Written by | AUTO Xinqiu

Author | AUTO Xinqiu Team

Just now, the new Onvo L60 was launched.

There are two things worth looking at together around this launch event. Counting back one day, NIO participated in the formulation of Singapore's battery swapping standards. On the day of the launch, an autonomous driving video of Onvo L60 crossing an extremely narrow karst cave was released to the outside world, causing quite a discussion on overseas social media.

But what truly made the industry notice this was the price. The Shenji NX9031 self-developed chip, full-domain 900V high-voltage platform, SkyOS Tianxu operating system — these three things appeared simultaneously on a car with a starting price of just over 200,000 (CNY). And these three technologies were positioned as flagship-level on previous NIO brand models.

This cannot be explained by a product iteration alone.

In the new energy vehicle industry these past two years, everyone is shouting "independent R&D". Battery, motor, and control system self-research, chip self-research, system self-research, intelligent driving self-research — this term has become somewhat inflated. But even with the same "self-research", some is a light asset approach of "defining specifications, outsourcing design", while others is a heavy asset route of "doing the entire process from architecture to tape-out themselves". The difference between the two is not visible in the short term, but vastly different in the long term.

The emergence of the new Onvo L60 basically brings this problem to the table: after the independent R&D system is truly proven, what exactly does it bring?

The True Divide of Independent R&D, Starting with a Chip

To figure out what makes NIO's independent R&D different from others, the best entry point is the intelligent driving chip.

Shenji NX9031, the team behind this project has over 600 people. Li Bin specifically emphasized one sentence at the media communication meeting: "It is a complete design capability from front-end to back-end." This is not said off the cuff.

There are two paths for making intelligent driving chips in the industry: one is to define parameters well, find a design company to do it for you, saving money and fast, but the disadvantage is subsequent iterations are constrained by others. The other is to build a team yourself, pressing the entire process from architecture design to back-end tape-out in your own hands, burning money, slow, but chips, algorithms, sensors, and operating systems can be coupled end-to-end.

This chip is not that chip. Just like building cars, outsourcing to an engineering design company and doing full-stack self-research yourself both result in something called "car", but the foundation is completely different.

Li Bin mentioned three specific comparison dimensions at the communication meeting.

The first is memory bandwidth, the Shenji NX9031's memory bandwidth is "basically 2 times that of industry peers" — this indicator determines how large a model can run on the car and how the inference speed is.

The second is multi-modal signal processing capability, also known as ISP. Li Bin mentioned that the good performance in crossing karst caves has something to do with this, because image processing capability is key in extremely dark environments.

The third is dual-chip millisecond-level hot switching. Li Bin said this is very important for L3, L4 level intelligent driving.

These three indicators alone are technical parameters, but together they point to the same thing: only when chips, algorithms, and operating systems are all your own does the initiative of product definition truly lie in your hands.Otherwise, you are just making choices on a supplier's quote sheet.

But the dividends of chip independent R&D extend beyond single-point indicators. Because the chip is your own, and sensor layout was planned uniformly in advance, like NIO decided on a hardware baseline of "7 8-megapixel cameras + 7 surround cameras" starting from the ET7 era, continuing all the way to Onvo L60, so the hardware architecture is naturally reusable.

Hardware reusability means data reusability; data reusability means toolchain reusability. Here, Li Bin revealed a detail: all intelligent driving versions of NIO's second-generation platform models can achieve "simultaneous release within a time window of no more than a few weeks plus or minus". Behind this rhythm, after the underlying architecture is unified, one set of code can cover multiple car models.

Assume there are 5 cars under the brand, if the intelligent driving software for each needs to be developed, tested, and iterated separately, maintenance costs are multiplicative. After the underlying architecture is unified, adding one more car to share R&D costs, the marginal cost is so low it can be ignored.

The new Onvo L60 can use flagship intelligent driving, not because NIO is generous, but because the cost structure changed itself after hardware unification.

The Moat of Independent R&D Has Already Been Dug Open

If the chip story explains what independent R&D can bring, then lightweighting and battery swapping explain that some things cannot be done at all without independent R&D.

Let's talk about lightweighting first.

Li Bin spent a large portion of the launch event speaking about lightweighting, which is uncommon in the industry. Lightweighting is a "invisible" indicator. Users do not pay for a low body-in-white lightweighting coefficient, and car companies usually do not take it as a selling point.

But Li Bin broke it down very finely.

The new Onvo L60 achieved a body-in-white lightweighting coefficient of 2.22. So, how was this done? There are four keys, mostly requiring independent R&D support.

The first is the battery. The battery is the heaviest component of the whole vehicle. If you focus on stacking range, stacking large-capacity LFP batteries, the weight goes up. Onvo's strategy is restrained: 85 kWh uses ternary lithium batteries, which is over 100 kg lighter than LFP of the same capacity. But ternary lithium is expensive. Li Bin's original words were: "This is a large sum of money."

The second is systemic reconstruction. Onvo L60's "smart fuse", which sounds like just changing a part, actually requires the entire vehicle's high-voltage and low-voltage architecture to be redesigned. Using traditional fuses, circuit design is standard parts; switching to smart fuses, everything from distribution logic to harness routing must be redone. Integrated design is the same, packing more functions into fewer modules, saving not just weight but also space and BOM costs. But each is an independent R&D project; without independent chassis and independent electronic/electrical architecture teams, you can't do it alone.

The third is full-domain 900V. Many people haven't noticed the contribution of high-voltage platforms to lightweighting — the higher the voltage, the smaller the current under the same power; the smaller the current, the thinner the harness; the thinner the harness, the lighter the whole vehicle. This loop sounds simple, but the threshold of 900V itself is extremely high. From power semiconductors to insulation design to thermal management, all are tough challenges.

Finally is engineering capability. A lightweighting coefficient of 2.22 tests the ability to "achieve the best structure with the least material while ensuring crash safety". Li Bin made an analogy: "Sometimes overusing materials yields no safety benefit, just like some houses look very thick walls, it does not mean they are structurally solid." This capability cannot rely on suppliers; it relies on the data, simulation, testing, and trial-and-error accumulated by the whole vehicle engineering team over the years.

After going through these four things, the lightweighting matter is clear: it is not a single-point technical indicator, but the comprehensive result of several independent R&D systems working collaboratively: chassis, core electric systems, electronic/electrical architecture, and engineering simulation.

Let's talk about battery swapping next.

On the same day the new Onvo L60 launched, NIO participated in the formulation of Singapore's battery swapping standards. Adding to this, over 60 battery swapping stations already operational in Europe, this model which was repeatedly questioned in the past is turning from a corporate choice into an industry option.

But the battery swapping matter is independent R&D from start to finish. Currently, among Onvo L60 users, the penetration rate of the battery leasing scheme is over 90%.

Obviously, once users accept "separation of vehicle and battery", the risks of battery life, anxiety about resale value, and concerns about charging convenience are all transferred to the operator, which is NIO itself.

And NIO dares to take this responsibility, there is only one reason: the battery swapping network is part of the entire independent R&D system. Battery charging/discharging strategies, life management algorithms, residual value assessment models are all run by their own team. If you outsource battery swapping to third-party operators, you simply dare not promise users "battery rental covers lifetime warranty" because you cannot control the real health status of the battery.

Chip independent R&D lets you modify, lightweighting lets you save, battery swapping lets you guarantee — these three things put together form a complete independent R&D puzzle. And the new Onvo L60 is the first time these three things are fulfilled simultaneously on a car in the 200,000 level.

The Most Difficult Path, Highest Barrier Instead

Speaking of here, there is an unavoidable question: Independent R&D is so money-burning, who is paying the bill?

In 2026, the supply chain pressure is quite real. Automotive-grade memory prices are rising sharply, and lithium prices are also rebounding. For one Onvo L60, just the cost end increased by over 10,000 yuan. If converted to the final selling price including taxes, the impact is about 15,000.

Here, Li Bin spoke a big truth: "Onvo L60 still has gross profit, but it's quite miserable."

But under this pressure, the Onvo L60 starting price was still placed just over 200,000. However, 90% of orders selected the high-spec version with Shenji chips and LiDAR. Average selling price for the whole brand in the first quarter was 240,000 — this is higher than many traditional luxury brands. From January to May, NIO overall growth was 68%, higher than internal targets.

Looking at these two sets of numbers together, the conclusion might be somewhat counter-intuitive — Independent R&D burns money, but Independent R&D is exactly the way to digest costs.

The logic here is not complex. The same technical system covers three brands: NIO, Onvo, Firefly; R&D expenses are spread across more cars; the same hardware architecture serves multiple models, and after procurement volume goes up, negotiation power also increases. After hardware unification, data reuse, and toolchain sharing are proven, for every additional car, marginal costs will drop significantly.

The new Onvo L60 presses flagship technology down to the 200,000 level, not because NIO is doing charity, but because this economic model is operating on its own.

But if you stretch the timeline, the real account of independent R&D is not calculated by quarter.

If you look at a quarter — others are competing in sales volume, he is repairing battery swapping stations. Others buy chips to compete in computing power, he builds a team from scratch for tape-out. Others stack big batteries to compete in range, he calculates lightweighting coefficients. Every move seen individually looks like engaging in an unprofessional business.

But looking at 3 to 5 years, you will find 3,900 battery swapping stations have been laid out, chips have run through end-to-end coupling, lightweighting coefficients reached 2.22 — these single points begin to link into a system.

Looking at ten years, you will find this company built a complete set of infrastructure on core electric systems, intelligent driving, energy replenishment, and electronic/electrical architecture that others cannot bypass. This is the core barrier brought by independent R&D, and also the key reason why consumers are increasingly paying for NIO.

Written at the End

Back to the new Onvo L60.

The significance of this car is not that it is 50,000-60,000 cheaper than Model Y, nor is it about using flagship chips and LiDAR, let alone how much it sold for.

Its significance lies in a 200,000 level car paired with a technical combination that only a full-stack independent R&D system can support. China's new energy vehicle independent R&D has entered the stage of "can it work well, is it worth the account" from the stage of "can it be made".

In the table of China's new energy vehicles, players willing to build infrastructure for ten years, trade time for space, trade deep plowing for barriers can be counted on one hand. The emergence of the new Onvo L60 is simply saying one thing: the investments that everyone thought were quite silly back then are now beginning to be redeemed line by line on reports, products, and industry standards.

The marathon is not yet finished. But those running ahead are always the ones who dug the deepest foundation before the starting line.

* All images in this article are from the internet

Focusing on intelligent cars, assisting key decisions.

Making a move exposes weakness; the US tries all tricks to ban China's new energy vehicles.

In this showdown of new energy vehicles, who is actually breaking down?

This is a war where there is no "neck" to choke, and even more so, an encirclement doomed to fail!

How strong is China's new energy vehicle industry? Strong enough to stun even the world's number one... Strong enough that the US has started using tactics to limit Chinese tech companies like Huawei to block China's new energy vehicles.

But the question is, if two very representative Chinese listed new energy vehicle companies are put on the Chinese Military Enterprise List (CMC List), can it stop China's new energy vehicles from going global?

AutosKline believes this is futile! From raw materials to finished vehicles, the entire industrial chain leaves the US with almost nowhere to choke.

01

On June 8, 2026 (US Eastern Time), the US Department of Defense issued "Notice on Designating Chinese Military Enterprises". According to this notice, the US Department of Defense has listed the two most representative listed new energy vehicle companies in China—BYD and NIO—on the Chinese Military Enterprise List.

So, are two listed Chinese auto companies actually that powerful? Worthy of the US military's attention.

Subsequently, BYD and NIO issued announcements successively, roughly stating they are not Chinese military enterprises, nor are they military-civil fusion enterprises of the Chinese defense industry, and believing there is no justifiable reason to list the companies in this list.

On the other hand, this Chinese Military Enterprise List from the US Department of Defense is not a sanctions list. Being listed will not affect the two companies' normal business operations, will not affect their business dealings with anyone (except the US Department of Defense); US government procurement restrictions related to the list will not affect business, and the Chinese Military Enterprise List does not restrict securities trading.

