Geely Automobile generated approximately $25.74 billion in revenue in the first half of 2026, up 15% even as total vehicle sales grew only 1%, as a shift toward premium vehicles and rapidly expanding exports lifted the average selling price by about $2,224 to $16,609 per vehicle.
Total vehicle sales reached a record 1,422,958 units, up 1% year over year. The modest change in overall volume masked a significant shift in product mix: new-energy vehicle sales reached 799,454 units, up 10%, and accounted for 56.2% of total volume. Plug-in hybrid sales were particularly strong, increasing 57.7%.
Premiumization was another major contributor. ZEEKR sales increased 97% to 178,370 vehicles during the first half. The company said more than 46,000 ZEEKR 9X vehicles were sold, making the model the best-selling vehicle priced above approximately $74,148 across all brands and categories in China during the period.
ZEEKR’s higher-priced lineup is becoming an increasingly material part of the brand’s mix. Combined first-half sales of the ZEEKR 9X, 8X and 009 exceeded 71,000 vehicles, and models priced above approximately $44,489 represented nearly 40% of ZEEKR’s total sales.
International expansion also materially changed Geely’s mix. Export volume surged 158% to 474,228 vehicles and represented approximately one-third of total company sales. New-energy vehicle exports jumped 585% to 277,189 units and represented roughly 58% of exports. Monthly exports exceeded 100,000 vehicles for the first time in June.
The richer product mix translated into improved profitability despite higher raw-material costs and intense automotive competition. Gross margin expanded 1.6 percentage points to 17.9%, which Geely attributed to increased sales of higher-margin premium and export products, scale and integration synergies and cost controls.
Reported profit attributable to owners nevertheless declined 1.8% to approximately $1.35 billion from $1.37 billion. The comparison was affected by foreign exchange, with Geely recording an after-tax FX loss of approximately $81.6 million in the first half of 2026 versus a $391.5 million gain a year earlier. Excluding FX effects and non-financial asset impairment, core profit increased 46% to approximately $1.44 billion from $981.7 million.
Cash generation remained substantial. Geely reported approximately $2.95 billion of net cash generated from operating activities while investing about $1.17 billion in capital expenditures, including new-energy products and research and development for new-energy and intelligent-vehicle technologies. The company’s funding reserve increased to approximately $10.32 billion, while total borrowings declined 52% to about $1.29 billion from $2.71 billion at the end of 2025.
Geely also repurchased about 108.2 million shares for about $252.1 million in the first half, while issuing about $296.6 million of bonds and repaying about $1.75 billion of bank borrowings.
For the full year, Geely continues to target sales of 3.45 million vehicles. The company plans to accelerate product launches, overseas expansion and localized manufacturing during the second half while continuing to emphasize globalization, premiumization and intelligent vehicle technology under its One Geely strategy.
