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Geely nears monthly sales record as exports remain strong

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Geely nears monthly sales record as exports remain strong

Geely Auto's (HKEX: 0175) October sales reached a new high for the year for the third consecutive month as exports remained strong. However, year-on-year growth slowed to 1% as its domestic sales decline deepened.

The Chinese automaker sold 310,183 vehicles in October, up 0.99% year-on-year and 6.17% from September, according to data released on Sunday.

That was its second-highest monthly total, just 245 vehicles short of the record 310,428 set last November. Year-on-year growth had exceeded 5% in each of the preceding 3 months, including 6.97% in September.

Geely exported 107,153 vehicles in October, up 157.78% year-on-year and 0.44% from September, though still below the record 110,094 set in August. Exports accounted for 35% of total sales, down from 37% in September.

The company's sales in China fell 23.55% year-on-year to 203,030 vehicles in October, widening from September's 20.21% decline. Still, domestic sales rose 9.46% from September to their highest monthly level since January.

Geely's new energy vehicle (NEV) sales rose 20.86% year-on-year and 12.64% month-on-month to 214,996 vehicles in October, exceeding 200,000 for the first time. NEVs accounted for a record 69% of total sales.

Battery electric vehicle (BEV) sales rose 43% year-on-year to 140,758 vehicles, while plug-in hybrid electric vehicle (PHEV) sales fell 6.66% to 74,238. PHEV sales had been largely flat year-on-year in September.

By brand, the core Geely brand, including Geely Galaxy, sold 255,742 vehicles in October, up 4.17% year-on-year and 8.15% from September.

56% month-on-month, exceeding 150,000 for the first time. 80%.



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