From the statements in BYD and NIO's announcements, it is easy to see that this US restriction and strike is fundamentally different from targeting Huawei. It is not a chokehold at the technical level, but rather building high walls at the market level.

Earlier, the US had already raised tariffs on China's new energy vehicles to over 100%...

02

In the past, the US suppressed our Huawei by conducting surgical-style precise strikes in the semiconductor field where Chinese technology was relatively weak and relied on external supply chains, but Huawei endured hardships and broke through the technological blockade.

China's new energy vehicle industry today, we have long mastered the entire industrial chain advantage from lithium mines, batteries, motors to complete vehicle manufacturing; the US essentially has no "neck" to choke.

In other words, the opponent is on the defensive, it is an offensive and defensive struggle after the shift in strength. Domestically, we have already turned the new energy vehicle industry into a trillion-level industry, and the market has already exceeded 10 million units in scale.

Therefore, this time the Chinese Military Enterprise List is more like a political gesture and trade barrier, only the means are somewhat lacking.

Its core purpose is nothing more than to restrict market access, directly ban their core defense procurement, and at the same time form a strong political signal to guide US allies and partner countries to exclude Chinese enterprises.

03

At the same time, AutosKline believes the US may also have the intention of curbing capital infusion, shaping the listed enterprises into investment targets "with risks", and increasing their financing costs globally.

BYD was once favored by US investors, while NIO was even the first New Force stock from China to list in the US. Both companies have a very strong demonstration effect in the electric vehicle field.

Even more ambitious is that the US attempts to define competitive rules, "generalizing security" in the new energy vehicle industry, attempting to shape China's industrial advantages in global public opinion as threats "controlled by the Chinese government, unsafe, and militarized", thereby gaining the right to define rules.

04

AutosKline believes the US's calculation is very loud, but the direct impact is limited. BYD and NIO have very little vehicle export to the US, this ban carries more symbolic significance than actual trade strikes.

However, there may be short-term pain at the capital level, which may trigger some passive foreign capital to sell off for risk avoidance, affecting stock prices in the short term. But the industry fundamentals are driven by technology and markets, and will be repaired in the long run.

On June 10, the reaction of the capital market was far more intense than the reaction of the enterprise's actual operations.

For NIO, the pain might be more obvious. Overall, NIO is still in the loss period, highly dependent on capital market financing to support R&D and battery swapping network construction; if financing costs rise and channels narrow, it will directly affect cash flow.

Conversely, for BYD, it is more like being bitten by a mosquito, its main business foundation is extremely deep, possessing strong free cash flow and vertical chain manufacturing capabilities; short-term fluctuations in the external capital market cannot hurt the bones and muscles.

For these two listed companies, although stock prices may fall excessively in the short term due to passive fund outflows and hedge fund short selling, as long as their cars are still selling hot, core indicators such as gross margin and cash flow remain strong, this fall will eventually attract value investors to buy the dip.

05

Global market differentiation risk may be the biggest threat facing China's new energy vehicle industry soon.

AutosKline believes that under US pressure, the global market may split into two. One is a trust market centered on the US, and the other is a value market centered on China. This may force companies to make an either-or choice.

This will further become a potential obstacle to the high-endization of Chinese cars, the path of entering European and American high-end markets and establishing luxury brand images will be more tortuous.

However, times have changed. Chinese cars going global is already a historical trend, unstoppable. Especially in the last two years, Chinese cars are shifting from product going global to in-depth industrial going global and ecological going global.

Such as BYD's factories in Hungary, Thailand, Brazil, are deeply bound with local interests, forming an irreversible cooperation pattern. Establishing deep cooperation joint ventures in target markets, creating local brands, becoming major local taxpayers and job creators.

Not only that, Chinese listed auto companies want to promote Chinese-led supercharging standards, battery swapping standards, and vehicle connectivity standards globally, enabling more national industrial chains to operate around Chinese standards, locking the pattern from the source.

Of course, since the other side may use resource cards, we must establish overwhelming advantages in upstream resource layout such as lithium, cobalt, nickel, and in battery recycling technologies. Let any attempt to build alternative industrial chains face cost gaps that are hard to cross.

In the rare earth field, we have already done this. Do not forget, Tesla is still in China.

Views of AutosKline:

The industrial advantage of China's new energy vehicles is systematic; it cannot be easily destroyed by a list. What really needs to be wary of is not that the US won't buy our cars, but that it is pulling allies to build a new rule set that excludes us.

The top priority is to use deeper globalization to dismantle the attempt to isolate us.

When Chinese technology, standards, factories, and interests are closely integrated with the global ecosystem, one-sided suppression is difficult to truly take effect.

Text is original content from AutosKline, content reference materials sourced from listed company announcements and industry public information (relevant companies and institutions should have the obligation to be responsible for truthfulness); some images are from the Internet, copyrighted by original owners.

Articles on this account, without authorization, cannot be reprinted, and violators will be pursued. At the same time, article content does not constitute investment advice for anyone! Stock market risk is high, investment must be cautious!

Owl Auto News (ID:owlauto) reported that recently, Geely Auto issued an announcement, stating an investment of approximately 218 million yuan to fully acquire Radar Auto (Shandong) Co., Ltd., Radar Auto Sales Co., Ltd., and the Thailand distribution company Radar Thailand. Among them, Zhejiang Jirun acquired 100% equity of Radar Auto (Shandong) for 159 million yuan, Geely Sales acquired all equity of Radar Auto Sales for 59 million yuan, and CIL and GAIL under Geely acquired all share capital of Radar Thailand totaling 490,000 yuan. After the transaction, the three companies officially became wholly-owned subsidiaries of Geely Auto, with financial performance merged into the listed company's reports, marking the formal transfer of Radar Auto from the Geely Holdings system to the unified control of the Geely Auto listed company.

It is reported that the three targets form the complete chain of the Radar brand from R&D and manufacturing to sales and distribution. Specifically, Radar Auto (Shandong) is the core operating entity of the brand, specializing in R&D and manufacturing of mid-to-high-end new energy pickups, with production bases located at Zibo Zichuan Smart Factory; Radar Auto Sales is responsible for domestic sales system operation and dealer layout; Radar Thailand was established in Thailand in July 2024, it is Radar's first independently operated overseas subsidiary, focusing on distribution in the Thai and Southeast Asian markets.

In terms of performance, the three companies showed significant divergence in 2025. Radar Auto (Shandong) turned from profit to loss, with a net loss of 8.646 million yuan, compared to a profit of 67.743 million yuan in the same period last year; Radar Auto Sales turned loss to profit, with net profit of 12.325 million yuan, compared to a loss of 118 million yuan in the same period last year; Radar Thailand expanded losses, with a net loss of 10.697 million yuan. Despite this, Radar Auto's full-year sales in 2025 still reached 13,040 units, achieving year-on-year growth, ranking high in market share in the domestic new energy pickup market. At the March 2026 Bangkok International Motor Show, Radar King Kong EV received 2,569 orders, a year-on-year increase of 283%.

For Geely, this integration is a key layout to cope with intense industry competition. Radar can share Geely's R&D system, Geely Thunder EM-P super electric hybrid technology, supply chain and manufacturing bases, effectively reducing costs; Geely can coordinate multi-brand planning, avoid internal competition, while integrating Radar's domestic and international full-channel resources, leveraging the opportunities in the new energy pickup sector, further perfecting its global new energy vehicle landscape. As for whether this acquisition will ultimately bring good results to Geely as expected, it will take time to give an answer.

Recently, the State Administration for Market Regulation released the first batch of National Quality Standard Laboratory Cultivation and Construction Lists. SAIC-GM-Wuling successfully selected, becoming the only automobile enterprise in this country approved to undertake this platform. This approval marks that SAIC-GM-Wuling's New Energy Vehicle Quality Technology System Construction has officially entered a new national development stage.

National Quality Standard Laboratory is a national-level core innovation platform established relying on the "Outline for Building a Strong Nation in Quality". It focuses on core work such as industrial quality standard basic research, high-end technology application, industry standard development and promotion, and professional talent cultivation and gathering. It is an important carrier for implementing the Quality Strong Nation strategy, empowering manufacturing quality improvement and upgrade, providing key support for domestic New Energy Vehicle industry to consolidate technical foundation and enhance industry discourse.

SAIC-GM-Wuling Laboratory possesses strong scientific research strength and complete innovation system. Team scale exceeds 4000 people, gathering large batches of Master's/Doctoral talents and foreign technical experts. Relying on Postdoctoral Workstations, National Enterprise Technology Centers, National Industrial Design Centers and other multiple national-level innovation carriers, it has constructed a multi-level, all-around scientific research pattern. Laboratory layouts 14 international first-class test sites, fully covering core fields such as Three-Electric Systems, Whole Vehicle Collision, NVH, EMC, Thermal Management, Intelligent Connectivity, Lightweight Materials, etc., capable of achieving full-chain, full-dimension test verification for New Energy Vehicle whole vehicles and components. Currently, Laboratory has won 275 CNAS recognized qualifications, containing 81 ECE international recognized items, testing verification results possess authoritative international credibility.

Relying on massive scenario data of 32 million users and million-level New Energy Vehicle big data center, Laboratory can precisely replicate user full-scenario real driving conditions. By connecting the full process of R&D testing, mass production landing, terminal use, realizing quality product pre-judgment and dynamic iterative upgrade, building test verification foundation for New Energy Vehicle electrification, intelligence core technology landing.

Long-term deep-diving into technical breakthroughs and quality polishing, Laboratory has produced multiple global first, internationally leading landmark achievements. Global first intelligent island manufacturing system landed and applied, helping enterprise selected in National First Batch "Leading-Level Intelligent Factory" Cultivation List; Model Huajing S successfully completed industry's first 80km/h high-speed side collision, 15-meter high slope drop limit safety test; Independently developed Shenlian Battery created 76.6 billion kilometers driving zero spontaneous combustion high-quality market record. In international standard output field, enterprise achieved breakthrough leap, Wuling Air EV safety design included in ASEAN official technical norms, self-developed DC charging standard passed Indonesia SNI certification, filled blank of Chinese auto enterprises in ASEAN industry standard formulation field, effectively breaking global automotive standard barriers long dominated by Europe, America, and Japan.

This national-level laboratory successful approval is the inevitable result of SAIC-GM-Wuling long-term adhering to Original R&D and deep-diving into quality infrastructure construction. This upgrade lets enterprise quality technology system fully benchmark national-level highest standards, complete critical transformation from "Precision Crafting Good Cars" to "Defining Industry Standards", achieving technology, standard, quality, safety full-spectrum autonomous control. In the future, Laboratory will integrate four core capabilities of technical breakthrough, standard guidance, test verification, industry empowerment, innovate quality management and service model, promote Chinese Auto Standards following industry chain going overseas, assisting "Belt and Road" quality standard interconnection. For consumers, this national-level platform will become top verification position for product quality, full series models from Three-Electric Safety, Body Structure to Intelligent Connectivity, Whole Vehicle Durability, all passed national-level rigorous standards layer by layer polishing, product safety and quality guarantee fully upgraded.

Standing on a brand new development stage, SAIC-GM-Wuling will take national-level laboratory construction as core strategic pivot, continuously deep-diving New Energy Vehicle quality innovation and technical breakthrough. Enterprise will fully promote Chinese New Energy Vehicle industry from scale leadership to standard leadership, with autonomous core technology and rigorous quality standards, providing safer, higher quality, more intelligent mobility solutions for global users.

On May 15, Geely Automobile (00175.HK) released an announcement on the Hong Kong Stock Exchange regarding an apparently modest sum, yet carrying extremely strong signaling significance.

The announcement shows that Geely Automobile will acquire 100% equity of Radar Automotive (Shandong) Co., Ltd., Radar Automotive Sales Co., Ltd., and its Thai subsidiary Radar Thailand for a cash consideration of approximately RMB 218 million.

After the transaction, this new energy pickup brand incubated by Geely Holding Group for three years will officially transition from a "group test bed" to a core business segment of the listed company Geely Automobile, and its financial performance will also be consolidated into the listed company's financial statements.

This is not a simple internal asset transfer, but a thoughtful strategic positioning and resource reallocation by Geely Automobile after the new energy vehicle competition has entered deep waters.

