In the first half of 2025, several new Chinese stories are unfolding in the global automotive market.
Chery and Seres have both submitted applications for listing on the Hong Kong Stock Exchange; BYD's exports have jumped to second place among Chinese automakers, with the first car rolling off the production line at its Brazilian factory; Great Wall Pickup has sold nearly 100,000 units worldwide; Xpeng's first batch of right-hand-drive vehicles are being shipped to Thailand; and Leapmotor, through its partnership with Stellantis, is rapidly expanding into the European market.
Recently, the China Association of Automobile Manufacturers (CAAM) released the latest data showing that my country exported 3.083 million vehicles in the first half of the year, a year-on-year increase of 10.4%. As traditional multinational automakers overseas shrink their presence and return to their core markets, Chinese companies are accelerating to fill the gaps they have left.
We observe that the globalization of Chinese automakers has entered a new phase, from exporting products to investing overseas, from selling vehicles to building factories. To this end, 36Kr Global aims to present the common and unique strategies for China's auto overseas expansion in the first half of 2025 by reviewing semi-annual reports, prospectuses, and public information from representative automakers, providing readers with a clear industry reference.
Overall, the commonality is that automakers are no longer satisfied with simple sales figures. Instead, they are deeply embedding capital, production capacity, and supply chains into the global market through methods such as raising funds from the Hong Kong stock market, building overseas factories, and establishing joint ventures.
In terms of market entry and product branding, each automaker has its own strengths. BYD is simultaneously focusing on Europe and Latin America, Great Wall is establishing its global presence with pickup trucks, and Geely is concentrating resources through brand integration to achieve market breakthroughs. Meanwhile, emerging players like Xpeng, Leapmotor, and SERES are leveraging the power of automakers or capital, using a more flexible approach to find their place in the new global arena.
Chery: Maintaining First Place, Heading for Hong Kong Stock Exchange
According to data from the China Association of Automobile Manufacturers, Chery Automobile maintained its top position in exports in the first half of 2025, exporting 548,000 vehicles, accounting for 17.8% of total exports.
Chery was one of the earliest Chinese automakers to expand overseas, beginning its overseas expansion as early as 2002 with an order for 10 vehicles from Syria. According to Frost & Sullivan, Chery has ranked first in exports of Chinese domestically produced passenger cars for 22 consecutive years since 2003. By September 2024, Chery's passenger cars had been sold to over 100 countries and regions, with cumulative exports exceeding 5 million units.
In February of this year, Chery Automobile submitted its prospectus to the Hong Kong Stock Exchange. Financial data shows that in 2022, Chery's overseas passenger car sales revenue was approximately RMB 29.1 billion, accounting for 35.3% of total revenue; by 2024, its overseas revenue share was expected to approach 50%.
Chery's globalization strategy is characterized by a pragmatic and gradual approach. According to its prospectus, the company has adopted a differentiated, multi-brand entry strategy in overseas markets: in emerging markets, it prefers to directly introduce and promote its own brands with localized designs. In mature markets with a strong automotive industry foundation, it chooses to establish joint ventures with local auto OEMs as a channel for market penetration.
According to Frost & Sullivan, as of the nine months ending September 2024, Chery had 1,075 dealers and 2,541 distribution outlets worldwide (excluding China), establishing a sales network spanning Asia, Europe, Africa, Oceania, and the Americas. Chery Automobile ranked first in sales among Chinese independent brand passenger car companies in Europe, South America, the Middle East, and North Africa. The Tiggo 7 was the single most exported model among Chinese independent brands during the same period.
Localizing production capacity is a key pillar of Chery's global strategy, and the company began establishing knockdown assembly plants overseas a decade ago. According to Yiche.com, in February of this year, Chery Automobile announced the establishment of the Chery Intelligent Automobile Industrial Park in Selangor, Malaysia, with an initial annual production capacity of 100,000 vehicles upon completion.
