Produced by | Bullet Finance

Art Editor | Qianqian

Reviewer | Songwen

In July of this year, Zhang Zhang (pseudonym), who had just finished learning to drive, began thinking about buying a car. When she searched on her phone for a small car suitable for a novice like herself, the Geely Xingyuan caught her eye.

Its rather compact appearance, along with features such as assisted driving and panoramic cameras, appealed to Zhang Zhang, a novice driver. "For a beginner like me, it's enough for commuting," she thought.

In fact, Zhang Zhang's thinking was exactly in line with the target audience that Geely Xingyuan was aiming for.

A starting price of just over 60,000 yuan, plus features that meet daily commuting needs and even youthful color options—all of these tapped into what young consumers, especially female users, look for when buying a car.

Geely Automobile's financial report shows that in 2025, Geely Galaxy sales reached 1,235,800 vehicles, a year-on-year increase of 150%. Based on Xingyuan sales exceeding 460,000 vehicles (retail basis), it accounted for nearly 40% of Galaxy's full-year sales.

From a sales perspective, Xingyuan can absolutely be called a hit in the A0 segment and even among all pure electric family models. But placed within the Geely Galaxy system, this model priced below 100,000 yuan has obviously lowered the brand's price floor.

This is especially true in the face of changes in the A0-class pure electric battlefield, where configurations are almost homogeneous and the game of "who offers better cost-effectiveness" continues.

The underlying logic of the entire segment is now constantly migrating upward—mini pure electric vehicles below 50,000 yuan are losing momentum, A00-class sales have shrunk significantly, and Hongguang MINIEV monthly sales have fallen from their peak. Consumers have found that by spending 10,000 to 20,000 yuan more, they can buy a proper five-seat pure electric sedan with independent suspension, over 300 kilometers of range, and even panoramic cameras and a smart cockpit.

Consumers' choices at this level have already moved beyond the early comparison of range for electric vehicles and upgraded to a multidimensional product definition—whether smart driving is easy to use, whether charging is fast, how reliable it is, and even whether the color is photogenic enough.

This will be the structural pressure that Geely Xingyuan, this million-unit hit model, will have to face in the medium and long term.

1. Beneath the Hit

If we only look at the results, Xingyuan is undoubtedly one of the most successful products in Geely's new energy transformation process.

After launching in October 2024, Xingyuan quickly entered a scale of more than 30,000 monthly sales. In Geely Automobile's performance, the news that Xingyuan ranked first in domestic passenger vehicle sales across all categories also became a rather prominent annotation in the report.

It can be said that Xingyuan has become the most important model pillar under the Geely Galaxy system, bar none.

Xingyuan's popularity is due on the one hand to Galaxy's control over product definition, and on the other hand to the expansion of the entire small pure electric market.

In the past, small electric vehicles were more regarded as short-distance commuting tools, and product competition was concentrated on price and usage costs. As new energy penetration increased, the competitive dimensions of the A0-class market gradually expanded to space, range, charging efficiency, smart cockpit, and safety features.

Consumers' expectations for small cars have also shifted from "can it commute" to "can it handle a family's daily travel." Some models have begun to extend from being a family's second car to becoming the main car for young users or small families.

Xingyuan happened to step right on this timing node. It can be said that Xingyuan is essentially the result of the combined effect of price, product definition, market expansion, and the manufacturing capability of a large group.

Although Galaxy has already formed a product portfolio covering sedans, SUVs, pure electric, and plug-in hybrids, Xingyuan still largely determines its sales performance.

Entering 2026, this concentration trend is still quite obvious. According to Geely's official announcement data, Xingyuan's August sales were 60,955 vehicles, accounting for about 51.2% of Galaxy's 119,115 vehicles that month; in September, Xingyuan's sales were 60,871 vehicles, accounting for about 46.7% of Galaxy's 130,479 vehicles.

In the latest October sales, Geely Galaxy sales were 153,385 vehicles, and the single model Xingyuan also exceeded 70,000 vehicles in sales.

"A brand having a hit is competitiveness; a brand being able to rely only on one car for a long time may become concentration risk," analyzed an engineer who has long followed the automotive industry chain.

