Geely Auto reported its highest monthly sales of the year for the third consecutive month in October, supported by strong overseas deliveries and record new energy vehicle (NEV) sales. However, overall growth slowed as a deeper decline in the Chinese domestic market offset gains in international markets.
The Chinese automaker sold 310,183 vehicles in October, up 0.99% year-on-year and 6.17% from September, according to figures released on Sunday. The result was its second-highest monthly sales total, falling just 245 vehicles short of the record 310,428 units recorded in November last year.
October also marked a slowdown in annual growth. Geely’s year-on-year sales increases had exceeded 5% in each of the previous three months, including 6.97% in September.
Overseas Deliveries Remain a Key Growth Driver
Geely exported 107,153 vehicles in October, an increase of 157.78% compared with the same month last year and 0.44% from September. Although exports remained below the August record of 110,094 units, international sales continued to provide substantial support to the company’s overall performance.
Exports represented approximately 35% of total October sales, compared with 37% in September.
In China, Geely sold 203,030 vehicles, down 23.55% year-on-year. The contraction widened from September’s 20.21% decline, indicating continued pressure in the domestic market.
Despite the annual decrease, domestic sales increased 9.46% month-on-month, reaching their highest monthly level since January.
NEV Sales Exceed 200,000
Geely’s NEV business delivered a record performance in October. Sales of new energy vehicles rose 20.86% year-on-year and 12.64% month-on-month to 214,996 units, exceeding 200,000 for the first time.
NEVs accounted for a record 69% of the company’s total October sales, reflecting the growing contribution of electrified models to its overall business.
Battery electric vehicle (BEV) sales reached 140,758 units, up 43% year-on-year. Plug-in hybrid electric vehicle (PHEV) sales totalled 74,238 units, down 6.66% from a year earlier. The decline followed a largely flat year-on-year performance in September.
The contrasting results indicate that fully electric models were the main source of growth within Geely’s NEV portfolio during the month.
Geely Galaxy Sets New Sales Record
The core Geely brand, including its Galaxy sub-brand, sold 255,742 vehicles in October. This represented an increase of 4.17% year-on-year and 8.15% from September.
Galaxy recorded its strongest monthly performance to date, with sales reaching 153,385 vehicles. Deliveries increased 20.32% year-on-year and 17.56% month-on-month, surpassing 150,000 units for the first time.
From January through October, Galaxy sales totalled 1,030,569 vehicles, up 2.80% compared with the same period last year.
Zeekr Growth Moderates as Lynk & Co Faces Continued Decline
Geely’s premium electric vehicle brand Zeekr sold 32,483 vehicles in October, up 51.63% year-on-year. However, the result ended a nine-month run during which annual sales growth had approached or exceeded 100%.
Zeekr deliveries also fell 12.72% from September, marking the brand’s first month-on-month decline since January.
Lynk & Co recorded a weaker annual performance, selling 21,958 vehicles in October. Sales declined 45.40% year-on-year, the brand’s steepest contraction this year and its seventh consecutive month of annual declines.
On a monthly basis, however, Lynk & Co sales increased 18.74% from September, reaching their highest level since April.
Geely’s October results highlight the increasing importance of overseas markets and electrified vehicles to its sales performance. Nevertheless, the widening domestic decline and slower growth at several brands remain key challenges as the automaker approaches the end of the year.