Geely Auto, China’s second-largest carmaker, names a new Chairman and CEO in a planned succession, as profit drops despite record revenue and export surge. Chinese billionaire Li Shufu has relinquished his role as Chairman of Geely Auto, describing his stepping down as the foundation for the future sustainable growth of the company. Li, the 63-year-old founder of the automotive group, announced his resignation just after Hong Kong-listed Geely reported record first-half revenue in China’s cutthroat car market.
Andy An, 56, an Executive Director, would fill in the vacancy left by Li, the company said in a filing with the Hong Kong stock exchange. “We now initiate the campaign to cultivate professional talent and build a professional team,” Li said in a statement. “The succession aims to foster a positive environment for the healthy growth of our own talent and the healthy development of the company culture.” In June, Li said during a forum at the Chongqing Auto Show that Geely would map out a succession plan to support its further growth, without elaborating.
The filing said Li would retain his role as Chairman of Zhejiang Geely Holding Group, parent of Geely Auto, which also owns Volvo Cars and a stake in Mercedes-Benz Group. Jerry Gan, former head of Geely Auto’s car development and sales, would become the CEO of the carmaker. Geely Auto posted a net profit of CNY9.1 billion for the first six months of 2026, down 2% from a year earlier, but its revenue hit an all-time high of CNY173.6 billion, up 15% year-on-year. The company delivered a total of 1.42 million vehicles to customers in the first half, up 1% year-on-year, with exports surging 158% to 474,228 units.
Dai Yong, the company’s Chief Financial Officer, sounded an alarm about the country’s automotive sector, urging domestic rivals to refrain from vicious price competition to avert huge losses. He told the South China Morning Post in an interview that a discount war would be destructive because most players were struggling to turn a profit. “Price cuts might not be enough to spark consumers’ buying interest,” Dai said. The company’s rivals were “not in compliance with government directions”, as authorities had directed the industry to curb harmful price competition.
Geely Auto builds both electric and petrol cars under brands including Zeekr, Lynk and Galaxy. It trails only BYD, the world’s largest EV assembler, in terms of sales in mainland China. The company targeted overseas sales of 920,000 units in 2026, more than double its total last year.