For Galaxy, Xingyuan's high proportion also has an obvious dual effect. On the one hand, rising sales enable it to amortize R&D and manufacturing costs, improve supply chain bargaining power, and continuously bring foot traffic to channels.

On the other hand, when a single model contributes 40% to 50% of sales for a long time, competitors' model changes, terminal price changes, or the product entering the latter half of its life cycle may all directly transmit to Galaxy's overall sales, factory utilization, and channel operations.

2. The Profit Account Behind It

For ordinary consumers like Zhang Zhang, supply chain and corporate operations seem like very distant topics; what they care about is whether the car's price is cheap enough.

And from the initial launch starting price of 72,800 yuan, Xingyuan's price has continued to decline.

The new Xingyuan refreshed in May 2026 has a guide price of 64,800 to 94,800 yuan. In addition, with a limited-time trade-in benefit of 3,000 yuan, the price came to 61,800 yuan. Such a reduction is nothing short of a strong medicine for the small pure electric market with the fiercest price competition.

You should know that the entire Xingyuan lineup uses CATL cells, liquid-cooled batteries, rear-mounted rear-wheel drive, and rear multi-link independent suspension. Under the premise of a starting price of around 60,000 yuan, while maintaining the battery, chassis, smart cockpit, and five-seat space, the per-vehicle profit margin is not ample.

But it is worth noting that while the price is declining, Xingyuan's product definition is not static, but continues to upgrade the range version, offering a 480-kilometer version with the price raised accordingly to the 80,000-yuan range, with an upgraded cockpit and some assisted driving features.

This configuration layering is precisely an important way for Geely Galaxy to control costs under the group system behind it.

Xingyuan's lower-trim models retain core hardware such as cells, liquid cooling, rear-wheel drive, and independent suspension, but features such as the 14.6-inch central control screen, 540-degree panoramic camera, electric tailgate, front seat heating, and driver's seat electric adjustment are mainly provided starting from the "Chengfeng Edition." Assisted driving, seat ventilation, front passenger seat electric adjustment, and side curtain airbags are concentrated in higher versions.

Therefore, 64,800 yuan is only a starting price. The lower-trim models are not simply "stripped-down cars," but control material costs through differences in screens, cameras, seats, and assisted driving configurations, and attract consumers into stores with lower prices. The ones truly bearing revenue and profit tasks are still the mid- and high-trim models in the 70,000 to 90,000 yuan range.

Based on calculations using the automotive and related services revenue and sales volume disclosed in Geely Automobile's financial report, the average related revenue per vehicle in 2025 was about 102,800 yuan, a decrease of about 8,800 yuan from about 111,600 yuan in 2024. Xingyuan is not the only reason for the decline in average selling price, but as Galaxy's largest low-priced model by sales, its large-scale volume has undoubtedly changed Geely's sales structure.

Geely Automobile's latest third-quarter performance announcement shows that in the first three quarters of 2026, the company's cumulative sales were 2,235,500 vehicles, a year-on-year increase of 3%; revenue was 272.564 billion yuan, a year-on-year increase of 13%; net profit attributable to parent was 13.928 billion yuan, a year-on-year increase of 7%; core net profit attributable to parent was 14.896 billion yuan, a year-on-year increase of 41%.

It is worth noting that third-quarter revenue increased by 10% year on year, sales increased by 7% year on year, and revenue growth was higher than sales growth.

Geely Automobile attributed this in its announcement to substantial growth in export sales and an increase in the proportion of high-value product sales, and said that both the product structure and average selling price improved. This forms a change from the situation in 2025 when the average per-vehicle selling price declined, and also provides a new background for observing the revenue quality after Galaxy's sales expansion.

In the first three quarters, Geely Automobile's gross profit was 48.930 billion yuan, and the gross margin calculated by revenue was about 18.0%, higher than about 16.4% in the same period last year.

However, this change is simultaneously affected by multiple factors such as exports, the proportion of high-value products, and cost control. Of course, the group's overall gross margin cannot replace model data, and Geely has not separately disclosed Xingyuan's average transaction price, per-vehicle cost, gross margin, channel rebates, warranty provisions, and marketing expenses. Even if the per-vehicle gross margin is low, sales of hundreds of thousands of vehicles may still form a considerable total gross profit.

