Geely October Sales Reach Yearly High as Exports Surge

Geely Auto (HKEX: 0175) recorded its highest monthly sales of the year for the third consecutive month in October, supported by strong overseas demand and increasing new energy vehicle (NEV) deliveries. However, overall year-on-year growth slowed to approximately 1% as the company's domestic sales contraction deepened. The Chinese automaker delivered 310,183 vehicles during the month, representing a 0.99% increase compared with the previous year and a 6.17% improvement from September, according to data released on Sunday.

October's total represented Geely's second-highest monthly sales volume on record, falling just 245 vehicles short of the 310,428 units achieved in November last year. The latest growth rate also marked a slowdown compared with the preceding three months, when year-on-year sales increases consistently exceeded 5%. In September, the company reported growth of 6.97%, highlighting the moderation in its overall sales momentum despite continued improvements in monthly volumes.

Exports remained a major contributor to Geely's October performance. The company shipped 107,153 vehicles to international markets, an increase of 157.78% year-on-year and 0.44% compared with September. Although the export total remained below the record 110,094 vehicles achieved in August, overseas shipments accounted for approximately 35% of the company's overall monthly sales. This represented a decrease from September's export contribution of 37%, despite the substantial annual growth in international deliveries.

In contrast, Geely's domestic market performance continued to weaken on an annual basis. Sales in China declined 23.55% year-on-year to 203,030 vehicles in October, compared with a 20.21% contraction in September. Nevertheless, domestic deliveries increased 9.46% month-on-month, reaching their highest monthly level since January. The figures indicate that the company's monthly domestic sales volume improved even as the year-on-year comparison reflected a deeper contraction in its home market.

New energy vehicles continued to strengthen their contribution to Geely's overall sales. The company delivered 214,996 NEVs in October, representing a 20.86% increase year-on-year and a 12.64% improvement from September. Monthly NEV deliveries exceeded 200,000 vehicles for the first time, while their share of total sales reached a record 69%. The result highlights the growing importance of electrified vehicles within Geely's product portfolio and the increasing contribution of its NEV business to overall deliveries.

Battery electric vehicles (BEVs) accounted for 140,758 units, an increase of 43% compared with October last year. Plug-in hybrid electric vehicle (PHEV) deliveries, meanwhile, declined 6.66% year-on-year to 74,238 vehicles. This represented a change from September, when PHEV sales had remained largely flat compared with the corresponding period a year earlier. The contrasting performance of the two powertrain categories indicates that BEVs were the stronger contributor to Geely's annual NEV sales growth during October.

Among its individual brands, the core Geely brand, including Geely Galaxy, sold 255,742 vehicles in October. This represented a 4.17% year-on-year increase and an 8.15% improvement from September. Geely Galaxy delivered a particularly strong performance, recording 153,385 vehicles, its highest monthly sales volume to date. Galaxy deliveries increased 20.32% year-on-year and 17.56% month-on-month, crossing the 150,000-unit threshold for the first time. Its cumulative sales for the year reached 1,030,569 vehicles, up 2.80%.

Zeekr recorded October sales of 32,483 vehicles, representing a 51.63% year-on-year increase. However, this marked the end of nine consecutive months during which the brand's annual growth rate had approached or exceeded 100%. Deliveries also declined 12.72% compared with September, representing Zeekr's first month-on-month sales contraction since January. Despite the moderation in its recent growth rate, the brand maintained positive annual sales growth during the reporting period.

Lynk & Co sold 21,958 vehicles in October, a decline of 45.40% compared with the same month last year. This was the brand's steepest annual contraction during the year and its seventh consecutive month of declining year-on-year sales. However, deliveries increased 18.74% from September, reaching their highest monthly level since April. The improvement in monthly sales therefore contrasted with the continued weakness in the brand's annual performance.

Geely Auto sold 2,545,664 vehicles during the first 10 months, representing a 2.76% year-on-year increase. This cumulative volume accounted for approximately 74% of the company's full-year sales target of 3,450,000 vehicles. To achieve that objective, Geely would need to average approximately 452,000 deliveries per month during the final two months of the year. That required monthly volume is substantially higher than the company's existing record of 310,428 vehicles, making the remaining sales requirement considerably more demanding than its performance to date.

