With Gasgoo Daily, we will offer daily important automotive news in China. For those we have reported, the title of the piece will include a hyperlink, which will provide detailed information.
Geely posts strong Q1 2026 results with 31% profit growth
On April 29, Geely Automobile Holdings reported Q1 2026 revenue of RMB 83.8 billion, up 15% year-on-year. Gross margin rose to 17.5% (+1.7 ppts), while core net profit attributable to shareholders reached RMB 4.56 billion, increasing 31% YoY—both marking record highs for the period.
Geely’s total sales reached 709,000 units in the first quarter, ranking first among Chinese domestic brands. New energy vehicle (NEV) sales accounted for 369,000 units, or 52.1% of total volume. Overall market share rose to 11.95% (+0.97 ppts), with ICE vehicles at 10.71% (+0.31 ppts) and NEVs at 13.39% (+1.75 ppts), reflecting both scale expansion and improved profitability.
Chery reports improved margins despite slight profit decline in Q1 2026
Chery Automobile posted Q1 2026 revenue of RMB 65.87 billion, with gross profit reaching RMB 10.564 billion (+24.9% YoY) and gross margin improving significantly to 16.04% (from 12.39%).
Net profit attributable to shareholders declined to RMB 4.17 billion, while total profit stood at RMB 4.322 billion, down from RMB 4.726 billion a year earlier. The decline was mainly due to increased spending on sales, distribution, and R&D.
R&D investment rose 25.5% YoY to RMB 2.85 billion, bringing cumulative R&D spending to over RMB 30 billion, with a continued focus on electrification, intelligent driving, and smart cockpit technologies.
Bosch, Chery deepen partnership on 48V vehicle architecture
Bosch (China) Investment Ltd. and Chery Automobile signed a framework agreement in Beijing to jointly develop and mass-produce a next-generation 48V vehicle electrical architecture.
As demand for high-power components—such as intelligent cockpits, steer-by-wire, and advanced computing—increases, traditional 12V systems are reaching their limits, making 48V architectures an industry trend.
The jointly developed system delivers up to 15 kW power, reduces vehicle weight by over 10 kg, and improves steer-by-wire motor response speed by more than 20%, offering advantages in efficiency, integration, and scalability.