Underlying this reflection is the Chinese automotive industry's collective bet and fierce competition on the next potential niche market during the electrification transformation.

Transaction Breakdown: A Cost-effective "Internal Deal"

According to the announcement, this acquisition consists of three parts: Zhejiang Jirun Automobile Co., Ltd. invests RMB 159 million to acquire 100% equity of Radar Automotive (Shandong); Zhejiang Geely Holding Group Automotive Sales Co., Ltd. acquires all equity of Radar Automotive Sales Company for RMB 59 million; and two overseas entities under Geely acquire all shares of Thai subsidiary Radar Thailand for RMB 0.49 million. The total consideration is RMB 218 million, which is basically consistent with the fair value assessment of the three companies, with no obvious premium.

Radar Automotive (Shandong) is the core operating entity, controlling all core assets and value of pickup products, covering full industry chain management from R&D, manufacturing to sales. Radar Automotive Sales Company is responsible for domestic channel operations, while the Thai subsidiary established in July 2024 is a key pivot for going overseas to Southeast Asia.

From a financial data perspective, this transaction is a cost-performance choice for Geely Automobile. Radar Automotive (Shandong) achieved a profit of RMB 67.743 million in 2024, although it turned into a loss of RMB 8.646 million in 2025, but its sales company achieved turnaround to profit in the same year, earning RMB 12.325 million.

Geely used a cost of just over RMB 200 million to include a brand that has already established a leading position in the niche market, with annual sales over 10,000 units and complete assets and technology, under its wing. This calculation is shrewd.

Radar Automotive was born in 2021, released the brand in 2022 and launched its first pure electric pickup RD6, focusing on passengerized and electrified pickup tracks. In the past three years, it has existed as an independent incubation project under Geely Holding Group, maintaining a peer-to-peer relationship with listed company Geely Automobile. This structure was conducive to rapid decision-making and flexible trial-and-error in the initial stage, with the group bearing innovation risks.

However, when the Radar brand ran through the business model in three years, sales accounted for more than 60% of the country's total new energy pickup sales in 2023, its strategic value is no longer negligible. This "incorporation" marks that Geely Automobile officially elevated new energy pickups from an "marginal innovation project" to a "core strategic category".

Geely Automobile CEO Gui Shengyue once stated that Geely's new energy vehicle development should achieve balanced development in all fields, covering luxury, mid-to-high-end, mass market and all categories such as MPV, SUV, pickup, etc. Acquiring Radar is precisely filling the last piece of the puzzle for its key niche market that combines passenger, commercial, and off-road attributes in pickups.

Looking deeper, this is the accelerated implementation of Geely's "One Geely" strategy. In recent years, Geely has continued to streamline the number of brands and subsidiaries. This time injecting the matured Radar business into the listed entity aims to open up product planning, supply chain and channel resources, and improve overall operational efficiency. The holding group is responsible for early incubation and risk isolation. After the model is run through, it is handed over to the listed entity for scale operation, becoming a typical paradigm for Geely to seek balance between risk and efficiency.

Industry Tug-of-War: Has the "Turning Point" of New Energy Pickups Arrived?

Geely's heavy bet on new energy pickups at this time is by no means accidental. The entire market is welcoming the "eve" of structural changes.

In 2025, China's new energy pickup sales soared to 73,000 units, a year-on-year surge of 243%, with growth speed far exceeding the overall level of 11.8% of the pickup market. Although its penetration rate in the entire pickup market is still only about 9.15%, the growth momentum is extremely rapid.

Currently, the new energy pickup market has formed the prototype of "one superpower and multiple strong forces". Geely Radar, relying on first-mover advantage and "pure electric + plug-in hybrid" dual-line layout, steadily sits in the top spot, with full-year insured vehicle volume reaching 13,040 units in 2025.

However, challengers are flocking in. BYD "Shark" pickup is about to land in the domestic market; Chery restarts the Rexis brand and launches pure electric pickup R08 EV; Changan enters with the extended-range technology route and launches the Hunter series; JAC, Great Wall and other traditional pickup heavyweights are also increasing investments in hybrid and pure electric products.

Another battle around pure electric, plug-in hybrid, extended-range technology routes, as well as price range and scenario definition has already begun.

Going overseas is the bigger chessboard. At the 2025 Shanghai Auto Show, GAC Group Chairman Feng Xingya also told the media: "If we want to enter the global market, we must take over the pickup market." According to his estimate, if removing China's car sales, the proportion of global pickup sales to global car sales is about 10%.

China's pickup export volume has reached 300,000 units in 2025, accounting for more than 50% of the total pickup sales. In traditional pickup strongholds such as North America, Australia, and Southeast Asia, electrification transformation is also gaining momentum.

Radar enters Southeast Asia with Thailand as a stepping stone, but fighting alone has high costs and slow network building. After being incorporated by Geely Automobile, Radar can seamlessly access Geely's mature global distribution system and expand quickly to more markets.

Geely Australia executives have revealed that they are developing a new rugged new energy pickup more tailored to the Australian market demand, planned to be listed within the next 1-3 years, directly benchmarking Ford Ranger and Toyota Hilux. This indicates that Geely's ambition is by no means just reigning in the domestic market, but intends to get a share of the pie in the new energy transformation of the global pickup market.

After the sedan and SUV markets are rolled into a "red ocean", pickup - this once niche market, is becoming a key battlefield for car companies to seek growth breakout and explore new paths for going overseas.

This acquisition is a brilliant move on Geely's chessboard, and also a microcosm of the competition dimension of China's new energy vehicle industry being widened again. When pickups meet new energy, the story has just begun.

In May, China's automotive market overall presented a gentle recovery trend, with domestic brands still being the sales backbone of the market. Recently, BYD, Geely, Chery, Changan, and Great Wall, the top 5 domestic automakers, successively released their monthly performance reports. From the data, these five companies show a general characteristic of "stable total growth, divergence between domestic and international markets, and accelerated new energy penetration". Overseas exports and new energy vehicles have become the most core growth engines; export business has evolved from a "bonus item" to the "core foundation" for some companies. BYD's "dominant leader" status is further consolidated, Chery achieved high growth via exports, Geely's new energy penetration rate broke 56%, Changan focused steadily on balanced development, while Great Wall appeared slightly under pressure during structural transformation.

BYD: Export Hits New High Becomes Biggest Highlight

In May, BYD stood firmly at the top of domestic brands with a monthly sales volume of 383,500 vehicles, maintaining positive growth both year-on-year and month-over-month under a large base. Its two main brands, Dynasty and Ocean, sold a combined 330,200 vehicles, contributing 86.1% of total sales; Fangchengbao's monthly sales broke 30,000 units to reach 30,200, a year-on-year increase of 139.7%, setting a new high for the year; Denza sold 16,300 vehicles, and Yangwang delivered 286 vehicles. From a model perspective, BYD had eight models in May with monthly sales exceeding 20,000 vehicles. The Song Family and Yuan Family both broke 50,000 units, selling 51,370 and 56,691 vehicles respectively. The Sea Lion Family followed closely with 42,615 vehicles, and Seagull sales were also close to 40,000 vehicles.

BYD's biggest highlight in May was exports. Overseas new energy vehicle sales reached 160,600 units, an 80.4% year-on-year increase, accounting for about 42%. The sharp expansion of export scale effectively countered the phased weakness in domestic demand. Cumulative exports from January to May exceeded 620,000 vehicles. High export growth mainly benefited from continued ramping up of overseas factory capacity, improved ocean shipping capacity, and accelerated channel network expansion. In the domestic market, BYD promoted Megawatt Super Charging and intelligent strategies simultaneously—Megawatt charging achieved about 90% charge in 9 minutes; 20,000 super charging stations are planned to be built by 2026; all series models are available with Sky Eye B intelligent driving solutions and city navigation safety fallback plans, accelerating the popularization of high-level intelligent driving. As Gen 2 Blade Battery capacity gradually releases, the company's orders are expected to continue rising.

Chery: Sales Growth Leads the Top 5

Chery Group's total sales volume in May was 247,800 vehicles, a significant year-on-year increase of 20.5%, ranking first in growth speed among the top 5. Exports remained its most core growth engine—May exports reached 181,900 vehicles, an 80.5% year-on-year increase, accounting for 73.4% of total sales that month, continuously breaking the single-month export record for Chinese brands for three months. In terms of new energy, Chery New Energy sold 100,300 vehicles, a 58.8% year-on-year increase. April and May consecutively saw monthly new energy sales breaking 100,000 vehicles.

The strong performance in exports benefited from Chery's long-term deep cultivation of overseas channel advantages and localized operation capabilities. While overseas orders continued to rise, high export growth formed a sharp contrast with domestic sales—Chery's domestic sales in May were only 60,000 vehicles, accounting for one-quarter of total sales. From cumulative data, Chery Group accumulated 1.101 million sales from January to May, but against the annual goal of 3.2 million vehicles, monthly averages need to reach about 420,000 vehicles later, and pressure remains significant.

Geely: New Energy Penetration Rate Breaks 56%

Geely Auto's total sales volume in May was 237,600 vehicles, a 1% year-on-year increase, achieving month-over-month double growth for three consecutive months. In terms of structure, Geely's "New Four Transformations" transformation showed significant results: new energy vehicle sales reached 133,400 units, accounting for 56% of total sales, with new energy share exceeding 50% for four consecutive months.

From sub-brands, performance was significantly divergent. Zeekr brand sales in May reached 34,400 vehicles, a 82% year-on-year increase; Zeekr 9 Series and 8 Series models combined sales approached 50% of total sales, showing bright performance in the high-end market; Galaxy brand sales were 81,700 vehicles; Geely brand sales were 182,500 vehicles, among which China Star Series sales reached 100,800 vehicles; Lynk & Co brand sales were 20,700 vehicles, with new energy vehicle sales share rising to 71%.

In terms of exports, Geely's overseas vehicle exports in May reached 85,100 vehicles, a explosive 184% year-on-year increase, setting a brand single-month export record high. Among exported products, new energy vehicles reached 40,800 units, accounting for nearly half; hybrid and pure electric products have successively landed in Southeast Asia, Middle East, Latin America, and other markets, highlighting the results of global strategy implementation.

Changan: Multi-brand Matrix Balanced Effort

Changan Auto's delivery volume in May was 209,100 vehicles, among which new energy deliveries were 92,400 vehicles, a 5.8% year-on-year increase, with new energy share about 44%. In terms of exports, overseas deliveries reached 70,700 vehicles, a 38% year-on-year increase, becoming another major growth highlight for Changan in May.

In the sub-brand matrix, Changan Qiyuan delivered 34,500 vehicles in May; All-New Q05 delivered 15,800 units, with orders breaking 3,000 units within three days of listing in Thailand; Deepal sales in May were 33,200 vehicles, a 30% year-on-year increase; January to May overseas cumulative sales were 28,700 vehicles, a significant 167% year-on-year increase; Avatr delivered 7,336 vehicles in May; Changan Auto (Gravity) delivered nearly 49,000 vehicles in May.

Changan Auto's balanced layout was fully reflected in May: the fuel car base remained stable, new energy brands Deepal and Qiyuan accelerated volume growth, high-end brand Avatr continued to break through in technical cooperation, and overseas markets simultaneously achieved breakthrough growth. The pattern of five brands working together, driven by both new energy and exports, is initially taking shape.

Great Wall: Overseas Sales Growth Year-on-Year 46.75%

Great Wall Motor's sales in May were 100,400 vehicles, slightly down compared to last May's 102,200 vehicles, making it the only company among the top 5 to show a year-on-year negative growth. From sub-brands, Haval brand sales in May were 55,500 vehicles, remaining Great Wall's most important sales pillar; Tank brand sales were 17,100 vehicles; both Haval and Tank brand sales showed year-on-year declines; Wey brand sold 8,119 vehicles, a 31.78% year-on-year increase, achieving growth against the trend; Ora brand performance was most stunning, with sales of 6,018 vehicles, a significant 206.88% year-on-year increase. In terms of new energy, Great Wall sold 30,400 new energy vehicles in May, with new energy vehicle transformation gradually accelerating.

