In the past, joint venture cars always dominated China's domestic automotive market. Even after domestic car brands gradually rose, they were long left behind in terms of sales. However, with the emergence of New Energy Vehicles, the landscape of the domestic car market underwent a transformation. After years of development, domestic New Energy Vehicles have surpassed joint venture NEVs in both quantity and sales.

Apart from performing notably in the domestic automotive market, many domestic car brands have opened up overseas markets, selling domestic New Energy Vehicles to the world. For example, BYD Motors, which performed outstandingly in the domestic New Energy Vehicle market, also achieved solid performance in overseas markets. Recently, BYD announced its sales data for overseas markets. As of August, the sales volume of passenger cars and pickup trucks under the BYD brand in overseas markets reached 189,000 units, up 136% year-on-year. Compared to the same period last year, this added a sales volume of over 100,000 units, continuously breaking sales records for five consecutive months. In addition, BYD's total overseas sales from January to August were 1.158 million units, surpassing the 1.0496 million overseas sales data for the entire year of 2025.

Currently, BYD has achieved the top spot in New Energy Vehicle sales in countries such as Thailand, Singapore, Italy, Saudi Arabia, the UAE, South Africa, Brazil, and others. In addition, BYD has gained recognition from high-level officials of multiple countries through its strength. Recently, US Treasury Secretary Bessent mentioned BYD during a speech at the Charlotte Economic Club event, stating, "BYD is the best car worth $70,000 that consumers can buy for $35,000." Besides Bessent's public mention, after experiencing the Yangwang U8, California Governor Newsom also called it a breakthrough technology for the new era. Additionally, Uzbekistan awarded the "Friendship Medal" to BYD; furthermore, Brazilian President Lula, Thai Prime Minister Anutin, former Chilean President Piñera, and other high-level officials from multiple countries praised BYD's innovative technology.

The main reason BYD has been able to obtain positive evaluations from officials of multiple countries is that BYD has achieved independent and controllable capabilities in the core areas of New Energy Vehicles—batteries, electronic controls, and motors. Therefore, pricing is naturally controllable, reshaping the pricing logic of the automotive industry, so BYD can be said to have won global recognition with its product strength!

Discussing how to evaluate BYD's August 2026 sales exceeding 440,000 units, a year-on-year increase of 17.84%? First, state the viewpoint: this sales figure must be viewed dialectically. Flash charging boosted sales explosion; behind BYD sales exceeding 440,000 units is global market competition driven by technological change.

Overseas markets were the biggest highlight in August. Overseas sales of 189,000 units saw a year-on-year increase of 134.6%, breaking records for five consecutive months. Cumulative overseas sales from January to August of 1.158 million units have already exceeded the full year of 2025. BYD adopted an industrial going-global strategy by building factories in places like Thailand, Hungary, and Brazil. According to the "2026 H1 China Auto Going Global Insight Report" jointly released by CAITC and Yiche, BYD ranked first in market share in the Italian PHEV market in the first half of the year. Dolphin MINI retail sales were close to 30,000 units, firmly maintaining market first place. UK sales in the first half of the year were 38,000 units, nearly doubling compared to the same period, while Australia's June market share reached 13.5%, setting a new historical high, ranking second in sales for three consecutive months, with 3 model lines entering the top 10 for the first time.

Staying at the top of the new energy sector for 63 consecutive months, what does this record mean? It is the dominance established by BYD starting from April 2021. In over five years, regardless of market fluctuations or fierce competition, BYD has always stood at the top of the industry. BYD employs about 110,000 R&D personnel, making it the automotive enterprise with the most R&D personnel globally. Blade Battery, DM-i Super Hybrid, YiSifang Platform, 2nd Gen Blade Battery, and Flash Charging Technology, every technical innovation is continuously widening BYD's moat.

Battery Electric Vehicle (BEV) sales leading Plug-in Hybrid (PHEV) significantly for the first time is a positive signal. BEV sales in August were 256,000 units, PHEV were 177,000 units, with BEV accounting for 59%. The increase in BEV proportion indicates that Blade Battery and Flash Charging Technology are mature and charging infrastructure is well-established, but on the other hand, it reflects intensified competition in the PHEV market. From the competitive landscape of the China New Energy Sales List, the data of 440,000 units leading by a large margin shows a lead of nearly 250,000 units over the second-place SAIC. While predicting, we see intensified competition in the new energy market. Geely's August exports were 110,000 units, a 205% year-on-year surge, with cumulative January to August exports of 691,000 units, up 170% year-on-year. Chery's August exports were 197,000 units, accounting for 70.3%, with cumulative exports breaking 7 million units, firmly holding the champion position in Chinese automaker exports.

