Geely Auto Acquires Radar Auto for RMB 2.18 Billion, Integrating New Energy Pickup Business into Listed Entity

Geely Automobile Holdings Limited recently announced that it has acquired 100% of the equity interests in three core entities of Radar Auto for approximately RMB 218 million in cash. Upon completion of the transaction, Radar Auto will become a wholly owned subsidiary of Geely Automobile, and its financial results will be consolidated into the listed company’s financial statements. The acquisition comprises three parts: - Zhejiang Jirun Automobile Co., Ltd. acquired 100% of the equity in Radar Auto (Shandong) for RMB 159 million; - Geely Holding Automobile Sales Company acquired all equity interests in Radar Auto Sales Company for RMB 59 million; - Two overseas subsidiaries under Geely acquired all shares of Radar Thailand, the Thai subsidiary, for RMB 490,000. All transactions were settled in cash. Radar Auto (Shandong) serves as the core operating entity of the Radar brand and holds full-chain assets for manufacturing new energy pickup trucks. The sales company manages domestic channel operations, while Radar Thailand—established in July 2024—focuses on distributing new energy pickups in Southeast Asia. Prior to the acquisition, both Radar Auto and Geely Automobile were parallel affiliated companies under Geely Holding Group. Founded in 2021, Radar Auto launched its brand and unveiled its first all-electric pickup, the RD6, in 2022, focusing on the passenger-oriented and electrified pickup segment. In 2023, Radar accounted for over 60% of China’s total new energy pickup sales and has since developed dual technological pathways covering both battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs). Financial data shows that Radar Auto (Shandong) reported a profit of RMB 67.743 million in 2024 but incurred a loss of RMB 8.646 million in 2025. The sales company turned profitable in 2025 with earnings of RMB 12.325 million, reversing prior losses. Radar Thailand posted an after-tax loss of RMB 10.697 million in 2025. Geely Automobile stated that this acquisition aims to strengthen its position in the pickup truck segment, optimize its passenger vehicle business portfolio, enhance cost efficiency through synergies, and accelerate Radar’s international expansion by leveraging the group’s global distribution channels.