Gasgoo Munich- Geely Automobile Holdings announced it will acquire full ownership of three core units of Radar Auto for approximately 218 million yuan in cash, according to a filing with the Hong Kong stock exchange. Upon completion, Radar Auto will become a wholly-owned subsidiary, with its financials consolidated into the listed company. This marks the transition of the electric pickup brand from a group incubation project to a core business segment of the listed entity.
The acquisition comprises three components: Zhejiang Jirun will pay 159 million yuan for 100% of Radar (Shandong); Geely Holding Automotive Sales Co. will acquire the entire equity of Radar Sales for 59 million yuan; and two overseas Geely units will purchase the full capital of Radar Thailand for 490,000 yuan. Total consideration will be approximately 218 million yuan, settled in cash.
Image Credit: Geely Auto
Radar (Shandong) serves as the core operating entity, holding the pickup brand's key assets and covering the entire vehicle manufacturing chain. Its sales unit manages domestic channels, while the Thailand subsidiary—established in July 2024—focuses on distributing electric pickups across Southeast Asia. Prior to the acquisition, both Radar Auto and Geely Auto operated as parallel affiliates under the Geely Holding Group umbrella.
Founded in 2021, Radar unveiled its brand and first all-electric pickup, the RD6, in 2022, targeting the passenger-oriented electric pickup segment. By 2023, it captured more than 60% of China's new energy pickup sales. The company has since built a dual-technology matrix spanning both battery-electric and plug-in hybrid powertrains.
Financial data shows a sharp divergence in performance among the target companies. The core entity, Radar (Shandong), swung to a loss of 8.646 million yuan in 2025 after posting a profit of 67.743 million yuan in 2024. Meanwhile, the sales unit returned to profitability with a 12.325 million yuan gain in 2025. The Thailand subsidiary, however, remained in the red, recording an after-tax loss of 10.697 million yuan for 2025.
Geely Auto stated the acquisition aims to solidify its position in the pickup segment and optimize its passenger vehicle portfolio. The company plans to leverage synergies to cut costs and boost efficiency, while using the group's overseas network to help Radar expand internationally. Yet, with the core unit swinging to a loss and overseas losses widening, it remains to be seen whether the integration will deliver the profitability improvements the market is watching for.