The overseas market became Great Wall's biggest highlight in May, with overseas sales growing 46.75% year-on-year. Against the background of pressure on the domestic market, strong growth in overseas business effectively made up for the decline in the domestic market. Great Wall Motor's current core contradiction lies in: Haval and Tank, the two traditional main-selling brands, face weak growth, while Wey and Ora brands, although growing notably, have relatively small volume and are not yet enough to support overall growth. How to complete the "relay" between old and new brands is the key issue Great Wall must solve subsequently.

Final Thoughts

From May data, the growth pattern of the top 5 domestic brands has clearly diverged, but there are three common trends worth noting: First, exports have become a key engine for domestic brands to seek stability and growth. Second, new energy transformation is still accelerating, but paths differ among enterprises. Third, technological innovation continues to deepen brand moats. Looking ahead to the second half of the year, competition in the automotive industry will continue to upgrade around these three trends. Although everyone has a common direction, these three trends are all competing for the entire enterprise's industrial chain strength, and the strong will remain strong, which has almost become an inevitable outcome.

"The 100 Millionth" Journey Together, Gathering Strength to Move Upward. In May, SAIC Commercial Vehicle continued strong growth, with new energy and overseas sales lines hitting new highs again. Sales reached 27,509 units in the month, a 41% year-on-year increase. New energy vehicle sales reached 11,476 units, a 143% year-on-year increase. Overseas sales reached 12,392 units, a 56% year-on-year increase, achieving dual new highs! Multiple lines of new energy light commercial vehicles and light trucks performed strongly: The DNaka series sold 5,934 units, setting a new sales record, continuing to lead the light commercial vehicle market; Yuexing new energy transformation accelerated, with new energy sales accounting for up to 67%; Iveco new energy models frequently secured major industry orders, injecting strong momentum into high-quality growth in the second quarter. Coinciding with SAIC Group welcoming the global 100 millionth user delivery milestone, SAIC Commercial Vehicle used outstanding results to pay tribute to this highlight moment, demonstrating China's commercial vehicle leading strength.

[SAIC Commercial Vehicle Five Brands Relay Delivery, Celebrating the 100 Million User Moment]

[SAIC Commercial Vehicle May High Sales]

New Energy light vans continue to lead, solidifying China's No.1 light commercial vehicle brand status. Maxus light vans sold 11,865 units in May, a 56% YoY increase. DNaka series set new sales record, selling 5,934 units, a 197% YoY surge. "Industry's first super extended range large light commercial vehicle" — DNaka Super Extended Range continues to sell hot, becoming the preferred wealth-creation vehicle for city distribution and cross-city logistics users; DNaka V1, based on extreme electricity usage efficiency, won the Level 1 energy efficiency certification from China Quality Certification Center, entering the top tier of commercial vehicle energy efficiency. Iveco had a productive May with multiple models succeeding; Juxing EV completed the delivery to the 100,000,013th user of SAIC Group, assisting the green transformation of Henan Laojun Mountain tourism passenger transport; Additionally, Iveco Deyi and Juxing two main models consecutively secured major orders in police and medical fields, making new breakthroughs in the special purpose vehicle market.

[Maxus DNaka V1]

Pickup trucks continue to climb steadily, new energy share in light trucks reaches 67%. Maxus Pickup continued the momentum of "China's No.1 High-end Pickup Export", sold 7,223 units in May, a 58% YoY increase. The industry-first 7-day free trial policy continues to be implemented, lowering user purchase decision threshold with immersive deep experience; "Interstellar Project" Medog station lands steadily, using hardcore pickup capacity to clear the channel for mountain agricultural products, practicing the mission of rural revitalization. Yuexing sold 4,287 units in May, a 41% YoY increase, among which new energy model sales share reached as high as 67%! Sales increased 99% YoY. Yuexing completed DNaka T1 delivery to SAIC Group's 100,000,012th user Didi Earth; In 2025, nearly 10,000 DNaka T1s have been delivered to it, effectively unblocking the "capillaries" of urban-rural logistics. Overseas continues to expand, Yuexing also reached cooperation with Vietnam's well-known commercial vehicle enterprise, layouting Southeast Asia electric light truck market. Channel and ecosystem layout continues to deepen, Yuexing's first national ecosystem operation center also officially opened in Henan, perfecting one-stop service system.

[Yuexing DNaka T1]

Heavy trucks, buses new energy tracks grow synergistically, New Power Technology creates monthly record high. Hongyan delivered i Jieshi dump trucks in Taiyuan, Shanxi, welcomed Group's 100,000,011th user, relying on military heritage and strong performance to handle complex mountain working conditions, deeply safeguarding infrastructure powerhouse construction, promoting heavy truck industry to move comprehensively to green and low-carbon new development stage; Sunwin delivered 10-series low-floor pure electric city bus to Group's 100,000,010th user Jiading Public Transport, empowering urban public transport smart upgrade with zero carbon travel. Parts sector New Power Technology May engine sales reached 21,888 units, YoY growth 56.6%, creating highest monthly sales in 80 years, achieving continuous 5-month double-digit growth.

[Hongyan i Jieshi Dump Truck]

[Sunwin Series 10 Low-Floor Pure Electric City Bus]

[SAIC Commercial Vehicle May Sales Lines Through the Breakthrough]

Global layout deepening, major orders and reputation dual harvest. May SAIC Commercial Vehicle overseas market reported good news again, sales 12,392 units, YoY surge 56%. In Singapore, Maxus delivered eDeliver 5 (Domestic DNaka V1) to international logistics giant DHL, welcomed Group's 100,000,009th user. This is also another milestone moment since they joined hands in 2017. Overseas market volume and quality rise together, second half of 2026 Australia and Chile will launch Maxus T70 (Domestic brand new Interstellar L) first, pre-listing orders already exceeded 800 units. SAIC Commercial Vehicle built integrated global development system, from single product going overseas to system, ecosystem, globalization new development stage.

[Maxus Delivered eDeliver 5 (Domestic DNaka V1) to International Logistics Giant DHL]

From sales steady growth to new energy full acceleration, from global major orders frequently appearing to 100 million unit milestone crown, SAIC Commercial Vehicle with five brands synergy force, entire industry chain deep layout, continued to lead China commercial vehicle industry. Future, SAIC Commercial Vehicle will continue anchor global commercial vehicle leading brand vision, deepen new energy transformation and global layout, with product innovation, ecosystem co-construction, global operation as core engine, continuously improve brand competitiveness and market influence, with better product quality, more perfect service, lead global commercial vehicle industry to green, intelligent, high-quality development new stage.

As China's new energy vehicle exports have ranked first globally for three consecutive years, JMC New Energy has achieved accelerated growth in overseas markets relying on a clear strategic path and solid execution capabilities. Currently, the company's business has expanded to over 40 countries and regions, covering five continents: Europe, Africa, the Middle East, Southeast Asia, and South America. Export business has maintained positive growth for three consecutive years. The global layout is steadily moving from the "Product Going Global" phase to a new stage of "Value Deepening".

Reconstruct Strategic System, Solidify Global Competition Foundation

The foundation of "Value Deepening" lies in systemic reconstruction on the strategy. JMC New Energy deeply recognizes that true globalization is far from simple product output, but the deep rooting of the value system. During the "15th Five-Year Plan" period, the enterprise will focus on three major tracks: "Refining Small Cars, Strengthening Mobility Cars, Optimizing Autonomous Cars", building six major strategic pillars: "Technology Leadership, Model Innovation, Low-Carbon Empowerment, Full-Chain Strict Control, Digital Intelligence Drive, Talent Accumulation", comprehensively solidifying the development foundation.

At the technical level, JMC New Energy relies on mature core three-electric technologies, combined with intelligent connectivity and lightweight body dual empowerment, inheriting JMC Group's "Safe and Reliable, Economical and Durable" quality genes, creating core advantages such as extreme low energy consumption and full-domain safety protection. Yichi 05 meets high-standard collision requirements, won EU WVTA certification certificates, and passed localization regulation certifications in countries such as Australia, Thailand, UAE, etc., crossing the world's strictest technical thresholds with reliable quality.

From Technical Certification to Ecological Co-Construction, Globalization Path Clearly Accelerated

Technical capability is the "entry ticket" to participate in global competition, but true globalization tests the upgrade of the model. To this end, JMC New Energy focuses on promoting product localization, manufacturing localization, and team localization, building a full-chain globalization system of "R&D - Production - Marketing - Service", joining hands with global partners to co-build energy ecosystems, mobility ecosystems, and intelligent ecosystems, realizing the transformation from single product trade to co-creation and win-win.

Latest data shows that JMC New Energy's overseas market has expanded to over 40 countries and regions, with business footprint covering five continents: Europe, Africa, the Middle East, Southeast Asia, and South America. Export business has achieved positive growth for three consecutive years, increasing 70% year-on-year in 2023, 25% year-on-year in 2024, and 203% year-on-year in 2025, showing an accelerated growth trend.

Behind this achievement is a clear globalization promotion path. From the first car landing in Singapore opening the door to the South Asian market, to the sequential listing in Mauritius, Sri Lanka, Nepal, and Pakistan, deeply cultivating the Indian Ocean and Southeast Asian core markets; from the first appearance at the Canton Fair to the official release of Yichi 05S, then to hundreds of Yichi 05S batches driving globally, JMC New Energy illuminates the global map with solid steps. In 2025, Yichi 06 appeared at the WNEVC World New Energy Vehicle Conference, centrally displaying the company's system solutions in the field of intelligent mobility. On May 26, 2026, the all-new Ezu EV3 was listed globally simultaneously, bringing new choices for a better mobility experience for global users.

Worth noting is that JMC New Energy is not "fighting alone" in the overseas market. The enterprise actively builds a deep cooperation network with local dealers and service providers, and has formed a relatively complete sales and after-sales service system in regions such as Southeast Asia, the Middle East, and Africa, truly realizing the leap from "Selling Cars" to "Rooting".

Looking forward, JMC New Energy will continue to steadily promote the globalization strategy with technology as the cornerstone, model as the driver, and cooperation as the bridge. The greatest path is the simplest, practical work is key. Ezu Automobiles is writing a new chapter of Chinese new energy vehicles going global with practical actions.

According to statistics from the China Association of Automobile Manufacturers, China's new energy vehicle exports in 2025 reached 2.615 million units, a year-on-year increase of 103.7%, ranking first globally for three consecutive years. Relying on first-mover advantages, China's new energy vehicles have moved from the industry's fringe to the center stage. Against this backdrop, JMC New Energy anchored on the "15th Five-Year Plan" strategic blueprint, took "Independence + Co-creation" as the core, took technological innovation as wings, actively promoted globalization strategy, and formally entered the new stage of "Value Deepening".

Three Major Tracks + Six Major Pillars, JMC New Energy Builds Globalization Competition Barriers

The foundation of "Value Deepening" lies in systematic reconstruction on strategy. JMC New Energy deeply recognizes that true globalization is not simply exporting products, but deep rooting of value systems. During the "15th Five-Year Plan" period, the enterprise will focus on three major tracks of "Refining Small Cars, Strengthening Mobility Cars, Optimizing Autonomous Vehicles", and build six strategic pillars of "Technology Leadership, Model Innovation, Low-carbon Empowerment, Full-chain Strict Control, Digital Intelligence Drive, Talent Accumulation", comprehensively consolidating the foundation of development.

At the technical level, JMC New Energy relies on mature core three-electric technologies, matched with dual empowerment of intelligent connectivity and lightweight body, inheriting JMC Group's "Safe & Reliable, Economical & Durable" quality genes, creating core advantages such as extreme low energy consumption and full-domain safety protection. Yichi 05 meets high standards for collision requirements, won the EU WVTA certification certificate, and passed localized regulation certifications in countries such as Australia, Thailand, UAE, crossing the most stringent technical thresholds globally with reliable quality.

Model Elevation, Moving from Product Going Overseas to Local Ecosystem Symbiosis

Technical capability is the "ticket" to participate in global competition, but true globalization tests the elevation of models. To this end, JMC New Energy focuses on promoting product localization, manufacturing localization, and team localization, building a "R&D - Production - Marketing - Service" full-chain globalization system, joining hands with global partners to jointly build energy ecosystems, mobility ecosystems, and intelligent ecosystems, achieving the transformation from single product trade to co-creation and win-win.