If the Hong Kong stock market listing is successful, Chery will have more funds to invest in its global expansion. The company's prospectus outlines possible global strategic initiatives following the successful fundraising, including:
Further expansion of the global sales and service network, including entry into the right-hand drive market and the European market, and active exploration of markets such as North America, Japan, and South Korea;
Strengthening R&D capabilities in technologically advanced regions such as Europe and North America, attracting high-end local talent, and strengthening collaboration with local research institutions to jointly develop and share cutting-edge technologies;
Continuing to identify suitable regions globally for production bases to expand global production capacity;
Adopting flexible sales strategies and developing products tailored to local customer needs, while integrating market trends, the deployment of new energy infrastructure, and local regulations and policies to enhance product competitiveness and adaptability.
BYD: Jumps to Second Place in Export Volume
According to data from the China Association of Automobile Manufacturers, BYD's exports increased 1.3 times year-on-year in the first half of this year, reaching 470,000 vehicles.
The European market was one of BYD's most notable performance areas in the first half of the year. According to data from research firm JATO Dynamics, BYD's sales of pure electric vehicles in Europe surpassed Tesla's for the first time in April, with registrations reaching 7,231 units. Data from the European Automobile Manufacturers Association shows that BYD's combined sales in Europe's five core markets (the UK, Germany, France, Italy, and Spain) have exceeded 10,000 units. In Spain, BYD's monthly sales are triple Tesla's.
Progress in the European market extends beyond sales. In May, BYD established its European headquarters in Budapest, Hungary, and plans to build a new R&D center. This center will oversee sales, after-sales service, vehicle certification and testing, as well as key localized vehicle design and feature development.
Thousands of miles away in Latin America, BYD has already established a leading position. Take Brazil, for example. In the first quarter of this year, BYD's sales in Brazil exceeded 20,000 units, making it the top seller of new energy vehicles there. In May, BYD jumped to fourth place in the Brazilian auto brand retail sales rankings, with a market share of 9.7%.
This rapid sales growth is inseparable from the expansion of its product portfolio. In addition to the familiar "Ocean" and "Dynasty" series, BYD's newly launched "BYD SHARK" pickup truck has also become a growth point in overseas markets, with cumulative overseas sales exceeding 26,000 units in the first half of the year.
To support the surge in global sales, BYD is accelerating the development of its global production and supply chain network. According to BYD's official Weibo account, on July 1st, local time, BYD held a ceremony for the first vehicle to roll off the production line at its Brazilian passenger car factory in Camacari, Bahia State, Brazil. The Brazilian factory is BYD's third overseas passenger car production line, following those in Thailand and Uzbekistan.
Great Wall Motors: Sold 30,000 Pickup Trucks Overseas
Amid the wave of Chinese automakers expanding overseas, Great Wall Motors is steadily advancing its global expansion.
According to its latest 2025 interim performance report, Great Wall Motors achieved revenue of 92.37 billion yuan and net profit attributable to parent company shareholders of 6.34 billion yuan in the first half of the year. Overseas markets have been a key driver of its performance growth. According to official production and sales reports, its overseas sales in the first half of the year reached 198,000 units.
The pickup truck product line maintains its leading position in Chinese pickup truck exports. From January to June this year, Great Wall Pickup sold a total of 96,228 units globally, a year-on-year increase of 4.7%. Overseas sales totaled 30,083 units, a year-on-year increase of 24.3%, making it the top Chinese pickup truck exporter.
From the first Great Wall Piccadil rolling off the assembly line in 1996 to the export of Great Wall pickups to the Middle East in 1998, marking the beginning of China's automotive expansion overseas, Great Wall Pickup, one of the earliest Chinese automakers to enter overseas markets, is now available in over 60 countries across six continents.
In terms of models, the 2.4T Great Wall Cannon was launched in Chile, South Africa, Australia, Peru, and other overseas markets in the first half of the year. The hybrid-equipped Shanhai Cannon Hi4-T received positive feedback upon its launch in Australia. Meanwhile, models such as the Gaoshan and Lanshan under its high-end brand WEY are also accelerating their internationalization efforts.
Geely Auto: Leveraging New Energy Vehicles
In the first half of 2025, Geely Automobile Holdings Co., Ltd. (hereinafter referred to as "Geely Auto") delivered a solid performance in its overseas expansion through a multi-brand approach. Data shows that Geely Auto's overseas export sales reached 184,000 units in the first half of this year, with new energy vehicles performing particularly well.
