Gasgoo Munich- On April 29, Geely Automobile Holdings (0175.HK) released its first-quarter 2026 earnings. Revenue hit 83.8 billion yuan, up 15% year-on-year, while gross margin climbed to 17.5% — an increase of 1.7 percentage points. Core net profit, excluding foreign exchange gains and losses and impairment losses on non-financial assets, rose 31% to 4.56 billion yuan. All three key financial metrics reached record highs for the period.
Image source: Geely
Record Revenue and Profit, Self-Owned Brand Sales Take Top Spot
Total sales climbed to 709,000 units in the first quarter, ranking first among Chinese self-owned brands. New energy models accounted for 369,000 units, or 52.1% of the total. Overall market share — based on shipments, covering both domestic and export markets — stood at 11.95%, up 0.97 percentage points from a year earlier. By fuel type, internal combustion engine (ICE) market share was 10.71% (up 0.31 percentage points), while NEV market share reached 13.39% (up 1.75 percentage points). The synchronized growth in financial and sales data reflects a parallel trend of scale expansion and improving profitability.
In domestic sub-segments, the move upmarket is evident in both brand sales and model rankings.
ZEEKR's sales share jumped 85% year-on-year in the first quarter. The ZEEKR 9X delivered over 10,000 units in March, holding the top spot in the 500,000-yuan luxury SUV segment for five consecutive months. Meanwhile, the ZEEKR 8X racked up over 10,000 firm orders within 29 minutes of launch and delivered more than 3,000 units in its first ten days.
Lynk & Co saw NEVs make up 62% of its first-quarter sales, with the Lynk & Co 10 EM-i taking second place in China's B-class hybrid sedan market.
In the mainstream NEV market, the Geely Xingyuan claimed the top spot among all brands in China's NEV sedan segment. The Geely Galaxy M9 led sales in the C-class hybrid six-seat SUV category, while the Geely Galaxy Xingyao 8 maintained its dominance as the best-selling mid-to-high-end plug-in hybrid sedan for both 2025 and the first quarter of 2026.
On the internal combustion front, Geely has been the top-selling Chinese brand for nine consecutive years. The Boyue ranked first among all ICE models, the Xingrui led A-class ICE sedans from domestic brands, and the Binyue topped the A0-class ICE SUV segment across all brands.
Exports Double as Premiumization Pays Off; Next-Gen Hybrid Tech Enters Production
Overseas operations served as another engine for structural growth in the first quarter. Export sales surged 126% year-on-year to 203,000 units, with NEV exports jumping 572% to 125,000 units. The company has established over 1,900 sales and service outlets in more than 100 countries and regions, setting a full-year export target of 750,000 units for 2026.
Strategically, Geely aims to build markets in Europe, Eastern Europe, ASEAN, Latin America, and Africa into 150,000-plus-vehicle regions, while targeting 100,000-plus units in the Middle East and Asia-Pacific. On the ground, the Geely EX2 (Geely Xingyuan) completed initial deliveries in Indonesia and Thailand; Lynk & Co 01 and Lynk & Co 02 (Lynk & Co Z20) entered the Mexican market; the Geely EX5 (Geely Galaxy E5) and Geely STARRAY EM-i (Geely Galaxy Xingjian 7 EM-i) launched in Uzbekistan; and the Lynk & Co 900 debuted in the UAE.
On the technology front, Geely's new AI-based hybrid system — the i-HEV Zhiqing — has entered mass production. Official figures put fuel consumption at 2.22 liters per 100 kilometers, with the hybrid-specific engine achieving a peak thermal efficiency of 48.41%. The system uses a high-power electric drive and a high-efficiency engine as dual power sources, integrating the Xingrui AI Cloud Power 2.0 large model for the first time. It will debut on several models in the China Star series this year, with pre-sales already underway for the Xingyue L i-HEV and Xingrui i-HEV.
Regarding intelligence, a cabin-driving fusion solution based on the WAM (World Behavior Model) has entered production. The "AI Super Assistant" (Super Eva) and "AI Super Driver" debuted with the Haohan G-ASD 4.0 system on the ZEEKR 8X, integrating the smart cockpit, driver assistance, and digital ecosystem.
Looking to the second quarter, product and technology iterations are accelerating. The refreshed ZEEKR 009 will launch in May; the Lynk & Co 900 large five-seater is already on sale, with the fully electric Lynk & Co 10+ and Lynk & Co 10 set to debut in May. The Geely Galaxy A7 EV and Galaxy M7 have launched, while the Galaxy Xingyao 7 is slated for release within the quarter. The i-HEV technology will also be fitted to best-selling models like the fourth-generation Boyue L and the fifth-generation Emgrand.
The first-quarter data suggests that rapid export growth and product mix optimization driven by premiumization are propelling Geely's shift from scale expansion to value-driven growth.