Latest data shows that JMC New Energy's overseas markets have expanded to over 40 countries and regions, with business footprints covering five continents: Europe, Africa, Middle East, Southeast Asia, South America. Export business achieved positive growth for three consecutive years, with a year-on-year increase of 70% in 2023, 25% in 2024, and 203% in 2025, showing an accelerated leap pattern.

Behind this achievement is a clear path of globalization advancement. From the first vehicle landing in Singapore opening the door to the South Asian market, to Mauritius, Sri Lanka, Nepal, Pakistan launching successively, deeply cultivating Indian Ocean and Southeast Asian core markets; From the debut at the Canton Fair to the official launch of Yichi 05S, to hundreds of Yichi 05S vehicles driving globally in batches, JMC New Energy lights up the global map with solid steps. In 2025, Yichi 06 appeared at the WNEVC World New Energy Vehicle Conference, concentrating on demonstrating the enterprise's system solutions in the field of intelligent mobility. On May 26, 2026, the all-new Eto EV3 was launched globally simultaneously, bringing new choices for beautiful mobility to global users.

Worth noting is that JMC New Energy is not "going it alone" in overseas markets. The enterprise actively builds deep cooperation networks with local dealers and service providers, and in Southeast Asia, Middle East, Africa and other regions, a relatively complete sales and after-sales service system has been formed, truly achieving the leap from "selling cars" to "taking root".

Born global, harmonious symbiosis. In the future, JMC New Energy will continue to deepen localized ecosystem construction, promote comprehensive rooting of technology, manufacturing, and teams, jointly build mobility, energy, and intelligent ecosystems with global partners, and truly achieve the leap from "selling cars" to "symbiosis".

Recently, XCMG signed a procurement agreement for 300 new energy commercial vehicles with OCR, a leading distributor in Thailand, in Bangkok. The first batch of 100 units has been delivered. Xia Yongyong, Deputy General Manager of XCMG Group, Party Secretary and General Manager of XCMG Automobile, attended the ceremony.

This strategic cooperation between XCMG and OCR is not limited to complete vehicle sales, but covers lifecycle value management including technical services, spare parts supply, and financial support. This means XCMG is simultaneously embedded in the local service network and parts guarantee system, helping users reduce operating costs and improve operational availability.

Deep Cultivation: Building Long-term Value with Full-cycle Service

In 2005, XCMG's first piece of equipment arrived at a Thai port, planting the seeds of cooperation with OCR Company.

In June 2025, Chairman Yang Dongsheng attended the 20th anniversary celebration of the cooperation between XCMG and OCR. Through the in-depth integration of "Product + Scenario", the two sides are jointly promoting the green transformation of the Thai construction machinery industry and building a new ecosystem for green and sustainable industrial development.

In Southeast Asia, XCMG has established a perfect service network and spare parts warehouse. It is this capability upgrade from "selling products" to "full lifecycle" that became the reason for OCR choosing to cooperate with XCMG to develop the transportation market.

Overcoming Challenges: Establishing a Firm Footing in the Southeast Asian Market with Technical Strength

Thailand is a logistics hub in Southeast Asia, currently ushering in an acceleration period for the green transformation of transportation. However, the local hot and humid climate characteristics, combined with diverse and complex working conditions such as trunk logistics, ore material transfer, and urban construction transportation, pose tests for new energy commercial vehicles far beyond general markets.

As a senior force in the local commercial vehicle sector in Thailand, OCR Company actively guides traditional fleets towards green transformation. XCMG Automobile is a leading enterprise in China's new energy commercial vehicles, with new energy heavy truck sales ranking first in the industry for three consecutive years. Relying on a mature localized service network and good user reputation, combined with the product's excellent safety, reliability, and economy, XCMG has truly won OCR's recognition.

Relying on XCMG's independently developed core battery, motor, and electronic control technologies, combined with overseas exclusive vehicle calibration and high quality control, XCMG's products maintained stability and economy in actual operations with high temperature, high humidity, and complex road conditions, gradually becoming a demonstration benchmark for local green transport capacity.

Currently, the demand for new energy commercial vehicles in Thailand is accelerating.

In the process of global transportation green and low-carbon transformation, XCMG new energy commercial vehicles have transformed from product providers to value creation builders. XCMG will take this cooperation as a fulcrum to replicate and promote the "Product + Scenario" integrated solution to more countries and regions.

Milestones Forge New Starting Points, Dual Brands Unite to Reach New Heights. In May, SAIC Group's cumulative production and sales exceeded 100 million, becoming China's first automobile group to enter the "100 Million Vehicle Club". As the core entity of SAIC Commercial Vehicles, SAIC Maxus sold 25,605 vehicles in total series, a year-on-year increase of 44%! Among them, overseas sales reached 12,392 vehicles, a year-on-year increase of 56%; SAIC Maxus New Energy vehicles sold 11,051 units, and "Dannai" sales reached 5,934 units, creating a new triple sales high! Yuejin New Energy accounted for over 67%, reaching a new high for the year; Domestic and overseas sales both exceeded 10,000 again, presenting hard-core results to celebrate the 100 million milestone and laying a solid foundation for high-quality development for the whole year.

[SAIC Commercial Vehicles Five Brands Relay Delivery, Celebrating the 100 Million User Moment Together]

[SAIC Maxus May Hot Sales]

Light Commercial Vehicles Doubled Year-on-Year, Dannai Reaches New High, "China's Top Light Commercial Vehicle Brand" Accelerates Leadership. In May, light van series sales reached 11,865 vehicles, up 56% year-on-year. The hit "Dannai" series, relying on "Big Battery + Small Extended Range" super extended range technology and full-scenario wealth creation capabilities, further consolidated its benchmark status in the new energy light van market, with this month's sales reaching a new high of 5,934 vehicles, a surge of 197% year-on-year. Dannai and New Tu series jointly cover user full-scenario wealth creation needs, "China's Top Light Commercial Vehicle Brand" accelerates leadership.

[Dannai Super Extended Range]

Pickup Steadily Climbs, Firmly Ranking First in Chinese High-End Pickup Exports. In May, pickup sales reached 7,223 vehicles, up 58% year-on-year. The domestic market continues to strengthen steadily, Maxus Pickup continues to cultivate high-end commercial, home leisure, off-road adventure, and other diverse scenarios. International competitiveness continues to lead, relying on the Star Stack Super Full-Stack Off-Road Platform technology strength, Maxus Pickup combines rugged performance with intelligent configuration, firmly ranking as China's Top High-End Pickup Export Brand, selling well in global mainstream markets.

[Brand New Interstellar L]

"Dark Horse" Yuejin New Energy Share Reaches 67%, Transformation Effect Leads the Industry. SAIC Maxus Yuejin light trucks are accelerating with new energy transformation, becoming a key growth pole in the 100 million user milestone. In May, Yuejin continued the strong momentum, achieving double growth in sales and new energy transformation — monthly sales reached 4,287 vehicles, up 41% year-on-year; among them, the sales share of new energy models reached 67%, a new high for the year, with sales volume surging 99% year-on-year! The transformation effect is significant, fully showing "Dark Horse" style. At the same time, channel and ecosystem layout continued to deepen: The national first ecosystem operation center Henan Zhian store grand opening, relying on Dannai T series new products, perfecting one-stop sales, service, and O&M system, precisely docking urban distribution logistics user needs.

[Yuejin Delivers Dannai T1 to SAIC Group Global 100,000,012th User "Didiron"]

Overseas Sales Reach New High, Globalization Map Continues to Expand. In May, SAIC Maxus overseas sales of 12,392 vehicles reached a new high, up 56% year-on-year, breaking the 10,000 vehicle threshold again. Southeast Asian market welcomed another key breakthrough: Stably ranked first in Singapore light commercial vehicle market share, and delivered eDeliver 5 (Domestic Dannai V1) to international logistics giant DHL, welcoming the Group's 100,000,009th user, nine years of cooperation footprint covering Europe, America, Asia, Oceania; At the same time, SAIC Maxus Yuejin brand reached cooperation with Vietnam's well-known commercial vehicle enterprise, empowering green logistics, accelerating China's intelligent manufacturing going global; T70 (Domestic Brand New Interstellar L) will land in Australia and Chile in the second half of the year, already secured over 800 intention orders before launch, highly sought after. Currently, SAIC Maxus products sell well in more than 100 countries and regions, light van and high-end pickup export volumes remain first in China, obtained global three five-star safety certifications, joined the preferred cooperation camp of global top enterprises, international influence continues to rise.

[eDeliver 5 (Domestic Dannai V1) Delivered to International Logistics Giant DHL]

Building Momentum for June: New Product Launch and 618 Promotion Relay, Continuously Lowering Car Purchase Threshold. Entering June, Maxus welcomes the all-new 2026 Model G50 launch, precisely entering family and commercial markets with "70,000 yuan-level super large super easy-to-use MPV", providing fuel and hybrid dual power. At the same time, Maxus 618 time-limited subsidy activity kicks off feverously: Dannai series time-limited rights price starting from 86,800 yuan, New Tu series time-limited fixed price starting from 86,800 yuan, pickup series launches 7-day free trial and trade-in subsidy up to 10,000 yuan, G50 elite version government-enterprise dual subsidy price starting from 80,800 yuan. Multiple benefits will further stimulate market heat, helping the brand continue the growth momentum.

[2026 Model Maxus G50]

Taking the group's production and sales exceeding 100 million as a new starting point, SAIC Maxus will anchor the vision of "Global Light Commercial Vehicle Leader", deepen dual brand synergy, accelerate new energy and globalization layout, persist in empowering global users with technology, products, and services, continuously leading the industry's high-quality development, and write a new chapter of globalization for China's intelligent manufacturing.

Connecting smart green transportation, enjoying a wonderful journey! On May 22, the ceremony for the batch delivery of Zhongtong New Energy Tourist Coaches to Macao China Travel Service Co., Ltd. under the Southlight Group (hereinafter referred to as "Southlight Macao Travel") was successfully held in Macao. Wang Zhijian, Party Secretary and Chairman of Shandong Heavy Industry Group, and Fu Jianguo, Chairman of Southlight Group, attended the event and cut the ribbon.

The delivery of this batch of range-extended new energy coaches is a landmark achievement of the deep collaboration between Zhongtong Bus and Macao's culture, tourism, and transportation sectors to jointly build a green and low-carbon Greater Bay Area. It is also a vivid practice of Zhongtong Bus using core technologies to create green application cases for the global high-end market and promoting the high-quality development of global green transportation.

Deeply Cultivating Core New Energy Technologies

Empowering Macao's Low-Carbon Transportation Development

As a high-end window for China's opening up and an important node city of the Greater Bay Area, Macao sets strict standards for the safety, stability, comfort, and regional environmental adaptability of passenger vehicles. It is a "high-end trial field" to test the smart manufacturing strength of new energy coaches.

Southlight Macao Travel is Macao's largest land passenger transport service provider. As a leading enterprise in Macao's tourism industry and a core operating entity for transportation, culture, and tourism, it has deeply cultivated Macao's entire industry chain of "eating, living, traveling, entertainment, sightseeing, and shopping". It is the backbone force of Macao's public transportation and cultural tourism passenger transport services.

To actively respond to the Macao Special Administrative Government's "Macau Long-term Decarbonization Strategy" and "Green Transition of Land Transportation" deployment, and implement the national "Dual Carbon" goals, in recent years, Southlight Macao Travel has comprehensively launched the new energy upgrade of its passenger fleet, accelerating the construction of a green, smart, and efficient modern passenger transport system. Zhongtong Bus has become its core partner for new energy development.

Zhongtong Bus has deepened its focus on new energy technology R&D and possesses the capability for full-series new energy coach product solutions, including pure electric, hybrid, and range-extended technologies. At the same time, with deep exploration of the global market, Zhongtong Bus has accumulated a massive amount of complex road conditions and multi-scenario operation data. Technology iterations continue to lead the industry.

