48 billion options and 153% surge in Asia-Pacific: Behind the earnings report, Geely's way of making money overseas has completely changed!

Text | Yi Yi

This financial report for 2025, if summarized only by “growth,” greatly underestimates Geely Auto.

Total revenue of 345.2 billion yuan, up 25% year-over-year; core net profit attributable to parent of 14.41 billion yuan, up 36%. These figures alone are impressive, but what’s truly worth repeatedly analyzing is not just the speed of growth, but its “structure.”

Profit outpacing revenue indicates that something more important is happening within the company: it’s no longer relying solely on car sales but is reconstructing a comprehensive global profit model.

And the starting point of all these changes is hidden in a chart that many might overlook.

From Geely Auto’s 2025 revenue data across major markets and regions, we see that revenue in Eastern Europe declined from 30.2 billion to 29.2 billion yuan, while Asia-Pacific (excluding China) jumped from 5.7 billion to 14.6 billion yuan. This isn’t just market fluctuation; it’s a clear, proactive, and even forward-looking strategic shift by Geely.

In recent years, taking advantage of the global supply chain restructuring window, Geely made quick money in markets like Russia and Eastern Europe. But the geopolitical risks and exchange rate fluctuations of relying on a single market made Geely realize: global expansion based on “single-point breakthroughs” cannot go far.

So, Geely didn’t wait for risks to materialize. While profits were still substantial, it chose to “reduce holdings,” quickly pulling resources out and shifting to a more stable, long-term predictable market—Asia-Pacific. This isn’t just defensive; it’s a form of “de-risking” with an offensive edge.

1

Proton begins to help Geely “eat the meat”

When it comes to overseas markets, the first indicator is usually sales volume. Data shows that Geely Auto’s overseas sales in 2025 reached 420,000 units, meeting the annual export target, with new energy vehicle exports exceeding 120,000 units. In 2025, Geely’s brand entered 13 new markets, including major European markets like the UK and Italy, as well as high-potential markets like Brazil, South Africa, and Uzbekistan. Among these, the doubling of sales in Asia-Pacific is the most eye-catching “overseas contributor” to Geely’s total revenue of 345.2 billion yuan.

Beyond these figures, many seem to forget that Proton was once seen as Geely’s “test bed” for overseas expansion.

Data shows that Proton’s total sales in 2025 reached 162,600 units, a countercyclical increase of 6.5%, maintaining the second place in Malaysia’s national car sales for seven consecutive years, with market share rising to 19.4%. Annual exports hit 6,000 units, the highest since 2012, up 26% year-over-year.

But Proton’s value isn’t measured just by these numbers; it’s its “local identity” in Southeast Asia. As Geely’s gateway into Southeast Asia, Proton leverages its mature local channels to quickly penetrate Malaysia and surrounding markets, while also enabling deep technical and capacity synergy.

In Malaysia, Geely isn’t seen as an outsider brand but as a local player through Proton. This identity brings not only consumer trust but also policy benefits, channel efficiency, and overall cost structure optimization. Today, we see the result: Geely Auto’s Asia-Pacific revenue has doubled, driven not just by selling more cars but by developing within a more friendly system—lower costs, higher efficiency.

Based on this approach, Proton, as Geely’s “technology licensee” and “downstream industry chain” partner in Southeast Asia, applies core technologies like CMA and雷神 hybrid systems at scale. This not only steadily increases Proton’s sales but also greatly enhances Geely’s revenue quality in the Asia-Pacific region through technology licensing fees and parts procurement.

2

Moving beyond “labor-intensive work,” becoming a global market “strategist”

Geely’s globalization isn’t just about selling products worldwide; it’s embedded in a more subtle structural layout.

Some have called Geely’s Brazil strategy a farsighted “bottom-fishing” gamble. The details of its cooperation with Renault Brazil, revealed in the financial report, are even more astonishing than they appear: Geely not only acquired a 21.29% stake in Renault Brazil but also holds 48.59 billion warrants, meaning Geely has gained “low-cost control” options through technology output.

Geely isn’t rushing to profit from dividends but is instead enhancing asset value through technology transfer, aiming to acquire higher equity stakes at minimal cost in the future. Brazil is Latin America’s largest auto market. In 2025, Geely’s sales in Mexico surged 237.4% YoY, setting a record. The partnership with Renault effectively allows Geely to “borrow” into this high-potential market, avoiding heavy asset investment and circumventing local trade barriers.

Meanwhile, Geely is also collaborating with Renault and Saudi Aramco to develop Horse Powertrain. Amid industry-wide bets on pure electric vehicles, Geely chooses to integrate global fuel and hybrid power systems. This seemingly contrarian but strategically profound path recognizes that electrification is a trend but not the endgame. For a long time, internal combustion and hybrid vehicles will still be widespread, especially in developing countries. Geely’s early move to control the “heart” of global fuel vehicles is a masterstroke of strategic foresight.

Geely’s globalization has long moved beyond “vehicle exports” into a higher dimension of “controlling core technologies and licensing.”

In its 2025 financial report, Geely mentions that revenue from R&D, technical support, and intellectual property licensing has been consolidated and widely applied overseas. This indicates that “technology licensing” is becoming a new growth engine for Geely’s overseas profits. The global architectures like CMA and SEA are not only used internally but also licensed to Proton, Renault, and other partners, even providing technical support services abroad, forming a large-scale commercialized closed loop.

This model allows Geely to transition from a “car manufacturer” to a “global automotive technology platform licensor,” completely shedding reliance on “labor-intensive work.”

3

Geely’s overseas expansion as a global industry penetration

When the interconnected changes in global markets are viewed together, a clear conclusion emerges: Geely is no longer a traditional Chinese automaker.

In China, Geely took over a decade to evolve from a “challenger among private automakers” to a “systematic automotive group.” From acquiring Volvo and building global architectures like CMA/SEA, to successfully launching high-end brands like Zeekr and Lynk & Co, and fully positioning in smart and electric fields, Geely has not only maintained top-tier sales in China but also established rare systemic capabilities in technology platforms, brand premium, and industrial synergy.

Looking globally, Geely now forms a three-layered structure: leveraging local brands to capture regional benefits, exporting technology to generate capital returns, controlling core powertrain systems, and building long-term defensive capabilities through localization.

Guan Jaye, CEO of Geely Auto Group and Executive Director of Geely Holding, states that 2025 is the year to lay the foundation for Geely’s export expansion, and in 2026, the group will prioritize channeling all resources into international business. Geely insists on a comprehensive plan: products going out, supply chains going in, brands and technologies going out, to promote overseas growth. It will also tailor strategies to local market needs. By 2026, overseas sales are expected to reach 640,000 units.

It’s well known that Geely’s globalization is the earliest and most successful among Chinese independent brands. But in today’s focus on volume, many only see the leading figures behind the sales numbers, which is actually unscientific.

Chinese automakers’ global expansion is never just about “product exports.” It’s about comprehensive industry strength going abroad, replicating development models, and penetrating global standards. Geely’s practice proves that Chinese automakers can not only “make good cars” but also “lead the way,” achieving global profitability and driving China’s automotive supply chain, technology system, and service standards onto the world stage.

Some experts even believe that if Geely’s globalization cannot be regarded as a model, no Chinese automaker can truly be considered a “sample.” With the advancement of Geely’s 2030 strategy—aiming for annual sales over 6.5 million units, revenue exceeding 1 trillion yuan, ranking in the top five globally, with over one-third of sales overseas—Geely’s global layout will continue to deepen.