Third-quarter reports from Geely and BYD show new-energy vehicle exports strongly lifting export business and becoming a fresh growth pole for the industry, Shanghai Securities News reported on October 30. On October 29, Geely Auto posted Q3 revenue of 99 billion yuan, up 10% year on year, with core net profit of 5.21 billion yuan, up 32%, both record highs for the period; nine-month revenue reached 272.6 billion yuan, up 13%, with core net profit up 41% to 14.9 billion yuan.
Geely's export business has entered a "systematic going-global" stage, with nine-month exports of 797,700 units, up 169%, and its full-year export target raised from 640,000 to 920,000 units. Its NEV exports reached 484,000 units in the first three quarters, up 531%, with September exports exceeding 73,000 units, up 403%. On the same day BYD reported Q3 revenue of 221.5 billion yuan, up 13.6%, and net profit of 10.02 billion yuan, up 28.1%; its September NEV exports surpassed 180,700 units, up about 153.6%, and its Szeged, Hungary plant entered mass production in October as BYD's first European passenger-vehicle base with initial capacity of 150,000 units.
The results illustrate how leading Chinese manufacturers are transitioning from "exporting from China" to "global manufacturing," with overseas sales becoming a core earnings driver.
Source: Shanghai Securities News
