China's market is down four million units. Geely just posted record profit

China's passenger vehicle market shed more than four million units across the first ten months of 2026, yet Geely Auto Group just posted record revenue and net profit for the first three quarters of any calendar year. The CPCA counted a 27 per cent October plunge in PV wholesales — the thirteenth consecutive monthly fall. The Geely brand fell less than the market and holds second place at home, behind BYD.

The contrast deserves scrutiny. Record results in a collapsing market usually mean one of two things: genuine product advantage or aggressive pricing. The evidence points to both. New models, additional variants and very competitive pricing are the stated drivers. Geely is also young. Unlike state-owned FAW or SAIC, it has not yet reached a quarter century — that anniversary comes in March 2028.

Where does the growth land?

Exports carry much of the story. The UK is the sharpest example. Roughly a year ago there was no Geely in Britain. SMMT October registration data now place the brand 24th, ahead of Dacia and just 41 cars behind Citroen. Geely's UK year-to-date total of 16,669 units beats Leapmotor's 15,056 — Leapmotor being Stellantis' JV partner and the sector's much-discussed surger. That comparison is worth watching; a single quarter could reverse it.

Canada gets the Geely brand next year. Details remain under wraps, though the founder has said publicly he favours eventual local production where it makes sense. Renault deals exist in Brazil. A Ford partnership in Spain follows within 18 months. The United States has no announced plan — but the company plainly wants in, and production there by decade-end, possibly with a US major, cannot be ruled out. Nothing is confirmed. Treat it as intent, not capacity.

What happens at Ford's Valencia plant?

The Ford Almussafes plant enters the picture in 2028, when Geely vehicle builds are due to commence. The author of the source reporting speculates — and it is speculation — that the EX2, EX5 and/or Starray might use the dormant Body 3 line, formerly S-Max/Galaxy/Mondeo. All Starray PHEVs currently ship from the Linhai factory in China. Official news on the Valencia project should arrive within six months, with Geely's Global Intelligent New Energy Architecture Platform believed to underpin several vehicles; it supports EV, HEV and PHEV/EREV configurations. A second phase might give Ford its own ladder-chassis SUV derived from the Geely KO11 — the Galaxy Cruiser 700 in China — on what is officially the GTA, or Geely Terrain Architecture. Believed, might, should: none of this is signed capacity yet.

How fast does the UK range grow?

Fast. The range should double by end-2027:

• Monjaro EM-i — 4.8 m five-seat 1.5-litre PHEV, early 2027, front- and all-wheel drive, positioned above Starray EM-i. Pricing and specs unconfirmed; a preview drive is set for 25 January.
• Galaxy Cruiser 700 / Battleship — 5.1 m SUV, later in 2027, name may change locally.
• Emgrand L EM-i — PHEV saloon, known in China as Galaxy Starshine 6 EF, due next year.

UK pricing today: EX2 from GBP20,990, Starray from GBP29,990, EX5 from GBP31,990. The Starray EM-i has already gained all-wheel drive in right-hand-drive markets including Australia, where Geely is performing strongly. A hybrid derivative for the UK looks likely, judging by wider European trends, but nobody has confirmed it.

What about China itself?

The domestic numbers are brutal but instructive. The Xingyuan is not just Geely's best seller in China — it is the country's best seller, at 50,190 units in October and 360,581 year-to-date. A collapsed market has not stopped one specific model from outselling everything else in it.

The UK competitive context is shifting too. Chery's Jaecoo 7 was the nation's best seller again in October and should end the year second behind Ford's Puma; ten-month totals stand at 46,295 versus 42,797, with Ford trailing Jaecoo by only 43 cars. Ford itself fell out of the UK top ten in October on a 35 per cent year-on-year plunge, while Jaecoo and BYD took positions eight and nine. Geely's EX2, EX5 and Starray are, in the source's verdict, six-to-eight-out-of-ten cars — slightly better than they need to be, bad at nothing, and cheap enough to matter.

Watch next: the 25 January Monjaro preview, the Valencia announcement promised within six months, and whether Canada's 2027 launch arrives with production plans attached.