Geely: The Long-Term Growth Story Remains Intact
2026-05-27 02:17:55 ET
Geely at the Indonesia Auto Show (Getty Images on SeekingAlpha)
Electric Vehicles Dominate The Gaikindo Indonesia International Auto Show
Robertus Pudyanto/Getty Images News
Introduction
China's car market has slowed markedly this year. While a slow start was expected, April data show no sign of a reversal. Total EV sales are up as a share of the market, but due to the shrinking market, actual April 2026 sales were no higher than in August 2024. Except for the start of China's COVID lockdown in February 2020, ICE sales are the lowest in my dataset. So whether an EV specialist or a "legacy" firm covering all bases, it's threatening to be a disaster for the industry. That is particularly painful for the new entrants—all except Tesla added capacity in the last 2 years. For that matter, most legacy firms also added EV-specific plants. Capacity utilization will plague the industry, with profits hitting new lows. Only exports are staving off calamity....
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Geely: The Long-Term Growth Story Remains Intact
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