Geely Auto's Q1 Overseas Exports Surpass 200,000 Units, 2026 Full-Scale Global Strategy Accelerates

Geely Automobile Holdings Limited recently released its financial results for the first quarter of 2026, with multiple core metrics hitting record highs. The overseas business emerged as the primary growth engine behind the strong performance.

Q1 exports reach 203,000 units, up 126% year-on-year

According to the Financial Report, Geely Auto’s cumulative export volume in the first quarter of 2026 reached 203,000 units, a sharp increase of 126% compared with the same period last year, making it the fastest-growing player in the industry. Looking at monthly data, Geely’s overseas exports in March hit 81,639 units, up 120% year-on-year, marking three consecutive months where monthly exports exceeded the 60,000-unit threshold.

Correspondingly, Geely Auto delivered a total of 709,400 vehicles in the first quarter, with overseas exports accounting for 28.6% of overall sales. This growth rate significantly outpaced the broader industry – China’s overall passenger vehicle export growth stood at approximately 56.7%, and Geely ranked among the top performers with a growth rate more than double the industry average.

On the revenue side, the company achieved total revenue of RMB 83.776 billion in the first quarter, up 15% year-on-year, surpassing the RMB 80 billion mark for the first time. Revenue growth notably outpaced sales volume growth. Geely pointed out that the performance increase was mainly driven by the strong surge in export volumes and the continuous optimization of the product mix brought about by a higher proportion of high-value product sales.

New energy vehicles become the new engine for globalization, surging 572%

Geely Auto’s overseas business is undergoing a clear structural upgrade. With only seven new energy vehicle (NEV) models exported, NEV export volume in the first quarter reached 125,000 units, skyrocketing 572% year-on-year, accounting for 62% of total exports. The NEV export volume in the first quarter alone has already surpassed the NEV export volume for the entire year of 2025.

Geely Auto Group CEO Gan Jiayue stated during the earnings conference call that NEV exports have become the core driving force behind the growth of Geely’s overseas business and are expected to serve as a key breakthrough for overall sales growth going forward. He emphasized that the company’s ability to top the industry in export growth during the first quarter was mainly attributable to the rapid ramp-up of new energy vehicle sales.

Fuel vehicles and NEVs advance in synergy; global layout targets three “200,000-unit” markets

From the overall sales structure perspective, Geely Auto’s total sales in Q1 reached 709,000 units, up 1% year-on-year. Of this, total NEV sales were 369,100 units, an increase of 9% year-on-year, with a penetration rate exceeding 52%. The premium brand Lynk & Co sold 82,000 units, up 12.5% year-on-year, while Zeekr delivered 77,000 units in Q1, a surge of 86.1% year-on-year.

Regarding the regional layout of overseas markets, Gan Jiayue disclosed the 2026 global market tier targets for the first time during the earnings call: the company aims to build three large-scale markets of “200,000 units” each in Latin America & Africa, ASEAN, and Europe, while simultaneously creating two markets at the “100,000 to 150,000-unit” scale.

In terms of specific regional performance, Geely achieved rapid breakthroughs in multiple markets: in Central and South America, Q1 exports soared by 488.9% year-on-year; in Southeast Asia, with export volume of 34,185 units and a 110.9% year-on-year increase, it ranked first in regional exports; in Europe, Q1 exports reached 25,438 units, up 53.4% year-on-year.

Fluctuations in the battery-electric vehicle business and profitability performance

The financial report also candidly noted that the group’s net profit attributable to shareholders in Q1 recorded RMB 4.166 billion, a decline of 27% year-on-year. The company explained that the drop was mainly due to disturbances from non-operational factors such as exchange rate fluctuations. After excluding one-off factors including foreign exchange losses and impairment of non-financial assets, core net profit attributable to shareholders actually reached RMB 4.561 billion, an increase of 31% year-on-year.

The company’s gross margin rose from 15.7% in the same period last year to 17.5%. Profit margins on overseas exports are generally higher than those on domestic sales, indicating that the overseas go-to-market business is significantly improving the overall profit structure.

It is worth noting that while exports maintained their high pace, domestic sales of battery-electric vehicles (BEVs) experienced volatility in March. Data showed that Geely’s BEV sales in March were 70,557 units, a year-on-year decline of 18%, in stark contrast to the 70% growth of plug-in hybrid models. Nonetheless, viewed on a quarterly basis, the NEV penetration rate remained above 52% in Q1, with the single-month penetration rate in March further rising to 55%.

Full-year export target raised to 750,000 units; management expresses strong confidence

Based on the better-than-expected performance in the first quarter, Geely Auto has upgraded its full-year 2026 export target from the previous “guarantee 640,000 units, strive for 750,000 units” to a clear challenge target of 750,000 units. Gan Jiayue stated bluntly during the earnings call: “The full-year target of 750,000 units can be assuredly realized.” This also implies that Geely’s 2026 exports will correspond to a year-on-year growth range of 52.4% to 78.6%.

The build-out of overseas channels is also accelerating. In 2026, Geely plans to expand the number of overseas dealership outlets to over 1,300, with a particular focus on breakthroughs in the European market. To date, Geely Auto’s business covers more than 100 countries and regions around the world, with over 1,900 sales and service outlets established, cumulatively serving more than 20 million users.

In terms of product layout, Gan Jiayue revealed that models such as the China Star Emgrand and Galaxy Starshine will become mainstay models for overseas exports. Going forward, popular high-end models sold in the domestic market, such as the Zeekr 9X and Zeekr 8X, will be progressively introduced to overseas markets. The high-margin Zeekr 009 is scheduled to go on sale in the Middle East in June and expand to the European market in September.

Geely Holding Group CEO An Conghui described the international business as “the top priority of Geely Auto’s future development,” making it clear that the company will not engage in international competition by relying on price wars. Instead, it will build core competitiveness through brand, technological synergies, product quality, and services, and manage risk in overseas markets through a relatively asset-light operational model. Geely Automobile Holdings Limited CEO Gui Shengyue further stated: “In the future, Geely Auto may change the image of Chinese automobiles on the international stage, taking the lead in proving that Chinese auto brands can compete on par with traditional luxury car brands.”

Industry insiders’ analysis pointed out that with the implementation of the overseas plans for high-end models such as the Zeekr 009 in the second half of the year, Geely’s overseas business is expected to continue increasing volume, and full-year exports are poised to achieve a historic leap forward.

Note: This article is compiled from Geely Auto’s official announcements and publicly available reports and analyses from multiple media outlets and securities research institutions, including Eastmoney.com, Phoenix New Media, International Financial News, National Business Daily, The Paper, and Phillip Securities Research.