Geely joins the monthly export club of 100k vehicles

Author | Zhou Zhiyu

Geely Auto has also crossed the threshold of 100k monthly exports.

On July 1, sales data released by Geely Auto showed that overseas export sales in June reached 102,874 units, up 157% year-on-year and 21% month-on-month, breaking through 100k units for the first time. In the first half of the year, Geely's cumulative exports reached 474,228 units, up 158% year-on-year, already exceeding the full-year export volume of 2025.

This milestone is more noteworthy than "record high sales."

In the past two years, Chinese automakers have seen rapid growth in overseas markets, but few companies have been able to consistently push monthly exports to the 100k-unit level. Chery has long been a representative of Chinese auto exports, and BYD's overseas sales have also been climbing quickly this year. Now that Geely has entered this range, it signals that the overseas expansion competition among Chinese automakers has moved from breakthrough by a few leading companies to a new phase of collective overflow by major auto groups.

Geely did not achieve this result in a favorable market. The price war in the domestic auto market continues, new energy vehicle penetration is already high, and growth is becoming increasingly difficult.

According to data from the China Association of Automobile Manufacturers, in May this year, China exported approximately 809k passenger vehicles, up 73% year-on-year, of which NEV exports were about 435k units, accounting for more than half of total exports. In other words, going overseas is becoming a common choice for Chinese automakers to absorb production capacity and unlock profit margins.

The change for Geely is that overseas is no longer just a supplementary market.

In June, Geely's overseas sales accounted for 42.7% of its total monthly sales; in the first half, exports accounted for about one-third of total sales. More importantly, the export structure is changing. In the first half, Geely's NEV products exported 277,189 units overseas, up 585% year-on-year, accounting for nearly 60% of overseas exports. That is to say, this round of growth is not driven by traditional fuel vehicles in low-end overseas markets, but by NEV products that are entering a volume expansion phase in multiple markets.

Behind this is a restructuring of Geely's product lineup.

In the first half, Geely Auto's cumulative sales reached 1,422,958 units, a record high for the period; June sales were 240,799 units, achieving both year-on-year and month-on-month growth for four consecutive months. NEV sales reached 161,449 units in June, accounting for 67%; cumulative NEV sales in the first half were 799,454 units.

Galaxy series takes on the mainstream NEV volume expansion. In the first half, Galaxy sales were 519,793 units; June single-month sales were 108,206 units, of which Star Wish (Xingyuan) sold 50,906 units in June, Starship 7 EM-i sold 19,439 units, and Galaxy E5 sold 13,543 units. It targets the most crowded but largest mainstream NEV market.

Zeekr, on the other hand, is responsible for pushing Geely's price range upward. In June, Zeekr delivered 35,169 units, up 111% year-on-year; in the first half, deliveries reached 178,370 units, up 97% year-on-year, with cumulative global deliveries exceeding 820k units. The average transaction price of the Zeekr 9X exceeds 530k yuan, and the Zeekr 009 and 7X are also ramping up volume in multiple high-end niche segments. For Geely, Zeekr is not just a sales figure but the key to whether its profit structure can improve.

Lynk & Co and China Star respectively handle the new energy transition and the fuel/hybrid base. Lynk & Co sold 144,215 units in the first half, with NEV models accounting for 65%; China Star sold 580,580 units in the first half, continuing to provide stable cash flow. Thus, Geely has formed a relatively clear division of roles.

It is when this structure is deployed in overseas markets that Geely's true test begins.

Geely's overseas growth is no longer just "shipping cars out." The Galaxy Starship 7 has entered 57 countries and regions across Asia, Europe, the Americas, and Australia. In its first month on sale in Croatia, it became the best-selling PHEV across all brands, and in Australia, it became the best-selling mid-size PHEV SUV model in May. The Star Wish (Xingyuan) reached the top of the single-model sales chart in its second month on sale in Uruguay, and plans to start production at the Renault-Geely Brazil Ayrton Senna Complex factory.

Zeekr has also opened a gap in high-end overseas markets. The brand has entered more than 50 countries and regions, with over 650 stores globally. The Zeekr 009 has taken a leading position in the luxury pure electric MPV segment in markets such as Thailand and Malaysia, while the Zeekr 7X is entering the luxury SUV track in markets like Australia and Mexico. In the second half of the year, the Zeekr 9X will first land in the Middle East, then enter Europe, Latin America, Central Asia, and other markets.

But breaking through 100k exports is just the first hurdle.

The external environment for Chinese automakers going overseas is getting tougher. The EU has previously imposed countervailing tariffs on Chinese-made electric vehicles; since the beginning of this year, China and the EU have engaged in a new round of consultations on trade imbalances, export controls, and market access. Tariffs, quotas, local certification, data compliance, after-sales service, and residual value systems will all become costs for the next phase of Chinese automakers' overseas expansion.

This is also the biggest difference between Geely and the previous pure export model. It needs to truly transform resources like Volvo, Proton, Renault Korea, and Renault Brazil into local manufacturing, local channels, and local service capabilities. Relying solely on vehicle exports can rapidly scale up, but to hedge against trade barriers and stabilize profit margins, more links of production, R&D, supply, and sales must be localized.

Geely has now obtained the scale ticket. Monthly exports breaking 100k units indicate that it has entered the first tier of Chinese automakers going overseas. But the questions Geely will need to answer next will be harder.

Chinese automakers going overseas no longer lack speed. What they lack is the ability to turn speed into profit and brand in more complex markets.

For Geely, this is a new sales record; for the Chinese auto industry, it is more like a sign that global competition has entered the next phase.

Risk Warning and Disclaimer

Market risks exist, and investment requires caution. This article does not constitute personal investment advice, nor does it consider the specific investment objectives, financial situation, or needs of individual users. Users should consider whether any opinions, views, or conclusions in this article are suitable for their particular circumstances. Any investment made based on this article is at your own risk.