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China Passenger Car Sales Slide for 11th Straight Month on Sluggish Demand
US Markets

China Passenger Car Sales Slide for 11th Straight Month on Sluggish Demand

Passenger car sales in China declined for the 11th consecutive month in August amid pressure from a cooling petroleum market and the rise of new energy vehicles.Retail sales of passenger cars fell 24% year over year to more than 1.5 million units, according to data released Tuesday by the China Passenger Car Association.The decline aligns with the CPCA's Aug. 21 forecast, which also pointed to a lack of significant improvement in consumer expectations and fundamentals.Domestic brand sales slid 19% year over year to 1.1 million units despite market share rising 4.1 percentage points to about 70%, while mainstream joint venture brand sales fell 35% to 310,000 units, and luxury car sales declined 26% to 150,000 units.New energy vehicle retail sales fell 10% to more than 1 million units during the month. However, wholesale figures rose 16% year over year, led by BYD (HKG:1211, SHE:002594) with 433,384 units, followed by Geely (HKG:0175), Chery Automobile (HKG:9973), Zhejiang Leapmotor (HKG:9863) and Tesla at fifth.Exports jumped 78% to 888,000 units, equivalent to 38% of passenger sales, while production slipped 4.5% to 2.3 million units.

Shanghai Composite^SZSEHKG:0175HKG:1211HKG:9863HKG:9973SHE:002594
Asia

Geely Automobile's Sales Rise 8% in August

Geely Automobile (HKG:0175) reported sales of 270,194 vehicles in August, up 8% from 250,167 units a year earlier.Of the total, Geely-branded sales rose 5% to 216,186 units, including 119,115 Galaxy units, which were up 8% from a year ago, according to a Tuesday Hong Kong bourse filing.ZEEKR deliveries soared 110% to 36,981 units, while Lynk & Co. sales slid 37% to 17,027 units.For the eight months ended August 31, total vehicle deliveries grew 2% to over 1.9 million vehicles.

HKG:0175
Asia

Volvo Cars to Close Stockholm Office in 2027

Volvo Cars, a unit of Zhejiang Geely Holding Group, will shutter its Stockholm office by March next year as part of efforts to simplify its corporate structure, according to a Monday news release.About 450 employees in Stockholm working in software development, AI and digital customer experience will gradually relocate to the company's headquarters in Gothenburg, Sweden, Volvo said.Zhejiang Geely also owns Geely Automobile (HKG:0175), making Volvo Cars and Geely Automobile sister companies.

HKG:0175
Tesla, Chinese Automakers Recall 4.3 Million EVs Over Concealed Door Handles
US Markets

Tesla, Chinese Automakers Recall 4.3 Million EVs Over Concealed Door Handles

Following a ban on concealed doors on electric vehicles in China enacted in February, Tesla and other Chinese EV makers filed recall notices with the State Administration for Market Regulation covering about 4.3 million cars.Tesla is leading the move with the recall of about 2.98 million vehicles, noting that it will provide over-the-air software updates to address the issue.Tesla's recall covers domestically produced Model 3 and Model Y units, along with imported Model S, Model X, and Model 3 vehicles. The emergency mechanical door handles are "difficult to identify and operate because their color is similar to the interior trim," and could "hinder occupants from quickly opening the doors to escape and impede rescue efforts by those outside the vehicle, posing a safety hazard," the SAMR said.The US-headquartered automaker said it will affix warning labels free of charge to vehicles within the recall scope.Xiaomi (HKG:1810) will recall 390,435 of its units, and Zhejiang Leapmotor Technology (HKG:9863) will recall 371,200. XPeng (HKG:9868) will fix 264,842 cars.Geely Automobile's (HKG: 0175) Zeekr will repair 92,658 units, while Chery Automobile (HKG: 9973) will fix 68,488. Dongfeng Motor (HKG: 0489) will recall 53,452, BAIC Motor (HKG: 1958) will see 46,850 units repaired, and FAW will recall 11,908 units.The ban, first announced in February and taking effect on Jan. 1, 2027, will require EV makers to equip mechanical release systems on car doors. Automakers with already-approved automatic concealed door models have two years to change their designs, the industry ministry said at the time.The safety rule was introduced following several crashes where power failures prevented rescuers from opening the automatic doors, Bloomberg reported.Among those crashes was a Xiaomi electric sedan, which caught fire in an early-morning crash in Chengdu, China, back in October 2025.This marks China's largest automotive recall to date, multiple media reports said.

