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Daniel Ren

Chinese billionaire Li Shufu has relinquished his role as chairman of Geely Auto, describing the planned succession as the foundation for the future sustainable growth of the country’s second-largest carmaker.
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 on Monday.
Andy An Conghui, 56, an executive director, would fill in the vacancy left by Li, effective on Tuesday, 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 Jiayue, former head of Geely Auto’s car development and sales, would become the CEO of the carmaker, replacing Gui Shengyue, it said.
Geely Auto posted a net profit of 9.1 billion yuan (US$1.35 billion) for the first six months of 2026, down 2 per cent from a year earlier, but its revenue hit an all-time high of 173.6 billion yuan, up 15 per cent year on year.

The company delivered a total of 1.42 million vehicles to customers in the first half, up 1 per cent year on year, with exports surging 158 per cent to 474,228 units.
Dai Yong, the company’s chief financial officer, sounded an alarm about the country’s automotive sector on Monday, 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.
Net earnings derived from selling a car priced at 100,000 yuan now stood at just 1,500 yuan, translating into a profit margin of only 1.5 per cent, according to the China Association of Automobile Manufacturers.
That represented a sharp decline from the 3.4 per cent profit margin in May.
Dai said Geely Auto would strongly advocate coexistence with its rivals in China and abroad without resorting to price wars to expel smaller rivals.


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China’s second-largest carmaker names new chairman and CEO in planned succession, as profit drops despite record revenue and export surge


China’s second-largest carmaker names new chairman and CEO in planned succession, as profit drops despite record revenue and export surge.


Geely’s Li Shufu hands over reins to younger generation for ‘healthy’ growth

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}China’s second-largest carmaker names new chairman and CEO in planned succession, as profit drops despite record revenue and export surge

China’s second-largest carmaker names new chairman and CEO in planned succession, as profit drops despite record revenue and export surge