(March 18): Geely Automobile Holdings Ltd’s full-year profit beat analyst estimates and climbed to a record as China’s second-largest carmaker closed in on market leader BYD Co’s sales, thanks to the popularity of its EX2 hatchbacks and Zeekr sport utility vehicles.
Net income rose to CNY16.85 billion (US$2.40 billion or $3.12 billion) in 2025, compared with CNY16.81 billion the previous year, the Hong Kong-listed arm of billionaire Li Shufu’s auto empire said in a statement on Wednesday. That topped the CNY16.5 billion average of 31 analyst estimates compiled by Bloomberg. Revenue climbed 25% to CNY345.2 billion.
Geely gained market share on BYD in China last year, and has even outsold the world’s biggest electric vehicle maker in 2026. The company is aiming for sales to increase 14% this year as it pursues its goal to become one of the world’s top five carmakers by the end of the decade.
The stock fell 3.7% to HKD18.15 ($2.96) on Wednesday in Hong Kong, largely unchanged from where the shares were before the company reported earnings.
“Investors were already expecting good numbers,” said Eugene Hsiao, a strategist at Macquarie Capital Ltd In Hong Kong. “So this feels like a ‘sell-the-news’ sort of moment.”
Excluding items such as gains from foreign exchange and the disposal of subsidiaries, profit rose 36%, it said.
See also: Audi expects new SUV models, cost savings to boost 2026 profits
Separately, Geely said in a briefing with analysts that the company is investing more on smart driving, with the aim of catching up to Tesla Inc’s system that’s called full self-driving. It also plans to ramp up exports by building out 1,300 Geely brand stores and 500 Zeekr stores in overseas market this year, and has formed subsidiaries in countries such as Mexico and Chile.
Vehicle sales, including its Zeekr and Lynk & Co brands, rose nearly 40% to three million units last year. The Xingyuan, known as the EX2 overseas, became China’s top-selling model for 2025 and the Zeekr 9X luxury SUV has also been topping sales of vehicles priced at CNY500,000 and above the past several months, according to Chinese media reports.
The carmaker is just over a year into a major overhaul it began in late 2024. Under its “Taizhou Declaration” strategy, Geely group turned its focus toward consolidation and cost cuts, merging brands such as Zeekr, which delisted from the New York Stock Exchange, and Lynk & Co back into the Hong Kong-listed entity of Geely Auto.
See also: VinFast to resume US EV plant construction even as loss widens
These moves appear to be bearing fruit as Hangzhou-headquartered Geely outsold BYD globally during the first two months of 2026, its largest lead since 2022. Still, Geely was far behind BYD in terms of revenue and profits as BYD’s larger volumes last year gave it better economies of scale and the company’s vertically integrated supply chain helps to control costs.
Still, exports, which have become increasingly important for Chinese carmakers recently, were weak last year. With falling demand in Russia, Geely’s total overseas shipments reached 420,097 units in 2025, largely unchanged from the year prior, according to the statement. By comparison, BYD’s overseas sales surged 150% to 1.05 million units.
The carmaker is aiming to increase exports to 640,000 units this year, according to Geely Auto Group chief executive officer Jerry Gan. The Iran war hasn’t had too much impact on its sales in the Middle East, Gan said.
Uploaded by Tham Yek Lee
