“The whole point of going aggressively after the overseas market is to make sure that margin expansion continues,” said Leonid Mironov, a portfolio manager at Gavekal Capital Limited. Domestically, Geely “hit the model refresh schedule perfectly and they were able to roll out updated facelifted models just as the competition on that front heated up. So in 2026, I think BYD is the one catching up on that front.”