Geely and Ford have established a joint venture to assemble multi-energy and electric vehicles at Ford's idle Almussafes factory in Valencia, Spain, with deliveries expected to start in 2028. Geely will hold 34% and Ford 66% of the venture, aiming to optimize factory utilization and secure employment.
Geely's ZXMOTO brand enters the World Superbike Championship (WSBK) in the WorldSSP category. This move aims to enhance Geely's global image and technological prowess, challenging European and Japanese dominance in the sport.
Geely Auto plans to restructure assets to eliminate excess capacity and enhance global competitiveness in its battle with BYD. The company aims to become a stronger, larger automaker with improved systemic development, governance, and international presence.
BYD, the Shenzhen-based EV maker, has seen a strong rebound in overseas deliveries, surging 76% year-on-year to nearly 300,000 units in April and May. This recovery, driven by rising oil prices due to the US-Israel war with Iran, has bolstered founder Wang Chuanfu's ambition to become the world's largest carmaker by 2030.
China's electric vehicle sales rebounded in May, driven by new models with advanced features and strong performance from brands like Zeekr and Leapmotor. Despite recovery, overcapacity remains a concern.
Geely reported a 27% YoY decline in Q1 2026 net profit to 4.17 billion yuan despite revenue hitting a record 83.8 billion yuan, up 15%. The automaker attributed the profit slump to foreign exchange losses while domestic sales struggle post purchase tax incentive phase-out. Sales volume grew only 1% to 700,940 units.
