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Ford is planning some major moves in North America, but don't overlook its European changes. Ford and Geely are working together using the latter's GEA platform.

Geely Auto is no longer just a China-volume story. The real action is increasingly happening overseas and further upmarket. Premiumization is actually showing up where it matters, with better pricing, healthier margins, and stronger unit economics. The company has enough scale and shared technology across brands to make all that R&D spending work a lot harder.

Geely Automobile Holdings Limited reported 15% YOY revenue growth and a 46% YOY core profit increase, driven by robust export momentum. GELYF's "One Geely" strategy integrates global operations and capital markets, with leadership transitions reinforcing founder Li Shufu's strategic influence. Strategic partnerships with Ford, Renault, and Volvo accelerate international expansion, targeting two-thirds of volume outside China, up from one-third.

China's second-largest electric-vehicle maker recorded slightly lower net profit in the first half despite a surge in overseas sales, dragged by weaker demand in its home market.

Geely (GELYF) is outperforming peers in China, achieving 2% YTD volume growth amid a challenging macro and competitive price war. We remain neutral on GELYF ahead of earnings, citing macro uncertainty and questions about the sustainability of overseas growth despite positive export momentum. Geely trades at a 3.4x forward EBITDA, reflecting a conglomerate discount versus EV peers like BYD and NIO.

BYD failed to break the ranks of the three most popular car models sold in China in recent months, according to Autohome data. Tesla held up well, while Volkswagen was the only traditional foreign automaker.

China's auto sales fell in July, as higher oil prices and a weak macro environment weighed on demand.