Geely Acquires Radar Automotive for 218 Million Yuan: What's the Strategy?

After the integration of Zeekr and Lynk & Co, Geely moves again to "absorb" its incubated brands.

Recently, Geely Automobile announced a fully funded acquisition of three core companies under Radar Automotive for approximately 218 million yuan — Radar Automotive (Shandong), Radar Automotive Sales, and Thailand distribution company Radar Thailand. Upon completion of the transaction, Radar Automotive will officially merge into Geely China Star, becoming a core force in Geely's layout for the new energy pickup market.

Why merge a niche pickup brand into "China Star", which focuses on family use? Why, amidst intensifying competition in the new energy pickup sector, does Geely choose full acquisition rather than continued "laissez-faire"? Behind the 218 million yuan deal lies the most thorough execution of Geely's "One Geely" strategy — also a microcosm of Chinese car companies shifting from making additions to making subtractions.

 

 

Looking back to July 2022, Radar Automotive debuted as an independently incubated new energy pickup brand by Geely Holding, developing in parallel with brands like Geely, Volvo, and Zeekr initially. The first model, the all-electric pickup RD6, launched in November of the same year. Leveraging its differentiated outdoor ecosystem positioning and passenger-car design, Radar quickly entered the blue ocean track of new energy pickups.

Data shows that in just three years, Radar has continuously held the No. 1 market share in domestic new energy pickups, with the all-electric pickup segment share reaching as high as 98% at one point. Full-year sales in 2025 reached approximately 13,000 units, making it the only new energy brand in China to break into the top five in overall pickup sales across all categories.

However, the other side of growth is financial growing pains. The three companies under Radar involved in this acquisition showed divergent performance last year: Radar Automotive (Shandong) turned from profit to loss, with a net loss of 8.646 million yuan; Radar Automotive Sales turned loss to profit, with profits reaching 12.325 million yuan; The overseas Thailand company's loss expanded further, with a net loss of 10.697 million yuan, and the overall situation remains in the investment phase.

However, why is a brand still in the "growth phase" worth a full acquisition by Geely at this time? Regarding this, the official explanation is very direct: First, to secure a position in the blue ocean market, Radar has already seized the initiative. Directly acquiring a mature leading brand is far more efficient and cost-effective than cultivating from scratch; Second, internal integration will release significant synergistic effects.

 

 

In fact, the greater motive behind this deal was already hidden in Geely's "Taizhou Declaration". In September 2024, Geely Holding proposed "Strategic Focus, Strategic Integration, Strategic Synergy, Strategic Prudence, Strategic Talent", clarifying business sectors to reduce conflicts of interest and repeated investment.

Since then, over a year, integration actions have been implemented densely: Galaxy merged with Geometry; Zeekr and Lynk & Co completed equity transfer, establishing Zeekr Technology Group, which was subsequently incorporated into Geely Automobile as a whole... This acquisition of Radar merging into China Star is also a key move under Geely's development logic.

But why merge a pickup brand into "China Star"? As everyone knows, as Geely's high-end CMA series, China Star has always positioned itself in the high-end home market since its launch in 2021, covering popular models such as Preface and Monjaro L. The addition of Radar will supplement China Star with the pickup and outdoor ecosystem product sectors, enabling it to form an all-category layout of "Sedan + SUV + Pickup". At the same time, both parties can achieve deep synergy in three-electric technology, intelligent hybridization, channel networks, etc., accelerating product iteration. From independent incubation to returning to the main brand, Radar's trajectory happens to step on every beat of Geely's integration big year.

 

 

However, merging Radar into China Star and upgrading its strategic status from "testing the waters" to core does not mean the road ahead is smooth.

First, the track is becoming increasingly crowded. Great Wall Pickup global sales in 2025 exceeded 181,600 units, firmly holding the leading position in the domestic pickup market. BYD Shark Pickup overseas cumulative sales have reached 46,000 units, rapidly opening the market in Southeast Asia and Australia with hybrid rugged product power, and plans to officially return to the domestic market by the end of 2026. Changan is accelerating its layout of passengerized new energy pickups, and Chery is also accelerating the layout of pure electric and plug-in hybrid product matrices in the pickup sector. The niche track built by Radar Automotive relying on first-mover advantage is being constantly coveted and challenged.

Secondly, domestic market growth is weak. In Q1 2026, domestic new energy pickup sales were only 18,000 units, with penetration rate less than 10%, and growth rate far lower than the overall pickup market. In April 2026, new energy pickup sales were 7,000 units, a year-on-year decrease of 11%; Cumulative sales from January to April were 26,000 units, a year-on-year decrease of 2%, showing a trend where new energy pickup growth at the beginning of the year was slightly weaker than the overall growth of fuel pickups.

 

 

In contrast, the proportion of pickup exports has risen from 45% in 2024 to 53% in April 2026. Exports are replacing domestic sales as the main growth engine for the pickup market. This means whoever can get a foothold first in the overseas market can take the initiative.

And this might also be Geely's strategic consideration when acquiring Radar, simultaneously securing Radar Thailand — Thailand is the world's second-largest pickup market, where Japanese pickups have long dominated, while electrification is precisely the breakthrough point for Chinese brands to pry open this traditional fortress. At the March 2026 Bangkok Motor Show, Radar achieved an order of 2,569 units, a year-on-year increase of 283%, which has cast a note of strength in the local new energy pickup market. With Geely's mature international distribution network, Radar is expected to further radiate to Southeast Asia and even global markets.

 

 

But integration is only the starting point, the market is the endgame. 218 million yuan, Geely "absorbing" is not just a pickup brand, but giving a clearer "One Geely".