In the European market, Geely Auto launched the pure electric SUV EX5. Geely Auto Group previously stated that the Geely EX5 is primarily targeted at fleet buyers, with the first batch expected to be delivered to UK customers in the fourth quarter of this year.
Geely Auto is also demonstrating greater ambition in Oceania. In March 2025, Geely Auto announced the official launch of the Geely EX5 in Australia and New Zealand. Within 20 days of its launch in Australia, the EX5 entered the top nine in the local pure electric vehicle sales charts, with cumulative deliveries exceeding 1,000 units as of June. Furthermore, as of early June, Geely Auto had signed contracts with 30 dealers and opened 26 showrooms in Australia, with plans to expand its dealer network in Australia and New Zealand to 100 within the next three years.
Geely Auto is also accelerating its expansion into emerging markets such as Southeast Asia, Latin America, and the Middle East. According to Geely Auto's official Weibo account, in the first half of this year, the Geely brand ranked first in sales among Chinese brands in Panama, Paraguay, Croatia, and other countries, and ranked third in sales among Chinese brands in Saudi Arabia, the UAE, Kuwait, the Philippines, and Qatar.
Of even greater note is Geely Auto's foray into the high-end market. According to Zeekr's official Weibo account, Zeekr has entered over 40 countries and regions, with nearly 600 stores worldwide, making it the only Chinese luxury car brand to deliver across five continents. The Zeekr 009 has achieved sales dominance in the MPV segment in major international markets such as Hong Kong, China, and Thailand. According to China Auto News, the Zeekr brand is further expanding into the Hong Kong and Macau markets, with Zeekr Energy partnering with EasyCharge (Hong Kong) to connect to over 170 local charging stations and over 2,300 terminals.
To support its global expansion, Geely is gradually deepening its production footprint. The successive commencement of production at its factories in Egypt and Indonesia further solidifies the group's local manufacturing capabilities in key emerging markets.
Xpeng Motors: Southeast Asia on the left, Europe on the right
As a representative of China's emerging automotive industry, Xpeng Motors is accelerating its globalization journey. According to public information, Xpeng Motors' overseas sales reached approximately 19,000 vehicles in the first half of 2025, expanding its business to 46 countries and regions worldwide.
Southeast Asia is a key focus for Xpeng Motors this year. In February, Xpeng Motors shipped its first batch of 300 right-hand-drive X9s to the global market. These vehicles will primarily be destined for Southeast Asian markets, particularly Thailand. At an auto show in July, Xpeng Motors officially announced that Indonesia had become the company's first global country to launch localized production, with the first locally produced Xpeng X9 delivered to an Indonesian customer.
According to official reports, Xpeng Motors is accelerating the expansion of its sales and service network in Indonesia, prioritizing the establishment of experience centers in major cities such as Jakarta, Bali, and Java. Xpeng Motors aims to cover 70% of core urban centers and 85% of high-density areas by the end of this year.
Europe is the starting point for Xpeng Motors' overseas expansion and a key focus of its globalization strategy. According to official news, Xpeng Motors successfully entered the Polish, Swiss, Czech, and Slovak markets in the first half of this year. Xpeng Motors also signed official agency agreements with automotive distributor Inchcape and European dealer group Hedin Group. Under the agreements, Inchcape will handle imports and nationwide distribution in Poland, while Hedin Group will take full responsibility for the Swiss, Czech, and Slovak markets.
This year, Xpeng Motors aims to cover 60 countries and regions and establish over 300 overseas service outlets. By 2027, Xpeng aims to be among the top three global new energy vehicle exporters and to have half of its sales come from overseas by 2033.
Overall, Xpeng Motors demonstrated strong execution in its global expansion in the first half of 2025. Through rapid breakthroughs in key markets such as Southeast Asia and Europe, it is systematically building global competitiveness.
Leapmotor: Standing on the shoulders of Stellantis, knocking on the door to Europe
Through the establishment of Leapmotor International, a joint venture with the international automotive giant Stellantis Group, Leapmotor, through a unique partnership model, achieved breakthrough overseas sales in the first half of 2025, with exports reaching approximately 20,000 vehicles.