Therefore, a more reasonable judgment is that Xingyuan has most likely achieved positive contribution relying on million-unit scale, but it mainly undertakes the tasks of sales volume, platform amortization, and supply chain cost reduction. The profit improvement of the entire Galaxy brand still needs to be completed together with higher-priced models.

3. Galaxy Needs More "Xingyuans"

As of the end of September 2026, Xingyuan's cumulative sales had exceeded 950,000 vehicles; on October 20, the 1 millionth mass-produced vehicle officially rolled off the line, entering the million-unit scale.

As the hit effect gradually enters a high-base stage, Geely Galaxy is simultaneously seeking two growth paths: one is to expand upward through higher-value models such as the M9, and the other is to push models such as Xingyuan, E5, and Xingjian 7 into overseas markets. At present, Xingyuan's international version EX2 has already taken the lead in entering markets such as Brazil and Thailand.

It can be said that Xingyuan's domestic scale can provide EX2 with a mature supply chain and manufacturing cost base. Exports also help absorb capacity, extend the product life cycle, and may improve per-vehicle revenue through higher selling prices. But overseas business simultaneously requires bearing certification, tariffs, logistics, dealer networks, auto finance, spare parts reserves, and after-sales service costs.

A more realistic problem is that overseas markets will not simply replicate Xingyuan's successful path in China. In China, Xingyuan can rely on a mature new energy supply chain, a dense sales network, and a relatively unified consumer market to quickly gain volume; after entering different countries, charging conditions, consumption habits, regulatory standards, and channel structures all differ.

The same car may need to readjust configurations, software, warranty policies, and financial plans. Whether the scale effect can cover localization costs remains to be verified. This is also why Galaxy needs more "Xingyuans," but that does not mean it needs more low-priced models.

"Bullet Finance" learned from Li Yue (pseudonym), a dealer in Xiong'an, Hebei, that currently there are also situations of waiting for cars when ordering a Geely Xingyuan, depending on the model and configuration. "Now this car has high profit from exporting overseas, and vehicle sources are also tilting toward overseas markets, after all, the profit is higher."

This means that the balance between domestic and overseas markets will also test Geely Galaxy's system capability in the not-too-distant future.

Therefore, to evaluate whether Galaxy has found a second growth curve, one cannot only look at how many countries EX2 has entered. What is more worth observing is whether overseas terminal sales and regional profits can be sustained, whether the proportion of models other than Xingyuan in Galaxy's sales can increase, and whether product portfolios at different price bands can support each other.

After all, the per-vehicle sales profit that low-priced models leave to dealers is relatively limited. If store sales rely excessively on Xingyuan, their profitability will depend more on high turnover, manufacturer rebates, finance, and after-sales business. Only when sales of higher-priced models such as Galaxy's E5 and Xingjian 7 increase can stores' revenue structure improve and the impact of price fluctuations in low-priced models on channel operations be reduced.

In addition, as consumers enter the post-purchase cycle of vehicle use, issues such as product quality verification and durability gradually emerge. The aftermarket segment is also an issue that needs attention after building a hit model.

The "Complete Evaluation Report" on the Xingyuan model, released in 2025 by Chezhiwang, a third-party automotive complaint platform, shows that as of the report's publication, the platform had received a total of 1,380 complaints regarding the 2025 Xingyuan. Among these, 72 were pure quality complaints and 95 involved fault complaints; the remaining 1,299 were classified as service issues, primarily concentrated in sales-related matters such as failure to deliver vehicles as agreed and deposit disputes. Quality feedback was relatively concentrated in body accessories and electrical appliances, including in-car connectivity and audio-visual system issues reported by some users.

Of course, relative to Xingyuan's vehicle parc, such a complaint volume is not high. Yet behind the vehicle parc, every seemingly small probability of a problem may correspond to hundreds or even thousands of users in the real market. Xingyuan's true testing period has not yet arrived.

For today's Geely Galaxy, launching more low-priced cars is not difficult. What is difficult is building core models in different segments that can steadily contribute sales, revenue, and profit.

By then, "Million Galaxy" will not just be a set of sales figures, but will truly become a long-term asset in Geely's new energy transformation.

*Images in the text are from: Geely Galaxy official.