Shanghai Composite^SZSEHKG:0175HKG:0489HKG:1810HKG:1958HKG:9863HKG:9868HKG:9973
Asia

Tesla Leads 4.3 Million Vehicle Recall in China Over Door Safety

Tesla and eight other Chinese automakers have filed a recall plan with China's State Administration for Market Regulation for about 4.3 million vehicles to address issues with door handles, according to notices filed on the watchdog's website Friday.Alongside Tesla, the sweeping recall includes domestic manufacturers Xiaomi (HKG:1810), Zhejiang Leapmotor Technology (HKG:9863), XPeng (HKG:9868), Geely Automobile (HKG:0175), Dongfeng Motor (HKG:0489), BAIC Motor (HKG:1958), Chery Automobile (HKG:9973) and FAW.Tesla leads the recalls with roughly 2.98 million vehicles involved, followed by Xiaomi with over 390,000 cars.Tesla's recall covers China-produced Model 3, Model X and Model S vehicles with emergency mechanical door handles that the company said are "difficult to identify and operate because their color is similar to the interior trim."The US-headquartered carmaker said it will affix warning labels free of charge to vehicles within the recall scope.This marks China's largest automotive recall to date, according to Reuters.

Shanghai CompositeHKG:0175HKG:0489HKG:1810HKG:1958HKG:9863HKG:9868HKG:9973
Asia

Jefferies Adjusts Geely Automobile Holdings' Price Target to HK$32.80 From HK$28, Keeps at Buy

Geely Automobile Holdings (HKG:0175) has an average rating of buy and mean price target of HK$29.19, according to analysts polled by FactSet.

HKG:0175
Asia

Geely Automobile Chairman Resigns, Successor Named

Geely Automobile (HKG:0175) said Li Shu Fu resigned as chairman and an executive director, effective Aug. 18, as part of the company's succession planning.Executive director An Cong Hui has been appointed chairman, effective the same date, according to a Monday Hong Kong bourse filing.Additionally, Li Dong Hui, Daniel resigned as vice chairman but will remain an executive director.The company named Gui Sheng Yue, previously CEO, as vice chairman. Gui will remain an executive director but step down as CEO, with Gan Jia Yue succeeding him as CEO.

HKG:0175
Geely's First-Half Profit Slips 2% Despite Record Overseas Growth
US Markets

Geely's First-Half Profit Slips 2% Despite Record Overseas Growth

Geely Automobile (HKG:0175) reported a 2% year-over-year decline in net profit for the first half of 2026, as tighter domestic competition and the expiration of electric vehicle subsidies pressured margins, even as a surge in international exports pushed total revenue to new highs.Profit attributable to owners slipped to 9.09 billion yuan from 9.26 billion yuan in the prior-year period, while earnings per share declined to 0.82 yuan from about 0.90 yuan a year earlier, according to a Monday filing with the Hong Kong bourse.However, revenue jumped 15% year over year to a record 173.6 billion yuan from 151.4 billion yuan.Geely's expansion to international markets helped it hedge against cooling demand at home, where sales volumes were impacted by the end of government EV purchase subsidies.Overall sales volume in the first half jumped 24% year over year to 1.7 million units, driven by a 158% surge in export sales volume to 474,228 units, surpassing the company's full-year 2025 overseas volume. The Zeekr brand was the group's primary growth engine, with sales volume jumping 99% and capturing the lead in Thailand's electric MPV segment.In contrast, domestic sales for its flagship Geely and Lynk & Co brands faced headwinds, falling 4% and 11%, respectively.Management noted that the Geely brand expanded its footprint in Europe, while the flagship Lynk & Co brand saw increased adoption across the Middle East and Vietnam.In June, Zeekr Vice President Mars Chen said the Middle East disruption helped bolster global demand for electric vehicles, lifting demand for Geely's cars by at least 10%.No dividends were announced for the first half.The carmaker's shares rose 3% during the afternoon trade in Hong Kong on Monday.