Technical innovation is BYD's ace card. 2nd Gen Blade Battery charges well in 5 minutes, fully charged in 9 minutes. 10,000 Flash Charging stations cover 332 cities. In terms of intelligence, Divine Eye 5.0 City Navigation + Intelligent Parking provides dual backup. The underlying competitive moat includes the systematic capabilities of 110,000 R&D personnel and 900,000 employees, and fully independent R&D and large-scale mass production of the entire industry chain including chips. Next, we will watch the capacity ramp-up of Flash Charging Batteries and the application of the 4nm smart driving chip Xuanji A3 in vehicles.

From the product structure perspective, the gold content of 440,000 units is constantly increasing. August data shows Tang EV broke 10,000 units for the second consecutive month, Qin MAX sales exceeded 10,000 units, Yuan Family sales were 84,000 units, Seal Family 47,000 units, Sea Lion Family three major series monthly sales all broke 10,000 units. Blooming in multiple points indicates BYD has broken the dependence on a single hit model, forming a complete product matrix covering the 70,000 to 300,000 price range. In August, Fang Cheng Bao and Denza combined sales were 58,000 units, more than doubling compared to the same period last year. Fang Cheng Bao sales were 42,000 units, up 155.6% year-on-year, becoming the sales leader among new forces brands with an average price over 200,000. BYD is breaking through upwards.

The performance of high-end brands is commendable. Fang Cheng Bao 42,000 units, up 155.6% year-on-year, became the sales leader among new forces brands with an average price over 200,000. From the industry chain perspective, BYD's full industry chain vertical integration is a unique advantage. Batteries, motors, electronic controls, and chips are self-controlled and can also be exported. Where are the future growth points? Product reserves are indeed rich. New cars such as Denza Z9S, Da Han, Sea Lion 08, 3rd Gen Tang, Titanium 9, etc., cover the 200,000 to 1,000,000 price range. Of course, there are strong rivals surrounding every sub-market. Whether BYD's complete product matrix can win in every sub-market needs market verification.

How will sales go next? Xiao Xing made a simple prediction using algorithms. The process of switching from fuel to electricity is accelerating, and the market share of traditional fuel cars is being rapidly eroded. An important turning point for China's automotive industry from trading market for technology to trading technology for market. When BYD's monthly sales exceed 440,000 units, former monarchs like Tesla, Volkswagen, and Toyota must face the rise of China's new energy vehicle enterprises.

What we see is the shock and attention of foreign media towards BYD entering the top 5 annual sales for the first time. Especially when BYD's first K-car model Sea Otter entered Japan, it caused a sensation among the media. If looking at the year-on-month sales trend changes, we can find the beginning of 2026 looks very similar to 2024. Due to production capacity and market environment factors, although the start was slow, the second half of the year ushered in robust and high-speed growth in production and sales. And looking at the months where BYD's sales exceeded 400,000 units so far, there are 11 in total. Coincidentally, they appeared in the year-end period from September to December in both 2024 and 2025. The reason 2026 is special is that the 400,000 unit sales target was achieved earlier than before; this capacity ramp-up was clearly visible since June. Let's wait and see the development trend of the last four months.

Overall, BYD's August 2026 performance of 440,000 units, with a year-on-year increase of 17.84%, is a report card with highlights that must be viewed dialectically. Highlights lie in overseas volume explosion, high-end volume increase, technology leadership, and systematic capabilities. BYD's path to global rise depends on whether it can find a new balance point between technical innovation, brand upward movement, overseas deep cultivation, and cost control. The competition in China's new energy vehicles has shifted from grabbing land in the incremental market to close-quarters fighting in the stock market. Flash charging boosted sales explosion; BYD's 440,000 monthly sales achieved a phased victory.

August sales hit 440,000 units, BYD takes China auto sales champion title again

Others worry about orders, it worries about batteries

To be honest, seeing "440,000 units, +17.84% YoY, once again first", this result is not unexpected. The truly worth pondering is another question: 440,000 units, is this BYD's ceiling?

In total volume, BYD sold over 440,000 NEVs in August, ranking #1 in China NEV sales for 63 consecutive months. Dynasty, Ocean bases are stable: Yuan series 84,000, Seal 47,000, Sea Lion three series all exceed 10,000, Tang EV, Qin MAX continue to exceed 10,000.

