Produced by Leadar Auto | Text by Zhou Hui | Edited by Meng Shuai

Post-'Taizhou Declaration': 'One Geely' Strategy Gains Momentum

At the 2026 China Automotive Chongqing Forum, Geely Holding Group Chairman Li Shufu explicitly outlined his intent to 'streamline' operations.

Li Shufu stated that Geely would systematically shut down, merge, or transfer redundant entities within the Geely Auto Group to focus superior resources on strengthening its core listed platform, Geely Automobile Holdings Limited.

Although Li Shufu did not specify which entities are considered 'redundant,' speculation has increasingly focused on Levc, given its recent sales decline.

Public information reveals that Levc was established in 2022 as a joint venture between Geely Auto and Qianli Technology. However, Levc's sales have underperformed in recent years.

According to Changjiang Business Daily, Levc's domestic licensed sales in 2024 amounted to only 12,100 units, marking a year-on-year decline of over 20%. In the first five months of this year, Levc's licensed sales stood at 1,600 units, reflecting a sharp year-on-year decrease of approximately 88%.

Guided by the 'One Geely' strategy, Geely Auto achieved record-breaking sales and revenue last year.

Financial reports indicate that in 2025, Geely Auto's sales reached 3.0246 million units, up 39% year-on-year, surpassing its annual target. During the same period, the company's total revenue soared to RMB 345.232 billion, a 25% increase from the previous year.

Consequently, the wealth of Li Shufu and his son, Li Xingxing, surged. In the recently released '2026 New Fortune 500 Richest List,' the duo ranked 12th with a fortune of RMB 184.25 billion, an increase of RMB 34.86 billion from the previous year.

However, in the first five months of this year, Geely Auto's total sales reached 1.1822 million units, a modest year-on-year increase of 1%. Among its three major brands, only Zeekr's sales increased by 93%, while sales of the Geely and Lynk & Co brands declined to varying extents.

Geely 'Streamlines': Li Shufu Takes Action Against 'Redundant Entities'

At the recently concluded 2026 China Automotive Chongqing Forum, Geely Holding Chairman Li Shufu reiterated the group's commitment to 'streamlining'.

Li Shufu stated that Geely would further implement the five strategic pillars outlined in the 'Taizhou Declaration' strategy, clarify the relationship between Geely Auto Group and Geely Automobile Holdings Limited, and systematically shut down, merge, or transfer redundant entities within Geely Auto Group to focus superior resources on strengthening its core listed platform.

Li Shufu further emphasized that these measures would help build a modern corporate operating system with a clearer structure, more defined responsibilities, efficient operations, and global compliance. This would translate the strategic consensus of 'One Geely' into systemic, governance, and global viability advantages, creating a favorable governance environment for focusing on strengthening and growing 'One Geely'.

Leadar Auto learned that the 'Taizhou Declaration,' issued in September 2024, encompasses five major initiatives: strategic focus, strategic integration, strategic synergy, strategic stability, and strategic talent.

Subsequently, Geely has made a series of adjustments based on this declaration, including resource integration and personnel changes.

The first adjustment involved integrating its mid-to-high-end brand Lynk & Co and luxury new energy brand Zeekr. In February 2025, Zeekr acquired a 51% stake in Lynk & Co for RMB 9.367 billion and established Zeekr Technology Group.

In December of the same year, Geely Auto completed the privatization and merger of Zeekr, making it a wholly-owned subsidiary and delisting it from the New York Stock Exchange.

Entering 2026, Geely further integrated its corporate resources. In May, Geely Auto announced the acquisition of all equity in three core entities of Radar Auto—Radar Auto (Shandong) Co., Ltd., Radar Auto Sales Co., Ltd., and its Thai distribution company, Radar Thailand—for approximately RMB 218 million.

As resource integration continued, Geely also made personnel adjustments. Tianyancha data shows that on May 27, An Conghui, CEO of Geely Holding Group, resigned as Chairman and Legal Representative of Lynk & Co Technology Co., Ltd., and was succeeded by Gan Jiayue, CEO of Geely Auto Group.

The following month, Li Shufu, Chairman of Geely Holding Group, resigned as Chairman of Zhejiang Zeekr Intelligent Technology Co., Ltd., and Gan Jiayue succeeded An Conghui as the company's Legal Representative.

According to Beijing Business Daily, following these adjustments, Li Shufu and An Conghui will focus more on the overall affairs of Geely Holding Group, while Gan Jiayue will oversee both Zeekr and Lynk & Co under Zeekr Technology Group, unifying their management.

Levc's Sales Decline: Could It Be Geely's Casualty?

Regarding the 'redundant entities' mentioned by Li Shufu, market speculation increasingly points to Levc, whose sales have declined in recent years.

Tianyancha data shows that Chongqing Levc Automotive Technology Co., Ltd. (hereinafter referred to as 'Levc') was established in 2022.

According to public information, Levc is a battery-swapping mobility brand jointly funded by Geely Auto and Qianli Technology (formerly Lifan Technology), positioning itself as a 'popularizer of battery-swapping light mobility.'

Data disclosed by Geely Auto reveals that in its founding year, Levc sold 56,100 vehicles annually, with monthly sales exceeding 10,000 units for the first time in December, reaching 11,300 units. In 2022, Levc achieved revenue of RMB 5.839 billion and a net profit of RMB 15.59 million.

However, in 2023, Levc's sales rapidly declined, with only 38,000 vehicles sold annually, a year-on-year decrease of 32%, and the target completion rate was only 38%. During the same period, the company's revenue declined to RMB 2.482 billion, and its net profit turned into a loss of RMB 622 million year-on-year.

