Geely targets two-thirds of sales overseas

Geely Auto has set a long-term target of deriving two-thirds of its vehicle sales from overseas markets. The automaker lifted its 2026 export goal after first-half shipments surged 158 percent, outpacing China's industry average of 72 percent.

It exported 474,000 vehicles between January and June, according to interim results released on Monday. New energy vehicle shipments jumped 585 percent to 277,000 units.

Gui Shengyue, vice-chairman of the board of Geely Auto, said on Monday that the automaker has hit its original full-year export target of 640,000 units. It has now raised the 2026 goal to 920,000 units and is chasing 1 million overseas sales as it expands across certain regions.

Its road map prioritizes a 300,000-unit market throughout the Association of South-East Asian Nations, three 200,000-unit markets in the European Union, Eastern Europe and Latin America-Africa, and a 100,000-unit market in the Middle East and Asia-Pacific.

"Geely's overseas expansion is just starting. Our current export lineup is very limited with a narrow price range," said Gui. He added that Geely will roll out more models across a wider price band, particularly luxury cars.

An Conghui, the newly-appointed chairman of board of Geely Auto effective from Tuesday, said the company is pursuing an asset-light globalization strategy built on partnerships with global peers.

The strategy centers on sharing production capacity, co-developing products and leveraging local supply chains and sales networks. Parent Zhejiang Geely Holding's acquisitions of Europe's Volvo Cars and Malaysia's Proton, and joint ventures with Renault in South Korea and Brazil provide that foundation.

"Auto production capacity is in surplus worldwide — in China, Europe, North America and every other major market," An said. With these resources, Geely's global expansion will be guided by principles of high quality, high speed and low risk.

The approach also helps mitigate geopolitical volatility and trade barriers that have long constrained Chinese automakers' global ambitions, he added.

In Europe, Volvo Cars' manufacturing sites will become a production base for premium models across the Geely portfolio, with multiple high-end vehicles scheduled to enter production in 2028. Geely has also struck a deal to use Ford's 500,000-unit annual capacity plant in Spain for its core volume models, with production slated for the same year.

In Southeast Asia, Proton is on track to reach 200,000 sales this year. Geely is upgrading the Malaysian brand's plants to build a 500,000-unit regional manufacturing hub, with multiple Geely-branded models set to roll off production lines there this year.

Its Brazil project with Renault has an annual production capacity of 300,000 units, while its Renault-partnered plant in South Korea is progressing to serve regional markets, according to An.

Premium electric brand Zeekr is the vanguard of Geely's high-end overseas push. The brand exported 42,000 units in the first half, up more than 200 percent year-on-year, and is on track to surpass 80,000 units in 2026.

Zeekr is accelerating its global product rollout: the 9X SUV will launch in the Middle East, Europe, ASEAN and Australia starting in the third quarter; the 8X SUV will debut in Europe, the Middle East and Latin America in the fourth quarter.

Overall, Geely Auto sold 1.42 million units in the first half, a 1 percent rise against a 6 percent industry-wide decline. Revenue climbed 15 percent to 173.6 billion yuan ($25.76 billion), while core net profit attributable to the parent company jumped 46 percent to 9.68 billion yuan.

Gui said Geely Auto hit record highs in scale, revenue, profit, vehicle pricing and per-vehicle profitability during the period. This financial report was "expected, though not astonishing and it indicates room for growth", he said.