤港澳大湾区车展上主打促销大甩卖的一系列传统车企，例如东风本田，则反映出国内车市另一种层面的激烈竞争。

01

港澳市场的隐藏增量

截至目前，极氪、比亚迪、小鹏、广汽埃安等内地车企已经成为中国香港私家车市场的主角，每个月都能出现在新登记私家车榜单的前列。

值得一提的是，虽然中国品牌新能源车也已经进入中国澳门市场，但由于整体市场体量较小等原因，内地车企们似乎更倾向于先把资源向中国香港市场倾斜。

而之所以极氪等已经在中国香港市场站稳阵脚的车企仍在继续加码该区域的营销，或是因为要提防越来越多想来分一杯羹的内地友商们，尤其是那些流量拉满的头部新势力车企。

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根据公开资料，理想、蔚来两大头部新势力车企都计划最快2026年底进入中国香港市场，另外以东风岚图为代表的传统车企新兴子品牌也已经提上日程。在粤港澳大湾区车展上，东风岚图便请来中国香港演员陈凯琳站台，其粉丝绝大部分都是香港本地市民。

或许有声音认为中国香港作为一个年增新车约4万—5万辆的市场，对车企提升销量的帮助有限，但从越来越多港澳居民热衷于到内地消费甚至定居生活的趋势出发，内地车企们看上的有可能是中国港澳地区合计超过800万的常住人口。

“今年我就给5个香港人交过车，现在他们来内地买车很方便，十来二十万的车对于他们来说不算太大的负担，至少比在香港买车便宜得多。”

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6月1日，有深圳某小鹏展厅销售告诉源Auto，在内地买车的香港人现在越来越多，“上的也是我们这里的牌，他们就把车停在内地，不用开车回香港其实还省时省力，节假日‘港车北上’过关还是非常费时间的”。

另外，该销售还提到大部分中国香港消费者来内地买车，备选车型里都是已经卖到当地的中国品牌或者国际大牌，而且相对来说会倾向于高端一些的车型。

假如一年里每100个中国港澳居民里有1个人计划在内地购置新车，那就意味着这个群体中藏着一个8万辆/年以上级别的增量市场，比中国香港每年新增的车辆还多。

要知道，在2025年阿维塔、上汽智己、蔚来乐道等品牌的年销量也不过10万辆上下。

02

努力清仓的本田们

如果说在2026粤港澳大湾区车展上卖力布局新市场的车企是A面，那么为降低库存压力努力卖车的车企就是B面。

好比把促销底价直接放到车顶上的东风本田。

“思域现时售价11.09万起”“英仕派权益价12.88万起”“CR-V权益价13.79万起”……纵观2026粤港澳大湾区车展，东风本田可能是卖车卖得最简单粗暴的一家。

不过，和东风本田一样面临较大清库压力的，估计还有很多家。

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根据中国流通协会5月12日发布的数据，截至今年4月，汽车经销商库存总量约260万辆，其中合资汽车品牌的库存系数比高端豪华及进口、自主两大阵营都更高，达到2.24。

按照国际同行业通行的惯例，库存系数在0.8-1.2之间属于合理范围；库存系数大于1.5则达到警戒水平；库存系数大于2.5则反映库存过高，经销商经营压力和风险陡增。

具体到品牌，一汽红旗、东风日产、一汽大众、沃尔沃、东风本田的库存深度排名行业前五。

回归到2026粤港澳大湾区车展，除了东风本田，还有选择这个节点推出重磅新车的上汽奥迪也表现出强烈的求生欲。

“AUDI E7X先锋型，官方上市指导价26.98万元。”

在上汽大众汽车有限公司党委书记、总经理陶海龙官宣E7X售价的同时，上汽奥迪展台随即“炸锅”，这是因为该上市起售价比此前的预售价降低2万元，同时还有一系列价值不菲的选配被调整为赠送。

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作为一款中大型SUV，AUDI E7X比旅行轿车“小弟”E5 Sportback尺寸大，同时包括三电在内的基础硬件规格明显更高，但起售价和后者次低配车型8个月前上市时的价格相当。从这个角度看，陶海龙在新车上市后群访环节说的“E7X定价没有加入任何品牌溢价”并非空谈。

从销售的角度看，在5月底、6月初举行的2026粤港澳大湾区车展是各大车企冲击年中销量成绩的关键，相信除了上述提到的东风本田和上汽奥迪，展示出巨大诚意的品牌还有很多。

