Geely August sales up 8% on record exports, domestic slump persists

• Geely Auto exported 110,094 vehicles in August, up 205% year-on-year and accounting for 41% of total sales.
• Domestic sales in China in August were 160,100 vehicles, down 25.22% year-on-year.

Geely Auto (HKEX: 0175) posted another increase in monthly sales last month, as record overseas shipments offset continued weakness in domestic demand.

The Chinese auto giant sold 270,194 vehicles in August, up 8.01% year-on-year and marking its highest monthly level this year, according to data released by the company on Tuesday.

Geely exported 110,094 vehicles in August, up 205.16% year-on-year. Monthly exports reached a record high for the eighth consecutive month and accounted for 41% of total sales.

Based on those figures, domestic sales were 160,100 vehicles in August, down about 25.22% year-on-year. That extended a decline that saw domestic sales fall 29.12% in July.

Geely sold 175,877 new energy vehicles (NEVs) in August, accounting for 65% of its total. Battery electric vehicle sales rose 29% year-on-year to 120,590 units, while plug-in hybrid electric vehicle sales edged up 2% to 55,287 units.

By brand, the core Geely brand, including Geely Galaxy, sold 216,186 vehicles in August, up 5.29% year-on-year and 9.22% from July.

The Galaxy sub-brand contributed 119,115 units, up 7.63% year-on-year and 10.50% from July.

Zeekr sold 36,981 vehicles in August, up 110% year-on-year, making it Geely's fastest-growing brand.

Lynk & Co, meanwhile, sold 17,027 vehicles, down 37% year-on-year, making it the only brand to post a decline.

Geely Auto sold 1,943,313 vehicles in the first 8 months of the year, up 2.4% year-on-year, according to data compiled by CnEVPost. That represented 56% of its full-year target of 3,450,000 vehicles.

Cumulative exports in the first 8 months reached 690,985 vehicles, up 170% year-on-year.

The company raised its full-year export target to 920,000 vehicles from 640,000 on August 17 and has now achieved 75% of the revised goal.

The core Geely brand sold 1,514,501 vehicles in the first 8 months, down 3% year-on-year. Lynk & Co sales fell 15% to 177,624 units, while Zeekr's sales doubled to 251,188 units.

Overseas markets have become the Chinese auto giant's only growth engine.

The company posted record revenue in the first half of the year, with core net profit attributable to shareholders rising 46%. However, reported net profit attributable to shareholders fell 2% due to lower other gains.

Geely Auto still trails BYD (HKEX: 1211) by a wide margin overseas. BYD's overseas NEV sales reached 1,162,260 units in the first 8 months, up 85.72% year-on-year.

BYD raised its 2026 export target to 1,500,000 vehicles from 1,300,000 in March.