In Germany, a powerhouse of the automotive industry, Leapmotor achieved its best performance since entering the market. According to Leapmotor's official disclosure, Leapmotor's market share in pure electric vehicles exceeded 1% for the first time in June 2025. From May to June alone, Leapmotor registered over 1,000 new vehicles in Germany, placing it among the top three Chinese auto brands in the German market for the first time. Leapmotor currently has over 100 sales outlets in Germany.
Beyond Europe, Leapmotor's collaboration with Stellantis has also extended to emerging markets. In April, Stellantis and Leapmotor announced the launch of a localized assembly project in Malaysia. The project will be based at Stellantis' existing Gurun plant in Kedah, Malaysia. With an initial investment of €5 million, the project plans to begin local production of the first Leapmotor model, the C10, by the end of 2025.
On the product front, Leapmotor has launched differentiated product portfolios for different markets. In Europe, its flagship extended-range C10 REEV and pure electric microcar T03 meet local demand for high efficiency and urban commuting. In Southeast Asia, the right-hand-drive C10, which is about to enter production, targets the region's growing middle-class families.
In terms of distribution channels, Leapmotor International has currently entered 23 international markets, including Europe, the Middle East, Asia Pacific, and South America, and has established over 550 overseas channels, with a goal of reaching 700 by 2026.
Through its strategic partnership with Stellantis, Leapmotor has embarked on a globalization path that differs from other emerging entrants. Not only has it rapidly gained market access and sales growth, but it is also expected to achieve initial success in brand building and channel development by leveraging the strength of this giant.
SERES: On the eve of its listing on the Hong Kong Stock Exchange
SERES's history can be traced back to the founding of the Baxian Phoenix Electrical Spring Factory in 1986. Since its founding in the 1980s, SERES has undergone three entrepreneurial transformations, transforming from a parts supplier to a complete vehicle manufacturer, and finally to a player in the smart car industry.
On April 28th of this year, SERES Group submitted its application for listing on the main board of the Hong Kong Stock Exchange, intending to proceed with an IPO in the city.
In terms of its overseas expansion, SERES has established operations in numerous countries across Europe, the Middle East, the Americas, and Africa. In Europe, SERES has expanded into markets such as Norway, Germany, the United Kingdom, and Switzerland. Although overseas operations currently account for a small portion of overall revenue, they are demonstrating strong growth momentum. According to the prospectus, SERES's overseas revenue is projected to reach RMB 3.922 billion, RMB 4.976 billion, and RMB 4.211 billion in 2022, 2023, and 2024, respectively.
In its specific regional strategies, SERES has demonstrated flexibility in adapting to local conditions.
In the ASEAN market, considered a key market, SERES has chosen deep localization. According to media reports, its complete vehicle plant in Banten Province, Indonesia, has commenced operations. The plant encompasses four core processes: stamping, welding, painting, and final assembly, boasting highly flexible and high-precision production capabilities, laying the foundation for localized manufacturing that will expand into the Southeast Asian market.
In the Middle East, SERES has adopted a more agile market entry approach, starting with the UAE and rapidly expanding into regions with strong high-end consumer spending, such as Saudi Arabia and Qatar. SERES has also established a presence in the hugely promising African market. In April 2024, the company partnered with Egypt's Kasrawy Group, officially entering this market with entry-level demand for new energy vehicles.
According to the Hong Kong stock prospectus, funds raised for overseas expansion will be used primarily in two areas:
First, to strengthen the research and development and adaptation of overseas vehicle models. This includes promoting the localization of high-end brands overseas, developing models that comply with local regulations, standards, and user needs, and implementing targeted upgrades to interior and exterior trims and in-vehicle functionality to address the pain points of different markets.
Secondly, SERES will expand its overseas sales channels and delivery capabilities. SERES plans to accelerate market penetration by diversifying its collaboration with global partners, including self-built facilities, reverse joint ventures, strategic partnerships, and even mergers and acquisitions, to achieve localized manufacturing and operations.
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