Geely's export performance was considerably closer to its annual objective. International shipments reached 904,823 vehicles during the first 10 months, representing a 167.94% year-on-year increase and approximately 98% of the full-year export target of 920,000 vehicles. The remaining gap was approximately 15,000 vehicles. Geely had previously raised its export target from 640,000 to 920,000 vehicles on August 17, reflecting the substantial expansion in overseas deliveries. Meanwhile, domestic sales totaled 1,640,841 vehicles during the same 10-month period, down 23.31% year-on-year.

Performance varied across Geely's individual brands during the January-October period. The core Geely brand recorded cumulative sales of 2,006,702 vehicles, representing a 1.18% year-on-year decline. Lynk & Co delivered 218,075 vehicles, down 22.58%, while Zeekr recorded 320,887 vehicles, achieving growth of 94.45%. These results illustrate the differences in annual sales momentum across the company's brand portfolio, with Zeekr maintaining substantial growth while the core Geely brand and Lynk & Co experienced annual contractions.

Industry Impact & Outlook

Geely's October performance highlights the growing contribution of international markets and electrified vehicles to its overall automotive business. NEVs accounted for a record 69% of monthly deliveries, with BEVs providing the strongest year-on-year growth among the reported powertrain categories. Meanwhile, export shipments reached approximately 98% of the revised annual target within the first 10 months, demonstrating the scale of the company's overseas sales expansion. However, the 23.55% annual decline in domestic October sales and the substantial monthly volume required to achieve its overall full-year target underline the contrasting challenges across its domestic and international operations.

Frequently Asked Questions

How many vehicles did Geely Auto sell in October?
Geely Auto sold 310,183 vehicles in October, representing a 0.99% year-on-year increase and a 6.17% improvement compared with September. This was the company's second-highest monthly sales total, falling just 245 vehicles short of its record of 310,428 units achieved in November last year. October also marked the third consecutive month in which Geely recorded its highest monthly sales volume of the year. However, its annual growth rate slowed compared with the increases reported during the preceding three months.

How many NEVs did Geely sell in October?
Geely sold 214,996 new energy vehicles in October, achieving its first monthly NEV sales total above 200,000 units. Deliveries increased 20.86% year-on-year and 12.64% compared with September. NEVs accounted for a record 69% of the company's overall monthly sales. Within this category, battery electric vehicle deliveries reached 140,758 units, up 43% year-on-year, while plug-in hybrid electric vehicle sales declined 6.66% to 74,238 units. BEVs were therefore the stronger contributor to annual NEV sales growth during the month.

How did Geely's exports perform in October?
Geely exported 107,153 vehicles in October, recording year-on-year growth of 157.78% and a 0.44% increase from September. International shipments accounted for approximately 35% of the company's total monthly sales, compared with 37% in September. Although October exports remained below the August record of 110,094 vehicles, overseas deliveries continued to represent an important contributor to overall sales. During the first 10 months, cumulative exports reached 904,823 vehicles, equivalent to approximately 98% of the revised full-year export target of 920,000 units.

How did Geely's individual brands perform in October?
Geely Galaxy recorded the strongest monthly volume among the reported individual brands, delivering a record 153,385 vehicles, up 20.32% year-on-year. The core Geely brand, including Galaxy, sold 255,742 vehicles, representing 4.17% annual growth. Zeekr delivered 32,483 vehicles, up 51.63%, although its monthly sales declined 12.72%. Lynk & Co recorded 21,958 deliveries, down 45.40% year-on-year, marking its seventh consecutive month of annual contraction. These results reflected differing sales trends across Geely's brand portfolio.

Did Geely Auto achieve its full-year sales target based on October deliveries?
Geely had achieved approximately 74% of its full-year sales target after delivering 2,545,664 vehicles during the first 10 months. Its annual objective stood at 3,450,000 vehicles, meaning the company needed approximately 904,336 additional deliveries during the final two months. This would require average monthly sales of approximately 452,000 vehicles, significantly exceeding its existing monthly record of 310,428 units. Consequently, the October results showed that Geely still had a substantial volume gap to close to meet its overall annual sales objective.

What were Geely's cumulative sales and export results during the first 10 months?
Geely Auto sold 2,545,664 vehicles during the first 10 months, representing a 2.76% year-on-year increase, while domestic sales declined 23.31% to 1,640,841 vehicles. Exports increased 167.94% to 904,823 vehicles, bringing the company close to its revised annual export objective of 920,000 units. Across its individual brands, the core Geely brand recorded 2,006,702 deliveries, Lynk & Co sold 218,075 vehicles, and Zeekr delivered 320,887 vehicles. Their respective annual changes were -1.18%, -22.58%, and +94.45%.