Relying on hardcore technology and extreme adaptability, Zhongtong Bus's cooperation with Southlight Group covers cross-border, urban, and tourist passenger transport fields. The total cooperation scale reached 600 units, effectively boosting the quality improvement and upgrade of the local transportation industry.

Deeply Adapting to Macao Scenarios 

Customizing to Build Green Travel Benchmarks

Macao has a special regional environment, complex road conditions, congested traffic, and limited charging resources, facing challenges in new energy transition. Based on a deep understanding of Macao's local operation scenarios, Zhongtong Bus has tailored a range-extended product solution for the local area.

Zhongtong range-extended coaches combine the dual advantages of pure electric models (quiet and comfortable, zero idling pollution) and fuel vehicle models (worry-free range, convenient refueling/recharging), precisely solving Macao's pain points of insufficient charging infrastructure, limited long-distance range, and high operating costs.

At the same time, the vehicle has undergone comprehensive upgrades in comfort details and intelligent safety. High-end configurations such as ergonomic seats and healthy environmental interior decoration improve the quality standards of cultural tourism passenger transport. Deeply optimized vehicle passability and turning radius make the vehicle better adapt to Macao's street conditions, improving operational flexibility and safety. At the same time, the vehicle integrates intelligent systems such as collision warning, automatic emergency braking, tire pressure monitoring, and driving assistance, achieving a dual upgrade in safety and intelligence.

Relying on refined customization and all-dimensional comfort experiences, Zhongtong range-extended coaches have now become the main model for Macao tourism transfer and commuter services. Delivered in three batches to the Macao market, it has won high recognition from passengers and users.

Leading the Global Green Track 

Zhongtong Manufacturing Empowers Global High-Quality Development

Currently, the global carbon neutrality process is accelerating, and the green public transportation system is iterating and upgrading. New energy coaches have become a winning track for China's automotive industry development.

As a representative enterprise in China's coach industry, Zhongtong Bus closely follows the national "Going Global" strategy and the "Belt and Road" Initiative deployment. It takes new energy going overseas as a core development strategy, continuously increasing investment in overseas markets. Against diverse global market needs, it adheres to localization strategies, tailoring solutions for the market and enhancing product adaptability.

In Chile, over 1,000 Zhongtong pure electric coaches have become the backbone of local green public transportation; in Denmark, Zhongtong coaches on Bornholm Island have become a green landscape for the local area; in Dubai, Zhongtong Bus pioneered the entry of Chinese coach brands into the Dubai public transportation system; in Singapore, Zhongtong new energy coaches continue to provide innovative solutions for public transportation in Singapore's high-density cities...

Currently, more than 100,000 Zhongtong new energy coaches are roaming around the world. They not only bring green, intelligent, and efficient travel experiences to the world but also demonstrate the quality standards and innovative strength of Chinese manufacturing to the globe. With high-quality, highly intelligent, and low-energy-consumption green coach product solutions, they contribute Chinese wisdom and Chinese solutions to the development of global green transportation.

Milestones forge new starting points, dual brands unite to create new highs. In May, SAIC Group's cumulative production and sales exceeded 100 million units, making it the first automotive group in China to enter the "100 Million Vehicle Club." As the core entity of SAIC Commercial Vehicle, SAIC MAXUS series sold 25,605 units, a year-on-year increase of 44%! Among them, overseas sales reached 12,392 units, up 56% year-on-year. SAIC MAXUS new energy vehicle sales reached 11,051 units, "Dannar" sales reached 5,934 units, setting three new sales records! Yuejin new energy proportion exceeded 67%, setting a new high for the year; domestic and overseas sales both broke 10,000 again, honoring the 100-million milestone with hard-core results and laying a solid foundation for high-quality development throughout the year.

[SAIC Commercial Vehicle Five Brands Relay Delivery, Celebrating the 100 Million User Moment]

SAIC MAXUS May Hot Sales]

Light commercial vehicles doubled year-on-year, Dannar reached a new high again, "China's #1 Light Commercial Vehicle Brand" accelerates leading. In May, light commercial vehicle series sales reached 11,865 units, up 56% year-on-year. The hit "Dannar" series, relying on "Large Battery + Small Extended Range" super extended range technology and full-scenario wealth creation capability, further consolidated the benchmark status in the new energy light commercial vehicle market. Monthly sales hit a new high, reaching 5,934 units, surging 197% year-on-year. Dannar and New Tu series jointly cover users' full-scenario wealth creation needs, and the "China's #1 Light Commercial Vehicle Brand" accelerates leading.

[Dannar Super Extended Range]

Pickup trucks steady climb, firmly holds No. 1 position in China for High-end Pickup Exports. In May, pickup sales reached 7,223 units, up 58% year-on-year. Domestic market steadily strengthened, MAXUS pickup deepening cultivation in high-end commercial, home leisure, off-road exploration and other diverse scenarios. International competitiveness continues to lead, relying on Xingzhan Super All-Stack Off-road Platform technology strength, MAXUS pickup combines hardcore performance with intelligent configuration, firmly standing as China's #1 brand for high-end pickup exports, popular in mainstream global markets.

[New Interstellar L]

"Dark Horse" Yuejin new energy proportion reached 67%, transformation results lead the industry. SAIC MAXUS Yuejin light trucks are accelerating with new energy transformation, becoming a key growth pole in the 100-million user milestone. In May, Yuejin continued strong momentum, achieving double growth in sales and new energy transformation - single month sales 4,287 units, up 41% year-on-year; among them, new energy vehicle sales proportion reached 67%, setting a new high for the year, sales significantly climbed to 99% year-on-year! Transformation results are significant, showing "Dark Horse Posture". At the same time, channel and ecosystem layout continued to deepen: National first ecosystem operation center Henan Zhiaang store grand opening, relying on Dannar T series new products, perfecting one-stop sales, service, maintenance system, precisely docking urban distribution logistics user needs.

[Yuejin Delivery of Dannar T1 to SAIC Group's Global 100,000,012th User "DiShangTie"]

Overseas sales hit new record, global map continues to expand. In May, SAIC MAXUS overseas sales 12,392 units hit new record, up 56% year-on-year, breaking 10,000 unit threshold again. Southeast Asia market welcomed key breakthrough again: Firmly holding No. 1 market share in Singapore light commercial vehicle market, and delivering eDeliver 5 (Dannar V1 domestically) to international logistics giant DHL, welcoming Group's 100,000,009th user, nine years of cooperation footprints covering Europe, America, Asia, Oceania; At the same time, SAIC MAXUS Yuejin brand reached cooperation with Vietnam's well-known commercial vehicle enterprise, empowering green logistics, accelerating Chinese intelligent manufacturing going global; T70 (Domestic New Interstellar L) will land in Australia, Chile in the second half of the year, not yet launched but already won over 800 intention orders, highly sought after. Currently, SAIC MAXUS products are popular in over 100 countries and regions, light commercial vehicles and high-end pickup export volumes firmly hold No. 1 in China, won global Three Major Five-Star Safety Certifications, joined global top enterprise preferred cooperation camp, international influence continues to climb.

[eDeliver 5 (Dannar V1 Domestic) Delivery to International Logistics Giant DHL]

Accumulating strength for June: New product launch and 618 promotion relay, continuously lowering car purchase threshold. Entering June, MAXUS welcomes 2026 G50 refreshed launch, accurately cutting into family and commercial market with "70,000 level super large super useful MPV", providing fuel and hybrid dual power. At the same time, MAXUS 618 limited-time subsidy activity hotly started: Dannar series limited-time equity price 86,800 yuan starting, New Tu series limited-time one-price 86,800 yuan starting, Pickup series launched 7-day free trial and trade-in up to 10,000 yuan subsidy, G50 Elite version government and enterprise dual subsidy price 80,800 yuan starting. Multiple benefits will further stimulate market enthusiasm, helping brand continue growth momentum.

[2026 MAXUS G50]

With the group's production and sales breaking 100 million as a new starting point, SAIC MAXUS will anchor "Global Light Commercial Vehicle Leader" vision, deepen dual-brand synergy, accelerate new energy and global layout, persist in empowering global users with technology, products and services, continuously leading industry high-quality development, writing a new chapter of Chinese intelligent manufacturing globalization.

SAIC MAXUS Motor Co., Ltd.

SAIC MAXUS Motor Co., Ltd. (abbreviated as "SAIC MAXUS") is the core entity of SAIC Group's light commercial vehicle sector, with MAXUS and Yuejin two light commercial vehicle brands. Two brands with Iveco, SAIC Hongyan (Heavy Truck), Shanghai Sunwin (Bus), New Power Technology jointly compose the complete brand system of SAIC Commercial Vehicle.

As the core brand of SAIC MAXUS, MAXUS takes "Creating user enterprise with leading technology and full ecosystem chain" as mission, persist in making a brand with temperature, providing users with high-quality products and full ecosystem services, continuously leading new energy commercial vehicles to enter user value era.

Based in China, layout global, MAXUS builds "Global MAXUS, Quality MAXUS, Technology MAXUS, Ecosystem MAXUS" four core strengths - Products popular in 100+ countries and regions, becoming "Global MAXUS" recognized by international market; Relying on Davos Industry 4.0 "World Lighthouse Factory" and Three Major Five-Star Safety Certifications and other strict global standards to create "Quality MAXUS"; With "Super All-Stack Off-road Platform" Xingzhan Platform, "Super Commercial Vehicle Electric Architecture" Hongtu Architecture and other self-developed technology base becoming "Technology MAXUS"; Through Lingju Ecosystem, Interstellar Plan and other ecosystems building "Ecosystem MAXUS". MAXUS formed complete system ability from product manufacturing to technology empowerment, from ecosystem construction to global expansion, helping brand move towards "Global Light Commercial Vehicle Leader" vision.

SAIC MAXUS WeChat Official Account: SAIC MAXUS Weibo Official Account:

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When it comes to domestic car brands, many people's impression may still be stuck at the stage of mainstream family cars. However, this is already old news from a few years ago. You should know that current domestic car brands not only beat joint venture brands in the domestic market, but have also surpassed foreign car brands on multiple tracks such as high-end development and overseas exports. Take the Geely Automobile we are talking about today for example.

Growth Momentum Leads the Industry

According to the latest data released by the official, Geely Automobile's cumulative sales in May reached 237,637 vehicles. It achieved double growth year-on-year and month-on-month for three consecutive months, leading the overall market with stable growth and impressive results. However, compared to this already excellent total performance, many industry insiders, after seeing the sales results of each brand under Geely Automobile, will be amazed that its quality is also getting higher.

As is well known, there are two hardest markets in the automotive industry: the luxury high-end market and the overseas export market.

Taking Geely Automobile as an example, its "Global Luxury Technology Brand" — Zeekr Automobile, reached deliveries of 34,377 vehicles in May, an 81.8% increase year-on-year and an 8.1% increase month-on-month, achieving double growth for four consecutive months. The average transaction price per vehicle also increased by 52.4% year-on-year. What is even more shocking is that the sales share of Zeekr 9 Series and 8 Series, which are priced as high as 400,000 to 500,000, accounts for nearly 50%!

Not only that, Geely Automobile's "Global New Energy High-End Brand" — Lynk & Co, also achieved May sales of 20,732 vehicles, with new energy vehicle sales accounting for 70.8%, and the brand's cumulative sales have broken 1.8 million. This shows that Geely Automobile's high-end models have not only won the recognition of a large number of consumers with excellent product power, but have also completed the transformation of volume and price rising together at the brand level.

Of course, as the undisputed leading automotive enterprise in China, Geely Automobile's focus is no longer limited to the domestic market. It chose to go global to challenge the more difficult overseas market. This is not the case, May's overseas export achievement of 85,144 vehicles set a new record for export sales. It is worth mentioning that the hot-selling products of Geely Automobile brands overseas are also mostly high-end or new energy vehicles.

For example, Zeekr has entered more than 50 countries and regions, and the cumulative global delivery volume of Zeekr 7X has exceeded 160,000 vehicles; Geely Galaxy Starship 7 EM-i remained the champion of new energy plug-in hybrid SUV sales in Kazakhstan for March and April; Geely Galaxy E5 remained the champion of pure electric SUV-C market sales in Australia, Argentina, UAE, Morocco, and Uruguay for the first quarter, and stayed in the top three in Brazil, Uzbekistan, and Indonesia new energy pure electric SUV-C models!

