On October 29, 2026, Geely Auto released its financial results for the third quarter, reporting a total revenue of 99 billion yuan (14.8 billion USD) and a core net profit attributable to the parent company of 5.21 billion yuan (777.6 million USD). However, by looking closely at these figures, we can conclude that selling cars is basically unprofitable in today’s fiercely competitive Chinese market.
In the third quarter of 2026, Geely exported 343,700 vehicles, leading the company to raise its annual export target from 640,000 to 920,000 units. Notably, Geely’s exports generated 4.84 billion yuan (approx. 722.4 million USD) in net profit during the third quarter alone, as reported by CNstock. This suggests that while domestic sales volume remains high, at 812,500 units including exports in the third quarter, the vast majority of the company’s Q3 profit – approximately 4.84 billion yuan out of the 5.21 billion yuan total – was derived from international markets.
In other words, in the third quarter of 2026, exports, which accounted for 39.8% of Geely Auto’s sales, generated 92.9% of its profits. Put another way, the more than 60% of Geely Auto’s sales made in China contributed just 7% of its profits.
Geely Auto Q3 2026 performance overview
| Metric | Value |
|---|---|
| Total Q3 sales volume | 812,500 units |
| Q3 export volume | 323,700 units |
| Q3 export share of total sales | ~39.8% |
| Total Q3 core net profit | 5.21 billion yuan (777,600 USD) |
| Q3 export net profit | 4.84 billion yuan (722,400 USD) |
| Export contribution to total profit | ~92.9% |
New energy vehicles (NEVs) have become the cornerstone of Geely’s export strategy. In the first three quarters, the company exported 484,000 NEVs, a 531% surge compared to the previous year.
On the same day, BYD, China’s largest NEV manufacturer, also reported its Q3 results. The company achieved revenue of 221.49 billion yuan (33.1 billion USD), up 13.59% year-on-year, with a net profit of 10.02 billion yuan (1.5 billion USD), a 28.08% increase. While BYD did not disclose the specific profit contribution from exports, the company noted that overseas sales have become a core growth engine. In September alone, BYD exported over 180,700 NEVs, a year-on-year increase of approximately 153.6%.
Editor’s comment
There’s no doubt that carmakers in China’s market are still locked in a fierce battle. It may take the exit of more companies before carmakers can start making a real profit. In recent years, we’ve seen some companies leave the market, including Neta, Weltmeister Motor, HiPhi and Aiways, but for now, it seems that isn’t enough.