From January 2024, Geely Auto removed Levc from its monthly sales reports. The following month, Geely Auto announced through a notice that it planned to sell its 45% stake in Levc for RMB 504 million.

Geely Auto stated that after the transaction is completed, the group would no longer hold any equity in Levc and expects to gain approximately RMB 117 million from the sale.

Tianyancha data shows that in March 2024, Levc completed its equity change: Zhejiang Jirun Automobile Co., Ltd. withdrew, and Zhejiang Geely Qizheng Automobile Technology Co., Ltd. joined.

At that time, Yang Xueliang, Senior Vice President of Geely Holding Group, responded, 'Don't misunderstand. This is just the transfer of Levc's shares from Geely's listed company to Geely Auto Group. Geely will continue to support Levc's development alongside Lifan and increase its layout and investment in the battery-swapping sector.'

After being 'removed' from Geely Auto's monthly sales reports, Levc's sales performance has been lackluster.

According to Levc's official website news, in 2024, Levc's annual sales reached 59,100 units, a year-on-year increase of 40%. However, according to Changjiang Business Daily, in 2024, Levc's domestic licensed sales were only 12,100 units, a decrease of over 20% from 15,300 units in the previous year.

Auto observer Xiao Hong told Changjiang Business Daily that 'sales' data from automakers often vary significantly due to different statistical methods, but the differences are generally not too large. 'If Levc's published data is accurate, it suggests that its overseas sales performed well in 2024, offsetting the decline in domestic sales,' Xiao said.

In 2025, Levc's licensed sales reached 42,300 units, a year-on-year increase of 248.05%. Among them, the annual sales of Levc X3 PRO reached 26,500 units.

However, in 2026, Levc's sales declined again. According to Changjiang Business Daily, in the first five months of 2026, Levc's licensed sales were only 1,600 units, a sharp year-on-year decline of approximately 88%.

Additionally, according to Qianli Technology's production and sales reports, in the first five months of this year, the company sold a total of 2,154 new energy vehicles, a year-on-year decrease of 86.82%.

Geely Auto Faces Sales Pressure This Year; Li Shufu and Son's Wealth Exceeds RMB 180 Billion

Guided by the 'One Geely' strategy, Geely Auto achieved record-breaking sales and revenue in 2025.

Financial reports indicate that in 2025, Geely Auto sold approximately 3.0246 million vehicles, a year-on-year increase of 39%, exceeding the revised annual sales target of 3 million units.

Among them, sales in the Chinese market increased by 48% year-on-year to 2.6045 million units, while export sales reached 420,100 units, a year-on-year increase of 1%.

By brand, in 2025, Geely's total brand sales reached 2.4499 million units, a year-on-year increase of 47%.

In terms of fuel vehicles, Geely's China Star series sold 1.2141 million units, securing the top spot in China's domestic fuel passenger vehicle autonomous brand sales for nine consecutive years. Among them, the Xingyue L topped the sales chart for fuel SUVs in China.

In terms of new energy vehicles, with the launch of new models based on the GEA and GEA Evo architectures, sales of Geely's Galaxy series surged by 150% year-on-year to 1.2358 million units, maintaining its position as the second-best-selling new energy vehicle brand in China.

During the same period, the company's mid-to-high-end brand Lynk & Co achieved sales of 350,500 units, a year-on-year increase of 23%. As the group's luxury new energy brand, Zeekr sold 224,100 units during the year, a year-on-year increase of 1%.

Driven by sales growth, Geely Auto's revenue increased simultaneously. In 2025, the company's total revenue reached RMB 345.232 billion, a 25% increase compared to the previous year (after restatement).

At the same time, due to economies of scale, cost control, and improved profitability of products based on the GEA architecture, Geely Auto's gross profit margin last year increased slightly by 0.1 percentage points year-on-year to 16.6% despite intensified market competition.

In terms of profit, Geely Auto recorded a profit attributable to the owners of the parent company of RMB 16.852 billion in 2025, roughly the same as the previous year (after restatement).

However, entering 2026, Geely, even as an industry leader, faces significant challenges due to intensified industry competition, the phase-out of new energy vehicle subsidies, rising storage chip prices, and geopolitical turmoil.

According to a report by the China Passenger Car Association, in May this year, retail sales in the national passenger car market reached 1.51 million units, a year-on-year decrease of 22.1%.

Among them, fuel vehicle retail sales declined by 39% year-on-year due to the severe impact of high fuel prices, while new energy vehicle retail sales also decreased by 7% year-on-year due to factors such as subsidy phase-outs.

Extending the timeline further, in the first five months of this year, cumulative retail sales in the national passenger car market reached 7.099 million units, a year-on-year decrease of 19.5%.

For Geely Auto, in the first five months of this year, total sales were 1.1822 million units, a year-on-year increase of 1%.

Among the three major brands, only Zeekr's market performance was relatively strong, with sales increasing by 93% year-on-year to 143,200 units.

During the same period, sales of the Geely brand decreased by 6% year-on-year, with sales of the Galaxy series declining by 10%, while sales of the Lynk & Co brand decreased by 2% year-on-year.

In the first quarter of this year, Geely Auto achieved revenue of RMB 83.776 billion, a year-on-year increase of 15%. During the same period, the profit attributable to the owners of the parent company decreased by 27% year-on-year to RMB 4.166 billion, primarily due to the different impacts of foreign exchange fluctuations compared to the same period last year.

Notably, in the recently released '2026 New Fortune 500 Richest List,' Li Shufu and his son, Li Xingxing, ranked 12th with a fortune of RMB 184.25 billion, an increase of RMB 34.86 billion from the previous year.

Leadar Auto will continue to monitor Geely's future developments.