Hardcore Strength Creates Brilliance

Obviously, whether it is the rapid sales growth trend, or the hot sales in new energy, high-end market and overseas market, it is inseparable from hard strength as support. Taking Lynk & Co Automobile as the first car racing brand in China for example, top technology shouldn't just stay on the marketing level, but must be proven on the track. Therefore, it recently announced carrying 03+ TCR Racer, 03++ Racer, and 03 CUP EVO three racing cars to participate in TCR China, CTCC China Cup, and Lynk & Co Cup three major events simultaneously.

With hardcore strength, Lynk & Co naturally fears no high-difficulty tests. In the two-round finals of TCR China, the 03+ TCR Racer achieved the results of 4 championships, 1 runner-up, and 2 third-place finishes with its hardcore performance strength; in the CTCC China Cup, the Lynk & Co Zongheng Racing Team even achieved the results of 2 championships, 2 runner-ups, and 1 third-place finish. At the same time, in the 2026 Season FIA TCR World Tour opener, the Starri TCR Racer of Geely China Star Racing Team (Geely Cyan Racing) also won the race in the final and brought back the historical first win. This not only means that Starri TCR has world-class competitiveness, but also marks that Geely China Star Racing Team has officially completed the first chapter of the Geely Automobile Sports New Era.

At the same time, in technical levels such as intelligence and safety, the Haohan inherited Geely and Volvo safety heritage, assisted driving mileage grew by 215% in one year, leading the entire industry with the fastest growth rate. In the recent Euro NCAP official test, Geely Galaxy Starship 7 EM-i (Geely STARRAY EM-i) successfully completed the exceeding standard bilateral serial limit crash test at the France UTAC Laboratory. This not only intuitively confirms Geely's leading vehicle safety technology and mature systematic safety strength, but also lays a solid foundation for Chinese automotive safety technology to go international and participate in global industry standards!

Daxia Car Talk: I believe many people, after seeing Geely Automobile's sales data, will have the praise "It's too comprehensive" in mind. After all, car enterprises that can achieve impressive results in new energy, high-end, overseas exports, and even on the track at the same time, let alone in the independent domestic brand circle, you can't even find a few car enterprises in the global automotive industry that can achieve these things simultaneously!

Let's look at a situation first: In 2025, the single best-selling car model in China was neither the Model Y nor the BYD Qin, but an A0-class pure EV small car with a starting price of under 70,000 yuan — the Geely Xingyuan. With 465,775 units sold annually, it was the best seller across all categories. Including fuel vehicles, SUVs, and MPVs, it ranked first. Equivalent to selling one unit per minute. Cumulative deliveries of 700,000 units were achieved in 573 days, making it the fastest model in the industry to reach this goal.

In Q1 2026, the car went a step further, breaking into the top 3 in global new energy vehicle sales, surpassed only by the Model Y and Model 3, and was the only Chinese brand model to enter this list.

On May 28, it added more. The all-new Geely Xingyuan went on sale, launching four models: 410 km Aspiration Edition, 410 km Riding Wind Edition, 480 km Exploration Edition, 480 km Exploration Plus Edition. Limited-time rights price from 61,800 to 91,800 yuan, launching the banner of "Five Champion Strength Upgrades".

Question arises: Why make such a big overhaul and upgrade for a competitor who has already taken the domestic sales crown? I believe there is only one answer — Geely's ambition is no longer domestic number one, but global new energy vehicle sales number one.

I. From "Domestic Sales Crown" to "Global Top 3", What Makes Xingyuan Qualify?

To understand "why Geely dares to think of global number one", first look at the old model Xingyuan's report card:

In terms of data, from its launch in October 2024 to the new generation upgrade in May 2026, cumulative deliveries reached 700,000 units in 573 days. In 2025, it took the annual best seller across all categories with 465,800 units. Total sales of A0-class pure EV sedans for the year were 1.323 million units, and the Xingyuan accounted for more than 35% of it. For every 3 A0-class EVs sold, one is the Xingyuan.

In terms of overseas, the Xingyuan has entered more than 30 countries and regions under the name EX2. In Brazil, sales broke through 2,300 units in two months after launch. In the Thailand Auto Show, weekly orders reached 3,300 units. It also won two international awards: "Brazilian Best Compact EV of the Year" and "Indonesia Auto Show Favorite EV". In Egypt, one out of every 3 EVs sold is the Xingyuan; pre-sale orders in Mexico exceeded 4,100; monthly registrations in the UK broke 1,000.

In terms of product capability, the old Xingyuan breaking out relied not on a single leading parameter, but on a set of "differentiated competition": Standard rear-drive and multi-link independent suspension across all series. The first to adopt a native architecture in the class, the first to standardize rear-drive independent suspension, the first to undergo global tuning. Wheelbase of 2,650 mm, crossing into the A-class space threshold. All series equipped with CATL cells, laying the trust foundation for range and battery safety.

Behind this combination strategy is a "Three-Pronged Attack" — using A0-class prices, near A-class space, and chassis quality common in 150,000-yuan class cars, competing upwards for family users and downwards for essential commuting groups. The killing power is visible from the sales trend: Monthly sales of the Xingyuan in May 2025 approached 39,000 units, expanded to 46,000 units in August, and in April 2026 it remained at the top with 41,938 units, with a significant gap remaining with competitors.

II. What Did the New Xingyuan Add?

1. Driving Control Upgrade: This time, full-dimensional verification was conducted for different extreme road conditions, comprehensively upgrading the three core experiences of "Driving, Steering, Braking". With the G-TCS 2.0 all-weather anti-slip system retaining rear-drive flexible fun, ensuring no slipping, no skidding, and no rollback on flat roads, slopes, and curves. The new brushless steering system responds twice as fast, supports three steering modes and self-learning at steering neutral position. The G-CST 2.0 all-scenario comfort braking system simulates experienced driver's foot feel, braking without nodding, driving without motion sickness.

2. Powertrain Upgrade: Old model 310 km version upgraded to 410 km, 410 km version upgraded to 480 km, all series range upgraded. Batteries still use CATL exclusive custom new generation cells, energy density 190 Wh/kg. It is the only A0-class EV small car in the class with all series standard CATL cells, liquid cooling temperature control, and 11-in-1 highly integrated electric drive. In terms of refueling, 30%-80% fast charging only takes 19 minutes. Liquid cooling system and new BMS ensure full-speed charging whether cold or hot, without sacrificing battery life.

3. AI Smart Cockpit Upgrade: Equipped with Galaxy Flyme Auto 2 smart cockpit system, based on 7-nanometer automotive grade Dragon Eagle 1 chip, 16GB RAM plus 128GB storage. 14.6-inch central control screen supports CarPlay, Huawei HiCar, Carlink full-domain connectivity. Voice Assistant Hi Eva supports fuzzy command understanding and context memory. Saying "I want to go home" automatically calls the latest Amap Version 850 to select the optimal route.

4. ADAS Upgrade: This is the most core change — equipped with the Qianli Haohan ADAS H3 solution, same source as high-end models. Highway/Roadside NOA is not restricted by roads and rain/fog weather, supports voice lane change, multi-scenario avoidance and automatic on/off ramp. Full-scenario MPI takeover rate exceeds 200 km. Parking can achieve full-scenario adaptation. APA parking assist supports one-touch parking, fingertip parking, remote control parking, covering more than 300 scenarios. HPA memory parking supports 2 km ultra-long memory, centimeter-level precision positioning. Learning a route once allows full automatic parking, with smart car following, auto spot finding, obstacle avoidance functions. Temporary route change requires no relearning.

III. Market Comparison

In 2026, the A0-class pure EV market competition intensity is more than one level higher than in the previous two years:

In terms of product capability, A0-class pure EVs have entered the "whether good" stage from "whether available". Xingyuan's advantage is that chassis quality and space performance are at the top level in the class. 2,650 mm wheelbase brought class-upgrade space, rear-drive independent suspension chassis layout. This is an extremely scarce combination in this price segment. Qianli Haohan H3 ADAS solution and Flyme Auto 2 cockpit system belong to Geely ecosystem capability downward release. The integrity and usability of intelligence have obvious generational gap advantages in the class. 19-minute fast charging brings substantive improvement to charging convenience.

In terms of market landscape, A0-class car retail volume reached 1.13 million units in 2025, up 59% year-on-year, one of the fastest-growing niche markets. Participants accelerated entry, Wuling Bingo S range pulled to 525 km, MG4 pricing dropped forming cross-boundary competition. But the turning point appeared in 2026 — purchase tax subsidy adjusted from full exemption to half collection, forming direct impact on the A0-class user group with extremely high price sensitivity. Small EV market growth slowed significantly in the first quarter. Some competitor models in April sales dropped more than 50% year-on-year. The market is undergoing drastic structural adjustment.

IV. Conclusion

Back to the question at the beginning: Is the all-new Geely Xingyuan enhancement aiming to seize the top spot in global new energy vehicle sales? My judgment is: Yes, but the path is not through a single hit product, but through global system capability. And this upgrade of the new Xingyuan can be called "Champion's Re-layout". It is not passive response, but adding more to actively open up a new gap before the opponent catches up. For it, the technical route has been chosen correctly, and market trends are also on its side. What remains to be seen is execution.

The Chinese automotive industry is at a critical stage of new energy transition and global layout.

In this macro context, as a leading commercial vehicle enterprise, SAIC Commercial Vehicle's latest market performance has become an important indicator for observing commercial vehicle market trends.

Data shows that in May this year, SAIC Commercial Vehicle sales reached 27,509 units, a 41% year-on-year increase. Among them, new energy model sales were 11,476 units, a 143% year-on-year increase; overseas market sales were 12,392 units, a 56% year-on-year increase.

The dual-line growth of new energy and export businesses has become the core engine for SAIC Commercial Vehicle's performance growth in May.

Looking specifically at segmented models, all brands under SAIC Commercial Vehicle show growth trends to varying degrees.

Maxus light commercial vehicle sales in May were 11,865 units, a 56% year-on-year increase; among them, Dama series sales were 5,934 units, a 197% year-on-year increase. The Iveco brand obtained some police and medical orders in the specialized vehicle market.

In the pickup segment, Maxus pickup sales in May were 7,223 units, a 58% year-on-year increase. The light truck brand Forthing sales in May were 4,287 units, a 41% year-on-year increase, with new energy model sales accounting for 67%.

Additionally, heavy truck brand Hongyan and bus brand Shenhuo completed specific vehicle deliveries for Taiyuan, Shanxi and Jiading buses respectively in May. The new power technology segment engine sales in May were 21,888 units, a 56.6% year-on-year increase.

Regarding the overseas market, SAIC Commercial Vehicle export sales reached 12,392 units in May. In the Singapore market, SAIC Maxus delivered eDeliver 5 models to logistics company DHL.

It is reported that in the second half of 2026, the Australian and Chilean markets plan to introduce the Maxus T70 model, and currently the model has a certain number of pre-orders in the above regions.

It is worth noting that SAIC Motor recently completed the delivery milestone of global cumulative production and sales of 100 million units. As one of the group's business segments, SAIC Commercial Vehicle's May sales data and progress in new energy and overseas markets are part of this overall scale.

Currently, the improvement of new energy penetration rates and localization of overseas markets have become the main focus areas for commercial vehicle enterprises.

SAIC Commercial Vehicle currently holds a leading position in the market share of domestic light commercial vehicles, new energy light commercial vehicles, and commercial vehicle exports.

Looking ahead, as demand for green transport capacity and intelligence increases in the global commercial vehicle market, whether SAIC Commercial Vehicle can continue to maintain the current growth rate and further solidify its position in the international supply chain remains to be seen.

Recently, the State Administration for Market Regulation officially announced the list of the first batch of National Quality Standard Laboratory cultivation construction projects. The "National New Energy Vehicle Quality Standard Laboratory" declared by SAIC-GM-Wuling Motor Co., Ltd. successfully entered the list, becoming the only state-quality standard laboratory approved for construction declared by an automaker. This marks that the enterprise has entered a new national stage in the construction of the new energy vehicle quality technology system.

