Geely Auto reports a profit of 5.21 billion yuan in Q3 2026, with 92.9% coming from exports
Geely Auto released its third-quarter results on October 29, 2026: revenue of 99 billion yuan (14.8 billion USD) and a basic net profit of 5.21 billion yuan (777.6 million USD). Of this amount, 4.84 billion yuan, or 92.9%, came from exports. Sales in China, accounting for over 60% of total volume, contributed about 7% of the profit.
The net margin is around 5.3%. Geely sold 812,500 vehicles in the quarter, of which 323,700 were exported, representing approximately 39.8%.
Exports Drive Profits
Net profits from exports amounted to 4.84 billion yuan (722.4 million USD), according to CNstock. CarNewsChina calculated the proportions and found that selling cars in China is barely profitable these days. This is a simplified breakdown, but the trend is clear: price wars in the domestic market erode margins, so profits come from overseas sales.
Geely raised its annual export target from 640,000 to 920,000 units. After three quarters, the company had exported 343,700 vehicles. During the same period, exports of NEV vehicles alone are expected to reach 484,000 units, representing a year-on-year increase of 531%.
These figures don’t add up. NEV exports cannot exceed total exports, and 323,700 vehicles in just the third quarter barely fit within 343,700 vehicles over nine months. It appears there may be an error in one of the figures or a different calculation method. These numbers should be treated with caution until Geely provides an explanation.
BYD earns more, but margin is similar
On the same day, BYD released its financial results. Its revenue amounted to 221.49 billion yuan (33.1 billion USD), a 13.59% increase year-on-year. Net profit was 10.02 billion yuan (1.5 billion USD), up by 28.08%. The net margin was around 4.5%, similar to Geely’s figure.
BYD did not disclose how much profit comes from exports. However, the company considers foreign markets to be the main driver of growth. In September, it exported over 180,700 NEVs, about 153.6% more than the previous year.
CarNewsChina notes that Neta, Weltmeister, HiPhi, and Aiways have already left the Chinese market. In its view, this is still not enough for manufacturers to truly profit from sales within the country.
Source: CarNewsChina
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