HKG:0175
Asia

Geely Automobile's Profit Falls 2% in H1

Geely Automobile (HKG:0175) posted an attributable net profit of 9.09 billion yuan for the first half of 2026, down 2% from 9.26 billion yuan a year earlier.Earnings per share stood at 0.8210 yuan, compared with 0.8998 yuan in the year-ago period, according to a Monday filing with the Hong Kong Exchange.Revenue increased 15% year over year to 173.6 billion yuan from 151.4 billion yuan.

HKG:0175
Treasury

Geely Automobile Sells 1.5 Billion Yuan Bonds

Geely Automobile (HKG:0175) issued 1.5 billion yuan of two-year bonds in China's Interbank Bond Market, according to a Thursday Hong Kong bourse filing.The bonds have an interest rate of 1.52% in the first year, following which it can be adjusted for the second year.The company intends to use proceeds to repay its existing debt.

HKG:0175
Asia

China-Made Passenger EV Sales Rise 23% in July, CPCA Says

Chinese electric passenger vehicle sales rose 23% year over year to about 1.5 million units in July as oil prices continue to rise due to the conflict in the Middle East, according to data from the China Passenger Car Association released Tuesday.BYD (HKG:1211, SHE:002594) logged the highest sales volume of 411,702 units during the month, followed by Geely Automobile (HKG:0175) at 158,145, and Chery Automobile (HKG:9973) at 122.082 units.Zhejiang Leapmotor (HKG:9863) logged sales of 101,267 units, while Tesla came in at fifth with 93,759 units.

Shanghai Composite^SZSEHKG:0175HKG:1211HKG:9863SHE:002594
International

Geely Automobile's Sales Rise 5% in July

Geely Automobile (HKG:0175) reported sales of 250,161 vehicles in July, up 5% from 237,717 units a year earlier.Of the total, Geely-branded sales rose 2% to 197,942 units, including 107,797 Galaxy units, which were up 13% from a year ago, according to a Monday Hong Kong bourse filing.ZEEKR deliveries soared 111% to 35,837 units, while Lynk & Co. sales slid 40% to 16,382 units.For the seven months ended July 31, total vehicle deliveries grew 2% to nearly 1.7 million vehicles.

HKG:0175
China's EV Manufacturers Report Strong July Sales, Led by Leapmotor's 102% Surge
US Markets

China's EV Manufacturers Report Strong July Sales, Led by Leapmotor's 102% Surge

Most Chinese electric-vehicle manufacturers reported higher deliveries in July versus a year earlier, led by Zhejiang Leapmotor Technology (HKG:9863), which saw its sales double from a year earlier.Stellantis-backed Leapmotor delivered 101,267 vehicles globally in July, up 102% year over year, exceeding the 100,000-unit mark in a single month for the first time.Deliveries in the first seven months of the year totaled 457,754 units, up 68.4% and achieving about 46% of its full-year target of 1 million.BYD (HKG:1211, SHE:002594) sold 419,211 new energy vehicles in July, up 21.8% from 344,296 a year earlier, according to a Hong Kong bourse filing on Sunday. The company exported 180,538 NEV units during the month.XPeng (HKG:9868) delivered 38,027 vehicles globally in July, up 4% year over year, the company said in a press release on Saturday. Cumulative deliveries surpassed 1.2 million units as of July 31.Li Auto (HKG:2015) sold 30,468 vehicles in July, with cumulative deliveries reaching 1.8 million as of July 31, the company said in a bourse filing on Sunday. While the company did not mention year-over-year growth, data from July 2025 shows that latest deliveries rose 0.86% from the 30,731 vehicles sold last year.NIO (HKG:9866, SGX:NIO) delivered 35,934 vehicles in July, up 71% from a year earlier. The sales consisted of 20,008 vehicles from its namesake NIO brand, 10,155 vehicles from its ONVO brand, and 5,771 units from its FIREFLY brand. Cumulative deliveries reached 1.2 million units.Geely Automobile (HKG:0175) sold 250,161 vehicles in July, up 5% from a year earlier. Exports surged 202% to 106,663 units from 35,272 units.The company's Zeekr brand saw sales jump 111% to 35,837 units from 16,977 units last year. Lynk & Co deliveries, however, plunged 40% to 16,382 units.However, overall NEV sales at home are expected to have fallen to 980,000 units in July from the previous month amid a seasonal slowdown, CnEVPost reported, citing data from the China Passenger Car Association.July is a traditionally slow season for auto sales in China as high temperatures and heavy rain and flooding in some regions affect showroom traffic and deliveries, according to CnEVPost.