This is all basic, nothing much to discuss, there are 2 obvious changes.

First is overseas. August 189,000 units, +134.6% YoY, fifth consecutive month breaking record; first 8 months cumulative 1.158 million units, already exceeded full year 2025. Some say "Is it piling cars at the dock" — people thinking like that, probably haven't checked customs export data, nor looked at license plate registrations in Brazil, Thailand. Tang L renamed Atto 8 exported to Mexico, Middle East, Brazil, equivalent to 450,000-500,000 RMB, more expensive than domestic. This is real premium pricing.

Second is premium. Fang Cheng Bao 42,000 units, +155.6% YoY, single month exceeded Zeekr, Li Auto, AITO, Xiaomi, became sales champion among new EV brands with average price over 200,000 RMB; Denza 16,000 units, +33.4%. These two added up, 440,000 units, might not have reached BYD's true ceiling.

Because FinDreams Battery capacity is still being bottlenecked. When Gen 2 Blade first went into mass production, cell yield rate was only 60%~70%, production line capacity was 0 during retrofitting, belonging to dismantling, building, producing simultaneously. 12 bases retrofitting lines simultaneously, relying on core team running back and forth, capacity could only climb steadily. Fast charging boosted sales explosion.

Understood this way makes sense: Demand side orders exploded — sub-brands fighting for battery quotas, execs stationed at factory urging orders; Supply side is squeezing toothpaste — new cars parked in open lots waiting for battery packs, battery arrives then can go off line. Run after capacity and still sell 440,000, exactly shows demand is really hard.

Wait until line retrofit completed, yield rate maxed out, Gen 2 Blade capacity released again, that month sales, is BYD's true trump card.

So the question arises: Wait until that moment truly arrives, what will BYD's monthly sales be? 500,000, or more?

Japanese automakers have felt panic in global competition for the first time.

The first half of 2026 has passed. With more statistical reports emerging, Chinese automakers have created a string of new records. Among them, in ACEA European Association of Motor Vehicle Manufacturers' May statistics, among 31 major countries in Europe, BYD, SAIC, Geely, Chery, and Leapmotor totaled sales of 138,400 new cars, a year-on-year increase of 65%. This surpassed the total of six Japanese brands by more than 5%. Toyota, Nissan, Suzuki, Mazda, Honda, and Mitsubishi totaled 130,400 vehicles, a year-on-year decrease of 3%.

In another statistical perspective, in the narrow EU 27 markets, the month-on-month increase in new car registrations for the 5 major Chinese auto companies in May reached over 60%. Under different perspectives, Chinese auto companies have surpassed Japanese auto companies for the first time in history.

Undoubtedly, the value of this data is clearly higher than before. Because this is not just a comparison in numbers, but a hard confrontation in the world's third-largest market.

Three Tiers, Who Holds the New Overseas Influence?

Not only did they create records collectively, but each automaker also refreshed their upper limits.

Chery Auto, overseas sales account for more than 70% of the group's total sales, and has broken the record for single-month Chinese car exports for 4 consecutive months, additionally single-month exports exceeded 190,000 units for the first time;

BYD Auto, single-month passenger car and pickup overseas sales were 174,900 units, refreshing its internal corporate record, closely chasing Chery;

Geely Auto, first breaking 100,000 units in single-month overseas sales for the first time, 102,900 units in June, and the growth rate is very terrifying. The overseas new energy vehicle sales for the first half of 2026 were 277,200 units, a year-on-year growth rate of 585%;

Changan China, the overseas sales ratio is also gradually increasing. Taking June as an example, total sales were 201,900 units, overseas sales were 91,000 units, occupying nearly half the performance;

Great Wall Motor, the overseas sales ratio has also started to reach around 50%. Overseas sales for the first half of the year were 291,400 units, nearly 50% of total sales of 583,800;

SAIC Group, also refreshed its own sales record in Europe. Among them, the MG brand continued to take the title of European sales champion for Chinese brands, a record held for 11 years.

Aside from traditional large factories, new force automakers are also in a rapid upward trend now.

