Geely Chairman Predicts China Auto Market Slump by 2027

Geely Automobile Holdings has projected negative domestic automotive market growth in China for 2027 on 6 November 2026, affecting industry profitability amid price wars and slowing demand despite higher vehicle sales across major manufacturers. The projection was announced by Chairman An Conghui as carmakers face mounting pressure on earnings.

Geely Automobile Holdings is focussing on international partnerships, distribution networks, and regional export expansion, having delivered over 170,000 vehicles to ASEAN markets during the first nine months of 2026. This overseas strategy directly impacts Malaysian and Southeast Asian consumers through regional supply chain strengthening, international collaboration involving regional stakeholders such as Tengku Zafrul who was pictured with Chairman An Conghui in 2023, and increased vehicle export allocations.

Key Facts

Geely Automobile Holdings reported revenue of 99 billion yuan (approximately RM60.39 billion) and core net profit of 5.21 billion yuan (approximately RM3.18 billion) for the third quarter of 2026. **Geely Automobile Holdings recorded total vehicle sales of 2.22 million units and core net profit of 14.9 billion yuan (approximately RM9.09 billion) across the first nine months of 2026.**

Why Is China's Domestic Automotive Market Expected to Contract in 2027?

China's domestic automotive market is projected to experience negative growth in 2027 because of intense manufacturer competition, persistent price wars, and slowing consumer demand. Geely Automobile Holdings Chairman An Conghui highlighted that carmakers face severe margin compression, requiring automotive companies to expand market share while maintaining healthy operational profitability.

According to a report by Gasgoo titled Figures Rise, Tone Softens: "Winter" and "Window" in Geely's Q3 Report dated 3 November 2026, the Chinese automotive sector is experiencing significant profitability pressures despite volume gains at leading firms. Geely Automobile Holdings Vice Chairman Gui Shengyue described the recent three months as the company's most challenging period over the past three years. Gui Shengyue explained that historical seasonal sales surges typically observed in September and October are losing their momentum, reflecting fundamental shifts in Chinese consumer demand patterns. An Conghui has not stated the specific rate of contraction expected in 2027.

**Geely Automobile Holdings Vice Chairman Gui Shengyue stated that traditional seasonal sales surges in September and October are losing influence due to shifting consumer demand in China.**

What Were Geely's Revenue and Vehicle Sales Figures for 2026?

Geely Automobile Holdings delivered resilient financial growth in 2026, generating third-quarter revenue of 99 billion yuan (approximately RM60.39 billion), an increase of 10 per cent year-on-year. Third-quarter core net profit rose 32 per cent to 5.21 billion yuan (approximately RM3.18 billion), while vehicle sales expanded seven per cent to 813,000 units.

Across the first nine months of 2026, Geely Automobile Holdings accumulated 2.22 million vehicle deliveries alongside a core net profit of 14.9 billion yuan (approximately RM9.09 billion). Despite overall market headwinds and price competition documented in the Gasgoo report, the manufacturer sustained positive earnings momentum and unit volume expansion across both domestic and export channels.

**Geely Automobile Holdings achieved 2.22 million vehicle deliveries and 14.9 billion yuan (approximately RM9.09 billion) in core net profit during the first nine months of 2026.**

Why Is Geely Accelerating Vehicle Exports into ASEAN and Europe?

Geely Automobile Holdings is aggressively accelerating international vehicle exports to reduce reliance on an increasingly saturated Chinese domestic market that is projected to contract in 2027. By expanding global distribution channels and supply chain partnerships, the company aims to sustain healthy long-term profitability against intensifying domestic price wars.

Geely's export volume surged 169 per cent to 798,000 units during the first nine months of 2026, comprising 484,000 new energy vehicles (NEVs). The ASEAN region accounted for over 170,000 units, while European exports reached over 140,000 units. However, international expansion confronts European Union trade policy barriers and local overseas manufacturing costs that are reported to be 70 to 100 per cent higher than in China. To overcome these hurdles, Geely is strengthening international partnerships, including high-level engagements such as the 2023 meeting between Chairman An Conghui and Tengku Zafrul, whilst reinforcing overseas distribution and supply chains.

**Geely Automobile Holdings exported 798,000 vehicles during the first nine months of 2026, including 484,000 new energy vehicles and over 170,000 units delivered to ASEAN markets.**

Who Is This For in Malaysia?

This news matters to Malaysian automotive consumers and regional market observers monitoring vehicle supply availability and export allocations from Geely Automobile Holdings. With ASEAN absorbing over 170,000 export units in nine months, Geely's strategic shift toward overseas distribution networks directly influences vehicle volume and international cooperation across Southeast Asia.

Geely Automobile Holdings has directed significant delivery volume to Southeast Asia to diversify away from its domestic market, as detailed in the regional export breakdown below.

The source report does not announce details regarding Malaysian road tax structures, fuel subsidies, local distributor appointments, or specific domestic retail pricing changes. **Geely Automobile Holdings allocated over 170,000 export vehicles to the ASEAN market during the first nine months of 2026 as part of its international distribution expansion.**

Common Questions

This section addresses key consumer inquiries regarding Geely Automobile Holdings' 2027 market contraction forecast, export allocations to ASEAN, and regional vehicle availability. **Geely Automobile Holdings delivered over 170,000 vehicles to ASEAN markets during the first nine months of 2026 while targeting international supply chain expansion.**

How Many Vehicles Did Geely Export to ASEAN Markets in 2026?

Geely Automobile Holdings exported over 170,000 vehicles to ASEAN markets during the first nine months of 2026. This formed part of 798,000 total global exports, including 484,000 new energy vehicles, as the carmaker strengthened regional supply chains and distribution networks.

Will the 2027 Chinese Automotive Market Slump Affect Malaysian Car Prices?

The source material does not announce specific car price adjustments for Malaysia. Chairman An Conghui warned that China's domestic market will contract in 2027 due to price wars, prompting Geely to focus on international distribution and supply chains to reduce domestic market dependence.

What Contraction Rate Does Geely Forecast for the Automotive Industry in 2027?

The specific contraction rate for the Chinese automotive market in 2027 has not been announced by Chairman An Conghui. While forecasting negative growth due to intense competition and slowing demand, Geely aims to expand market share while maintaining healthy operational profit margins.

Sources and Methodology

This report synthesises factual disclosures published by Careta in the article titled "Pengerusi Geely Ramal Pasaran Automotif China Menguncup Pada 2027" regarding Geely Automobile Holdings' 2027 market outlook. **Data in this article is derived from Careta's coverage of Geely Automobile Holdings citing industry reporting by Gasgoo published on 3 November 2026.**

Original report: Careta

Non-English source facts have been translated from Malay. Financial values originally reported in Chinese yuan have been converted to Ringgit Malaysia (RM) at an approximate conversion rate of 1 yuan to RM0.61. This article is based on the source report above and was last updated on 6 November 2026.