Geely Jisu Logistics’ LNG-powered vehicle carrier Jisu Fortune. Image from Geely Auto’s 2026 interim results presentation.
- The new target represents nearly 120% growth from 2025 exports, with the company targeting a combined 1,000,000-vehicle scale across 5 key overseas markets.
- Exports surged 158% in the first half while domestic sales fell 22.6%, making overseas markets the company’s sole growth engine.
Geely Auto (HKEX: 0175) has sharply raised its export target for this year, betting on overseas markets to offset weakening demand at home in China.
The company said at its interim results briefing on Monday that it raised its full-year export target to 920,000 vehicles from 640,000. It also said it would aim for overseas sales on a 1,000,000-vehicle scale.
The new target represents growth of nearly 120% from the 420,097 vehicles exported in 2025. The 44% upward revision underscores management’s confidence in its overseas momentum.
Geely Auto Annual Exports 2021-2026
Year
Exports
2021
87,591
2022
198,242
2023
274,101
2024
413,002
2025
420,097
2026 target (raised)
920,000
2026 target (original)
640,000
Geely Auto annual exports (2026 target raised)
Geely Auto identified 5 key markets for the second half in its earnings materials. ASEAN was listed as a 300,000-vehicle market, while Pan-Europe, Eastern Europe, and Latin America and Africa were each designated as 200,000-vehicle markets. The Middle East and Asia-Pacific were designated as a 100,000-vehicle market.
Together, the 5 regions correspond to an overseas scale of 1,000,000 vehicles.
Geely Auto says it has raised its 2026 export target to 920,000 vehicles from 640,000 and is targeting a 1,000,000-vehicle overseas sales scale across 5 key markets. Image from the company’s 2026 interim results presentation.
Geely Auto exported 474,228 vehicles in the first half, surging 157.6% year-on-year, with monthly exports topping 100,000 vehicles for the first time in June, according to data compiled by CnEVPost.
Exports reached a fresh record of 106,663 vehicles in July, up 202% year-on-year. Cumulative exports in the first 7 months reached 580,891 vehicles, up 164.8%.
Geely Auto Monthly Exports 2024-2026
Month
2024
2025
2026
January
26,262
27,354
60,506
February
24,373
25,552
60,879
March
36,405
37,047
81,639
April
38,151
24,133
83,186
May
36,890
30,017
85,144
June
35,816
40,011
102,874
July
33,283
35,272
106,663
August
46,102
36,077
September
40,319
40,665
October
33,904
41,568
November
34,447
42,091
December
27,050
40,310
Geely Auto monthly exports
2024
2025
2026
New energy vehicles (NEVs) were the main driver of the export growth. Geely Auto exported 62,604 NEVs in July, up 616% year-on-year and accounting for 59% of total exports.
The domestic market, meanwhile, remained under pressure. Geely Auto’s China sales fell 22.6% in the first half to 948,730 vehicles and declined 29.1% year-on-year in July.
Total sales in the first 7 months were 1,673,119 vehicles, up just 1.6%, equivalent to 48% of its full-year target of 3,450,000 vehicles.
Its financial performance benefited from the shift in sales mix. First-half revenue rose 15% year-on-year to a record 173.6 billion yuan ($25.58 billion).
Core net profit attributable to shareholders, excluding foreign-exchange gains and losses and impairment effects, rose 46% to 9.68 billion yuan. Net profit attributable to shareholders fell 2% to 9.09 billion yuan due to lower other income.
Geely Auto still trails BYD (HKEX: 1211) in overseas markets. BYD sold more than 792,256 NEVs overseas in the first half, nearly twice Geely Auto’s export volume.
BYD’s overseas NEV sales reached 972,794 vehicles in the January-July period, up 78.49% year-on-year.
BYD raised its 2026 export target in March to 1,500,000 vehicles from 1,300,000 previously.
Geely Auto’s export target increase comes as the automaker undergoes the most significant leadership reshuffle since its founding. Founder Eric Li will step down as chairman of the board effective August 18, with Andy An taking over the role.
Li was named honorary chairman for life and will remain the controlling shareholder, while continuing to serve as chairman of Zhejiang Geely Holding Group. An will lead the implementation of the “One Geely” strategy.
An said in January that Geely Holding aims to achieve global sales of 6,500,000 vehicles by 2030, with markets outside China contributing more than one-third of the total.
The first locally assembled V8E all-electric logistics vehicle rolled off the line on August 13 at a plant about 80 kilometers southeast of Jakarta.
($1 = 6.7873 yuan)