这对于计划在年内购车的消费者来说，确实是一个不错的机会。

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2026 年 4 月，吉利汽车新能源出口同比增速624.5%，单月增量42151 辆，再度登顶中国新能源乘用车出口增速榜首，这是继一季度以 \\618.4%\\ 增速夺冠后，吉利成功蝉联该荣誉。

此次亮眼成绩并非单一市场爆发，而是吉利全球化体系支撑下，海外多市场协同发力的成果。据易车榜海外 18 国销量数据，2026 年 1-4 月吉利汽车集团海外总销量48669 辆，同比大涨301.3%，实现北美、亚洲、欧洲、南美四大洲全面增长，刷新中国汽车品牌海外多市场增长纪录。

核心海外市场表现抢眼：北美墨西哥 1-4 月销量16071 辆，同比增307.7%；南美巴西销量首破7000 辆至7137辆；亚洲印尼、泰国增速分别达965.0%、402.4%；欧洲德国、西班牙增速超300%，多国市场实现爆发式增长。

车型层面，吉利旗下多款车型全球热销，Emgrand、EX5 EM-i、EX2 等车型在墨西哥、巴西、哈萨克斯坦等市场拿下细分销冠；高端品牌极氪 ZEEKR 7X、009 也在中国香港、澳大利亚、泰国等多地登顶同类车型销量榜，彰显吉利在豪华纯电赛道的全球突破。

面向未来，吉利加速推进全球化战略，计划 2030 年前向海外推出超 10 款新能源车型，目标海外销量占比超三分之一、市场占有率达 5%，持续夯实全球技术领先品牌形象。

喺馬來西亞嘅 SUV 市場，好多買家喺揀車嘅時候都會拿 Proton X50 同 GWM Haval H6 嚟做比較。呢兩款車喺價位同定位上都好接近，今日我哋就從多個方面做個詳細嘅對比，幫你省返啲做功課嘅時間。

價錢同版本

Proton X50 喺馬來西亞嘅 OTR 售價係 RM 89,800 - 113,300，總共一共有 4 個版本，包括 1.5T Executive（RM 89,800）、1.5T Premium（RM 101,800）、1.5T Flagship（RM 113,300） 等。

GWM Haval H6 喺馬來西亞嘅 OTR 售價係 RM 139,750 - 139,750，總共一共有 2 個版本，包括 1.5L Turbo Standard（RM 140,000）、1.5L Turbo Premium（RM 155,000） 等。

從價錢嚟睇，Proton X50 嘅起步價確實比 GWM Haval H6 平咗 RM 49,950。如果你預算有限，Proton 嘅入門版已經可以滿足日常需要。但都要注意，平嗰幾千蚊，可能會喺配備上有取舍，具體睇你嘅需要。

安全配備

Proton X50 嘅安全評級係 5★ (ASEAN NCAP)，主動安全系統包括 ADAS (ACC, AEB, LKA, LDA, BSM, RCTA)。

GWM Haval H6 嘅安全評級係 TBD，主動安全系統包括 Basic。

安全配備方面，兩款車都拿到咗唔錯嘅評級。不過 Proton X50 嘅 ADAS (ACC, AEB, LKA, LDA, BSM, RCTA) 同 GWM Haval H6 嘅 Basic 喺功能上有啲差異，如果你比較睇重主動安全嘅話，可以仔細對比下兩者嘅功能列表。

空間同舒適度

Proton X50 車身長 4400 mm，車廂尾箱 400 L。

GWM Haval H6 車身長 4400 mm，車廂尾箱 400 L。

兩款車嘅尺寸幾乎一樣，車內空間差別唔大。呢個級別嘅車，日常使用完全夠用。

保養同維修

Proton X50 保用 5 年/150,000km，保養間隔 每 10,000km 或 6 個月。

GWM Haval H6 保用 7 年/150,000km，保養間隔 每 10,000km 或 6 個月。

適合邊種人

Proton X50 同 GWM Haval H6 都係馬來西亞市場嘅主流選擇，適合家庭使用、日常通勤。如果你更睇重品牌口碑同二手價，可以優先考慮口碑更好嗰款；如果你更在意性價比同配備，那就選配置更豐富嗰款。最後都建議兩款都去試駕，親身體驗先至係最重要。

總結

總嘅嚟講，Proton X50 同 GWM Haval H6 都係馬來西亞市場幾好嘅車型。揀邊一輛，關鍵都係要睇你嘅個人需要同預算。建議大家做好功課，多比較幾間車行嘅報價，再去試駕做最後決定。買車係件大事，花少少時間做功課絕對唔會錯。