The National Quality Standard Laboratory is a national-level technical innovation platform established according to the "Outline for Building a Quality Powerhouse". It mainly undertakes tasks such as basic research and application of major industry quality standards, development and promotion of high-level quality standards, and cultivation and gathering of quality standard talents. It has important strategic significance for promoting the construction of a Quality Powerhouse.

[SAIC-GM-Wuling "National New Energy Vehicle Quality Standard Laboratory" Successfully Selected]

The "National New Energy Vehicle Quality Standard Laboratory" approved for SAIC-GM-Wuling gathers over 4,000 R&D personnel, including PhDs, Master's holders, and foreign experts. It features multiple national-level innovation platforms such as a Postdoctoral Research Station, National Enterprise Technology Center, and National Industrial Design Center. It possesses 14 laboratories of international first-class standards, covering full-chain verification capabilities in Three-Electric Systems, Crash, NVH, EMC, Thermal Management, Intelligent Connected Networks, and Lightweight Materials. It has received 275 CNAS accreditations (including 81 international ECE accreditations) and possesses full-link testing capabilities from whole vehicles to components.

Relying on scenario data from 32 million base users and a big data center for million-vehicle level new energy vehicles, the laboratory can replicate users' real usage conditions, achieving full-chain quality prediction and closed-loop iteration from R&D testing to user usage. It fully supports the experimental verification of new energy vehicle electrification and intelligence technologies.

[Vehicle Test Site]

[Crash Laboratory]

[Three-Electric System Laboratory]

Currently, the laboratory has formed a batch of world-first, internationally leading, and industry-advanced landmark achievements. These include the world-first Intelligent Island Manufacturing System, which was selected for the country's first batch of "Pioneer-level Smart Factory" cultivation list; the Hongjing S passed the industry's first 80km/h side collision 15m high slope drop challenge; the Shenlian battery achieved a 76.6 billion km zero spontaneous combustion record. In addition, Wuling Air EV safety design was incorporated into ASEAN official technical specifications, and the DC charging standard obtained Indonesian SNI certification, achieving a "zero breakthrough" for Chinese vehicle enterprises in the ASEAN standard-setting field, successfully breaking the barriers of US, European, and Japanese standards.

[Hongjing S Passes Industry's First 80km/h Side Collision 15m High Slope Drop Challenge]

This selection in the first batch of National Quality Standard Laboratories is the result of SAIC-GM-Wuling's long-term persistence in positive R&D and deep cultivation of quality infrastructure construction. It means that the enterprise's new energy vehicle quality technology standards will align with the highest national benchmarks, achieving a key leap from "making good cars" to "defining good car standards", truly realizing technological autonomy, standard autonomy, quality autonomy, and controllable safety. At the same time, the laboratory will achieve technical breakthroughs, standard leadership, experimental verification, and industry empowerment through innovative quality management and service models, allowing "Chinese Standards" to go global along the industrial chain, contributing Wuling's strength to the "Belt and Road" standard connectivity. For users, the National Quality Standard Laboratory will become the "highest verification field" for SAIC-GM-Wuling product quality - from Three-Electric safety to body structure, from intelligent connectivity to whole vehicle durability, every model will undergo rigorous refinement under a high-standard, high-starting-point quality system.

Looking to the future, SAIC-GM-Wuling will use the construction of the National Quality Standard Laboratory as strategic support, promoting Chinese new energy vehicles from scale leadership to standard leadership, bringing higher quality mobility experiences to global consumers.

Currently, the global automotive industry is undergoing profound changes. Electrification reconstructs energy patterns, intelligence reshapes mobility logic, and carbon neutrality anchors development directions. According to statistics from the China Association of Automobile Manufacturers, China's new energy vehicle exports reached 2.615 million units in 2025, a year-on-year increase of 103.7%, ranking first globally for three consecutive years. Relying on its first-mover advantage, China's new energy vehicles have moved from the industry's periphery to the center stage. Against this backdrop, Jiangling Group New Energy is targeting the "15th Five-Year" strategic blueprint, focusing on "Autonomy + Co-creation", using technological innovation as wings, actively promoting its globalization strategy, and formally entering the new stage of "Value Deepening".

Nie Xiaoyong, General Manager of Overseas Business Department of Jiangling Group New Energy, delivers overseas market report at the launch of the all-new Ezis EV3

Jiangling Group New Energy Strategic Foundation, Three Major Tracks, Six Pillars Strengthen Competitive Barriers

The foundation of "Value Deepening" lies in the systematic reconstruction of strategy. Jiangling Group New Energy deeply recognizes that true globalization is by no means simple product output, but the deep rooting of value systems. During the "15th Five-Year" period, the enterprise will focus on the "Three Major Tracks" of "Refining Small Cars, Strengthening Mobility Cars, and Optimizing Autonomous Vehicles", building "Six Strategic Pillars" of "Technology Leadership, Model Innovation, Low-Carbon Empowerment, Full-Chain Strict Control, Digital Intelligence Drive, and Talent Accumulation", comprehensively consolidating development foundations.

At the technical level, Jiangling Group New Energy relies on mature core "Three Electric" technologies, paired with dual empowerment of intelligent connectivity and lightweight body, inheriting Jiangling Group's quality gene of "Safe and Reliable, Economical and Durable", creating core advantages such as ultra-low energy consumption and full-domain safety protection. Yichi 05 meets high standards for collision, has won the EU WVTA certification certificate, and passed local regulation certification in countries such as Australia, Thailand, and the UAE, crossing the most stringent technical thresholds globally with reliable quality.

Model Upgrade, Moving from Product Export to Local Ecological Symbiosis

Technical capability is the "ticket" to participate in global competition, but true globalization tests the upgrade of the model. To this end, Jiangling Group New Energy focuses on promoting product localization, manufacturing localization, and team localization, building a "R&D — Production — Marketing — Service" full-chain globalization system, joining hands with global partners to co-build energy, mobility, and intelligence ecosystems, achieving the transformation from single product trade to co-creation and win-win.

Latest data shows that Jiangling Group New Energy's overseas market has expanded to over 40 countries and regions, with business footprints covering five continents: Europe, Africa, Middle East, Southeast Asia, and South America. Export business has achieved positive growth for three consecutive years, with a year-on-year increase of 70% in 2023, 25% in 2024, and 203% in 2025, showing an accelerated rising trend.

Behind this achievement is a clear path for promoting globalization. From the first car landing in Singapore and opening the door to the South Asian market, to the successive listings in Mauritius, Sri Lanka, Nepal, and Pakistan, deeply cultivating core markets in the Indian Ocean and Southeast Asia; from the first appearance at the Canton Fair to the formal launch of Yichi 05S, and then to hundreds of Yichi 05S units shipping globally in batches, Jiangling Group New Energy lights up the global map with solid steps. In 2025, Yichi 06 appeared at the WNEVC World New Energy Vehicle Conference, concentrating on displaying the enterprise's systematic solutions in the field of intelligent mobility. On May 26, 2026, the all-new Ezis EV3 was launched globally in synchronization, bringing new and beautiful mobility choices for global users.

Worth noting is that Jiangling Group New Energy does not act alone in the overseas market. The enterprise actively builds a deep cooperation network with local dealers and service providers, having formed a relatively complete sales and after-sales service system in regions such as Southeast Asia, the Middle East, and Africa, truly achieving the leap from "selling cars" to "taking root".

Looking to the future, Jiangling Group New Energy will accurately implement the Jiangling Group's "1236" strategy, with clear strategic paths, firm technological faith, and an open and cooperative mindset, continuously deepening its cultivation of the global market.

The greatest truth is the simplest, and practical work is essential; born global, harmonious and symbiotic. Jiangling Group New Energy Ezis Automotive is writing a new chapter in the globalization of China's new energy vehicles with steady steps.

On June 1, Geely Automobile Holdings Co., Ltd. (shturl.) released May sales data, with sales reaching 237,637 units that month, achieving double-digit growth month-over-month and year-over-month for three consecutive months. New energy, overseas exports, and each brand segment delivered outstanding performance, demonstrating strong growth momentum.

Sales Rise Across the Board; New Energy Share Continues to Lead

In May, Geely Automobile's overall sales grew steadily, with its three core brands working in synergy:

• Geely brand sales reached 182,528 units, solidifying the group's sales foundation;
• Lynk & Co brand sales reached 20,732 units, cumulative sales exceeded 1.8 million;
• ZEEKR delivered 34,377 units, a year-on-year increase of 81.8%, achieving double-digit growth month-over-month and year-over-month for four consecutive months. The average transaction price per unit surged 52.4% year-on-year, with the 9-series and 8-series models accounting for nearly 50%.

Group new energy sales (including Geely, Lynk & Co, ZEEKR) reached 133,355 units, accounting for 56.1%, exceeding 50% for four consecutive months, showing significant results in new energy transformation.

Overseas markets achieved another breakthrough. May export sales reached 85,144 units, a new historical high. Among them, new energy product exports were 40,803 units, accounting for 47.9%, with global layout continuously deepening.

Multiple Brands Work in Unison; Product Matrix Continues to Upgrade

ZEEKR: Luxury Pure Electric Sales and Value Rise Together; Flagship New Product Leads with Power

The refreshed ZEEKR 009 officially launched on May 19, with a limited-time price starting at 413,800 yuan after benefits. The seven-seat Ultra+"Family Edition" order share exceeded 60%. The new car features a full-stack 900V high-voltage architecture, CLTC range of 720 km, adding 510 km of range in 10 minutes of charging, 0-100 km/h acceleration in just 3.9 seconds, paired with a 700 TOPS computing power Thor-U chip, achieving the pinnacle of intelligence and performance.

ZEEKR 7X global cumulative deliveries exceeded 160,000 units, expanding to over 40 regions in one year of going global; ZEEKR 9X cumulative deliveries surpassed 60,000 units, with shooting brake model confirmed orders continuously breaking 10,000.

Lynk & Co: Electrification Transformation Accelerates; Sports Performance Redefined

Lynk & Co May new energy model sales were 14,688 units, accounting for 70.8%. Lynk & Co 10 and Lynk & Co 10+ officially launched at the end of May and started the first batch of deliveries, redefining the standard for mid-to-large size sports pure electric sedans with ultimate driving control.

Coinciding with the brand's 10th anniversary, nearly 100 Lynk & Co stores nationwide completed image refreshes, and channel new energy transformation is landing on a large scale; meanwhile, signing Han Dongjun as the Automotive Sports Ambassador, with frequent race results, winning multiple championships in TCR China and CTCC events.

Geely Brand: Hit Models Frequently; Covering All Sub-segments

• Geely Galaxy: May sales 81,727 units, Xingyao 7 MAX sales exceeded 10,000 units within 23 hours of launch, all-new Xingyuan range fully upgraded, limited-time rights price starting at 61,800 yuan, 700,000 units delivered in 573 days;
• Geely China Star: May sales 100,801 units, double growth month-over-month and year-over-month, Boyue and Double Bin family year-on-year increase both exceeded 45%, Xingrui TCR race car won world-class event championships;
• New products such as Emgrand and Cowboy were launched successively, consolidating the leading position in the family car market; Emgrand family global cumulative sales exceeded 4.2 million units.

Dual Breakthrough in Globalization and Intelligence; Strengthening the Foundation for Development

Overseas markets bloomed in multiple points, with multiple ZEEKR and Geely Galaxy models topping sales lists in sub-segments in countries such as Australia, Mexico, and Malaysia; in May, Geely Automobile reached a strategic cooperation with the England team, continuously expanding the globalization "friend circle."

In the field of intelligence, Qianli Haohan assisted driving cumulative mileage reached 1.38 billion kilometers, activation rate 93.8%, year-on-year growth 215%, cumulative avoidance 8.9 million times, safety strength industry-leading. Geely Galaxy Starship 7 EM-i completed extreme collision tests, demonstrating Chinese automobile manufacturing strength with hardcore safety.

Based on the "One Geely" strategy, Geely Automobile will continue to deepen new energy and intelligence transformation, accelerate global layout, drive the Chinese automobile industry to continue upward with all-round upgrades in products, technology, and brands.