Leapmotor Auto, overseas sales for the first half of the year were nearly 100,000 units, currently exceeding its 2025 full-year number, and also starting to surpass XPeng Auto to take the top spot in new force overseas sales;

XPeng Auto, overseas sales are rising month by month. Taking June as an example, overseas deliveries can exceed 8,000. Its sales target for the full year of 2026 is set at 90,000 to 100,000 units;

So, from a numerical perspective, Chinese automakers in the overseas market are currently divided into three tiers:

The first tier, Chery is in the lead. Overseas sales 943,800 units, Chinese cars' history half-year export first exceeds 900,000 units. BYD ranks second, half-year overseas sales nearly 790,000 units. SAIC Group ranks third, half-year sales over 730,000 units;

Between the second tier and the first tier, the magnitude differs by about 50%. Geely Auto, sales for the first half of 2026 exceeded 470,000 units. What is worth noting is that its growth is very fast, and full-year sales are expected to exert pressure on SAIC Group. Changan's half-year overseas sales were 402,000 units, and Great Wall Motor's half-year overseas sales were 291,000 units.

The third tier is Leapmotor Auto and XPeng Auto. Leapmotor is expected to expand dealer numbers to 500 in the full year of 2026. XPeng has already expanded overseas sales and service networks to 380 stores in 60 countries and regions. Both are expected to quickly narrow the gap with the second tier.

From a model perspective, Chery's current export sales champion is mainly fuel SUVs Tiggo 7 and Tiggo 8. BYD's first half export sales champion is Yuan PLUS, actually BYD Dolphin.

Geely's export sales champion is Geely Galaxy Starship 7, Geely EX2 (Xingyuan in domestic). Changan's sales champions first include the fuel base of CS55PLUS and CS75PLUS, followed by the new energy segment's Deepal S05 speed in Southeast Asia is not low. Great Wall Motor's main sales model is Haval H6, Great Wall Cannon. Leapmotor's current sales champion is Leapmotor T03, XPeng Auto's sales champion is XPeng G6.

Further considering the dimension of regions and countries, competition intensity is lower than the domestic Chinese market, basically in a low friction intensity, simply put, market focus temporarily does not overlap much. The king of the Middle East is Chery, the king of Eastern Europe is Great Wall, BYD currently holds discourse power in the Brazilian market, the European market sales champion is currently MG Motors, but next as BYD's Hungarian factory is expected to go into operation in the fourth quarter, the 2027 sales champion may change hands.

Although MG is a British brand, consumer cognition is relatively good, but BYD's promotion speed is very terrifying. It is expected that by the end of 2026, it will double compared to the end of 2025, that is, around 2,000 sales points in Europe.

Additionally, Chery Auto is also actively adjusting its strategic deployment. Among them, in the first half of 2026, a pattern of surpassing the Middle East market in the European market has already formed.

So, in summary, Chery, Great Wall, and Changan each hold fuel car discourse power in different markets. BYD, Geely, and MG Motors respectively hold discourse power in different regional sub-segments in pure electric and plug-in hybrid aspects.

Not Just a Fight Over Numbers, Nor Just About Face

The reason why the overseas market grows so rapidly is actually a necessary stage. Early European cars, American cars, Japanese cars, and Korean cars also experienced similar processes. Because all emerging markets will turn from incremental markets to stock markets. To sustain development, automakers need to expand outward. This is not just about manufacturing, the Internet or AI industries are the same.

Of course, the discourse power currently mastered can only mean how the current performance is, it does not mean the trend of 2027 and subsequent.

So, to view the overseas potential of Chinese automakers more profoundly, there is actually a general conclusion mainly around factories (or overseas capacity), sales, and service networks.

Chery Auto, overseas has 10 KD assembly plants, dealer numbers exceed 1,500, dealer outlets nearly 3,000. Additionally, taking over Nissan's Sunderland plant in England is expected to start production as early as April 2027.

BYD Auto, planned up to 13 factories overseas at most, currently put into production in Thailand, Brazil, Uzbekistan. On dealer outlets, based on existing information, by the end of 2026 it is expected to have over 2,500. For the second factory in Europe, currently in the final stage of site selection and decision, some of its senior management accepted interviews stating that personally they prefer acquiring existing idle factories in Europe.

SAIC Group, currently has 4 major manufacturing bases overseas (Thailand, Indonesia, India, etc.). The planned first manufacturing factory in Europe is expected to start production at the end of 2028. On dealer outlets, over 3,000.

Geely Auto, has 20 overseas factories globally, overseas sales and service outlets number over 1,100.

Changan China, has built 9 overseas factories, plans 20 overseas factories, global dealer outlets plan over 14,000.

Great Wall Motor, overseas owns 16 factories, overseas sales channels over 1,500.

