Geely Auto has reported strong financial results for the first half of 2026, with core profit rising sharply despite a significant drop in domestic sales. According to a recent filing, the company’s export growth helped drive record revenue and offset challenges in its home market.
Record Revenue and Profit Growth
Geely Auto‘s first-half revenue increased 15% year-on-year to $25.7B (~AUD 36.3B), marking its sixth consecutive year of growth. The company’s core net profit attributable to shareholders rose 46% to $1.4B (~AUD 2B), outpacing revenue gains.
Gross profit climbed 25.7% to $4.6B (~AUD 6.5B), with gross margin improving by 1.6 percentage points to 17.9%. However, net profit attributable to shareholders dipped 2% year-on-year to $1.3B (~AUD 1.9B), mainly due to a sharp decline in other net gains, which fell to $150.9M (~AUD 213.2M) from $701.1M (~AUD 990.6M) a year earlier.
Export Growth Offsets Domestic Weakness
Geely Auto sold 1,422,958 vehicles in the first half of 2026, representing a modest 1% increase. The standout performance came from overseas markets, where exports surged 157.6% to 474,228 vehicles. June marked the first time Geely’s monthly overseas sales exceeded 100,000 units.
In contrast, domestic sales fell 22.6% to 948,730 vehicles over the same period. July data showed this trend continuing, with exports reaching a new monthly record of 106,663 vehicles, while domestic sales dropped 29.1% year-on-year.
Upmarket Push and Increased Investment
Geely’s move upmarket was highlighted by the Zeekr 9X, which became China’s best-selling model priced above $73,958 (~AUD 104,493). This shift helped raise the company’s average selling price by $2,219 (~AUD 3,135) to $16,567 (~AUD 23,406).
The company also increased its investment in research and development, with R&D expenses rising 25.5% to $1.4B (~AUD 1.9B). Distribution and selling expenses grew 16.3% to $1.5B (~AUD 2.1B).
Dividend and Cash Flow
Geely’s board decided not to declare an interim dividend for the first half of 2026, maintaining the policy from the previous year. Cash flow from operating activities was $2.9B (~AUD 4.2B), down 68% year-on-year.
Competitive Landscape
In overseas markets, Geely Auto continues to face strong competition from BYD. BYD sold 792,256 new energy vehicles overseas in the first half of 2026, nearly double Geely’s export volume.
Technology Strategy and Outlook
Looking ahead, Geely stated it will accelerate overseas expansion in the second half of the year while working to consolidate its position in the Chinese market. The company emphasized that ‘Full-Domain AI’ remains central to its technology strategy.
Why this matters
Geely Auto’s results highlight the growing importance of exports for Chinese automakers as domestic demand softens. The company’s ability to boost core profit and average selling price, even as home market sales decline, reflects a strategic shift toward higher-value vehicles and international growth.
The continued investment in R&D and focus on advanced technology suggest Geely is positioning itself to compete more effectively both in China and abroad.
What this means for buyers
Buyers can expect to see more Geely models in overseas markets as the company accelerates its global expansion. The emphasis on higher-value vehicles and advanced technology may result in a broader range of premium options for consumers outside China.
Those considering Geely vehicles should watch for new model launches and technology updates, especially as the brand continues to invest in innovation and international growth.
Key Specs
- First-Half Revenue: $25.7B (~AUD 36.3B)
- Core Net Profit (H1 2026): $1.4B (~AUD 2B)
- Gross Profit (H1 2026): $4.6B (~AUD 6.5B)
- Vehicles Sold (H1 2026): 1,422,958
- Overseas Sales (H1 2026): 474,228
- Domestic Sales (H1 2026): 948,730
- R&D Expenses (H1 2026): $1.4B (~AUD 1.9B)
- Average Selling Price: $16,567 (~AUD 23,406)
Source
Images sourced from: geelyph.com, geelyauto.eu, geely.am