HKG:0175HKG:1211HKG:2015HKG:9863HKG:9866HKG:9868SGX:NIOSHE:002594
Asia

Geely Automobile Unit to Buy 34% Interest in Ford Motor Subsidiary

Geely Automobile (HKG:0175) unit Centurion Industries agreed to acquire 34% equity interest in Ford España from Ford Nederland for 221 million euros.The parties, on the same day, entered into the JV agreement to govern the management and operation of the target company, which will be operated as a joint venture following purchase completion.The JV will be responsible for the contract manufacturing of passenger vehicles at Ford España's facilities in Valencia, Spain.The parties have committed to providing funding to the JV company based on their respective shareholding interests.Ford España is a unit of the Ford Motor and engages mainly in the manufacture and assembly of automobiles at its Spain facility.

HKG:0175
Asia

Market Chatter: Geely to Take Over Part of Ford's Spain Plant

China's Geely has agreed to take over part of a Ford Motor factory in Spain, where it plans to build vehicles on an idle assembly line, Bloomberg News reported Thursday, citing people familiar with the matter.Spanish Prime Minister Pedro Sánchez is expected to announce the agreement at Ford's Almussafes plant near Valencia later Thursday, the report said.The facility, which also produces the Ford Kuga crossover, has been operating at less than a quarter of its capacity of 450,000 vehicles per year, according to Bloomberg.Geely did not immediately respond to' request for a comment.Shares of Geely Automobile Holdings (HKG:0175), part of Geely Holding Group, rose 3% in Thursday trading.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Shanghai Composite^SZSEHKG:0175
Asia

Market Chatter: Mercedes-Benz Lobbies to Raise Chinese Ownership Cap in U.S. Senate Bill

Mercedes-Benz is lobbying to ease a proposed U.S. Senate bill that would ban vehicle sales in the U.S. by automakers with more than 15% Chinese ownership, Bloomberg News reported Tuesday.The German automaker is seeking to raise the ownership threshold to 25%, aligning it with the proposed limit for suppliers of connected vehicle parts and software, the report said.Chinese entities own about 20% of Mercedes-Benz, including nearly 10% held by BAIC Motor (HKG:1958) and 10% by Geely (HKG:0175) Chairman Li Shufu, according to the report.The bipartisan bill was introduced in April over national security concerns.Mercedes-Benz did not immediately respond to a request for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

HKG:0175HKG:1958
Asia

Geely's Volvo Returns to Profit in Q2; Revenue Slips

Volvo Cars returned to an attributable profit of 1.26 billion Swedish kronor in the second quarter from a loss of 7.51 billion kronor in the year-ago period, the Zhejiang Geely Holding Group-controlled carmaker said in a Friday press release.The recovery came despite a weaker market in China and the effects of tensions in the Middle East, Volvo said.The carmaker returned to earnings per share of 0.42 kronor from a loss per share of 2.53 kronor a year earlier.However, revenue slid to 77.7 billion kronor from 93.5 billion kronor a year earlier.Volvo reported operating income of 826 million kronor, swinging from an operating loss of 9.96 billion kronor in the second quarter of 2025.Geely Automobile Holdings (HKG:0175) is the listed arm of Zhejiang Geely Holding Group.

HKG:0175
Asia

Sales of Chinese NEVs Rise 22% in June, CPCA Says

Sales of Chinese new energy vehicles rose 22% year over year to more than 1.5 million units in June, according to preliminary figures from the China Passenger Car Association released Thursday.The increase was attributable to higher oil prices, improved supply conditions and stronger exports, the association said.BYD's (HKG:1211, SHE:002594) sales reached 397,292 units, topping the association's list.Geely's (HKG:0175) sales were at 158,849 during the period, while Chery Automobile's (HKG:9973) were at 106,900.Tesla's sales reached 89,091 units during the period.

Shanghai Composite^SZSEHKG:0175HKG:1211HKG:9973SHE:002594
BYD Leads China NEV Sales in June
US Markets

BYD Leads China NEV Sales in June

BYD (HKG:1211, SHE:002594) led June's new energy vehicle sales as demand for such vehicles continues to surge abroad, even as domestic expansion faces distinct retail headwinds.BYD recorded the highest number of sales among Chinese NEV makers, selling 403,472 units during the month, up 5.46% from a year earlier. The carmaker's momentum was buoyed by its overseas performance, where passenger exports nearly doubled year over year to a record 174,897 units, offsetting a cool domestic retail market.Meanwhile, Zhejiang Leapmotor Technology (HKG:9863) and Nio (HKG:9866, SGX:NIO) recorded significant increases in their global deliveries, jumping 95% and 62.9% year over year, respectively, to deliver 93,376 units and 40,597 units.Leapmotor's numbers were boosted by its extended-range hybrid lineup, while Nio's deliveries were split across its luxury brand and its emerging sub-brands.SAIC Motor (SHA:600104) maintained strong overall volume, with group-wide sales reaching 395,000 units in June, up 8.1% from the previous year. Sales were boosted by electrification across the company's portfolio. Monthly NEV-specific sales 66.6% year over year to hit 201,000 units.Meanwhile, Geely Automobile's (HKG:0175) NEV sales climbed 2% year on year to 240,799 units, while those of Chery Automobile (HKG:9973) rose 9.5% to 240,585 units.Meanwhile, XPeng (HKG:9868) sold 40,126 vehicles during the month, bringing deliveries in the second quarter to 103,295 units. The carmaker plans to launch and presale a new model, XPENG MONA L03, on Thursday.Li Auto (HKG:2015) delivered 30,895 NEVs in the same month, bringing 1.7 million units into sale as of the end of June. The automaker said it surpassed 150,000 units in cumulative production after introducing a new flagship SUV, Li L8, on June 23.The number in NEV exports rose, but analysts from S&P Global said it is not enough to lift the slumping domestic demand.On a June 15 note, the ratings firm predicted NEV domestic sales to drop by 7% year on year to 25.4 million units in June as demand slowed down due to a reduction in trade-in and NEV purchase tax incentives."While mainland China automakers have been praised for their speed to market and ability to rapidly update products and technology, this frenetic cycle has a downside," S&P Global said. "The pace of model updates from mainland OEMs is causing some consumers to delay purchases, waiting for better deals both technologically and financially."

HKG:0175HKG:1211HKG:2015HKG:9863HKG:9866HKG:9868HKG:9973SGX:NIOSHA:600104SHE:002594
Asia

Geely Automobile's Sales Rise 2% in June

Geely Automobile (HKG:0175) reported sales of 240,799 vehicles in June, up 2% from 236,036 units a year earlier.Of the total, Geely-branded sales slipped 3% to 186,564 units, including 108,206 Galaxy units, which were up 20% from a year ago, according to a Wednesday Hong Kong bourse filing.ZEEKR deliveries soared 111% to 35,169 units, while Lynk & Co. sales slid 28% to 19,066 units.For the six months ended June 30, sales grew 1% to over 1.4 million vehicles.

HKG:0175

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