Leapmotor Auto, currently Leapmotor International Poland factory has been put into production. 2026 to expand strategic cooperation in Europe, seeking to take over Spain's dual factories, overseas sales and service outlets about 950, 85% layout in Europe.

XPeng Auto, production through Magna in Austria, overseas layout 380 stores.

So the final conclusion is, on planning, the largest scale is Changan China. On efficiency, the best currently are BYD, Chery, and SAIC Group. On potential, the largest are Geely Auto, Leapmotor Auto.

Actually, all of the above is not just who takes their own territory first, but also the explicit exports following the competition in battery, motor, and electronic control systems and intelligence in the Chinese market. And these will further return and support the domestic market.

The explicit advantage is, after experiencing more complex road conditions and usage situations, the maturity of the products is expected to upgrade very quickly in the facelift. For example, the usage environment in Southeast Asia is high temperature and humidity, the UK market's usage environment is cold and damp, the Brazilian market's usage environment is poor road conditions and humidity, and Eastern Europe market is cold and relatively poor road conditions.

Actually, since the first round of large-scale going out, there has been a great feedback on product stability. For example, Great Wall Motor currently has a very tough reputation on quality, Wei Jianjun also has the confidence to shout "Rest Assured" in the launch event.

Of course, besides this, there is also upgrade space in battery, motor, electronic control systems and AI. On battery, motor, electronic control, for example, in many areas of Italy, charging facilities are not perfect. On intelligence, we have to wait for data and regulations to be gradually released. Currently, domestic systems have the opportunity to upgrade further.

Then, overseas markets can solve homogenization and price war and other related problems to a certain extent. For example, in the European market, more and more Chinese automakers are tuning out different designs that meet local aesthetics. Again, for a model like pickup trucks, BYD has started to figure out the way in the Latin American market.

Written at the end:

However, the challenges ahead are not just about price, technology, value-for-money, and other basic topics.

For example, European consumers recently collectively focus on 2 topics. One is the residual value of vehicles, and the other is the speed of new car launches. On residual value, European users prefer leasing, generally after a 2-4 year usage process, renewing a new model with upgrades. So, if the update speed of new cars is as high frequency as in the Chinese market, it has already suppressed the desire to buy outright.

Also, relatively homogenized models will also trigger consumer anxiety. Similarly taking European consumers as an example, recently after XPeng MONA L03 pre-sale, it triggered many discussions on whether to choose XPeng G6.

Additionally, related hot topics include fulfillment capabilities. The OTA plan announced at the launch event, obviously cannot be like what happens around you and me, otherwise on sales it will be talked about word of mouth.

Editor's Note: Leapmotor's monthly sales exceeded the 100,000-unit mark consecutively, with August year-on-year growth exceeding 80%. The growth rate ranked among the leading mainstream new energy vehicle companies, as scale growth and operating quality improved in tandem, showing a positive development momentum.

January-August Sales 560,000 Units, Year-on-Year Growth 70%

On September 1, Leapmotor released the new vehicle delivery data for August 2026. Data shows that Leapmotor's global delivery volume in August reached 103,129 units, an 80.7% year-on-year increase. Following the delivery of 101,267 units in July, Leapmotor exceeded the 100,000-unit monthly delivery threshold for the second consecutive month. Thus far, cumulative deliveries for Leapmotor from January to August 2026 reached 560,900 units, a 70.55% year-on-year increase, with the production and sales scale steadily stepping onto a new level.

Against the industry background of overall adjustment in the domestic new energy market, Leapmotor's high growth rate was particularly notable.

Data previously released by the China Passenger Car Association showed that from January to July 2026, retail sales of domestic new energy passenger vehicles declined by 14.1% year-on-year, with terminal sales for most mainstream brands showing a year-on-year decline.

Under the pressure on the overall industry market, Leapmotor continued to gain share in the mainstream 100,000-200,000 yuan new energy market, leveraging cost advantages from full-domain self-research and high cost-performance product positioning. Its market share steadily increased, making it one of the fastest-growing brands in the new energy market this year.

From a market structure perspective, the domestic market remains Leapmotor's core foundation. Sales of core models continued to rise in their respective segments, becoming the core support for sales growth. Specifically, the A10 exceeded 100,000 units in mass production off the line just 135 days after launch, ranking first in sales of Chinese brand SUVs for consecutive months; the D19, after launch, firmly held the sales champion title for large SUVs within the 400,000 yuan range, with market reputation continuing to improve.

At the same time, overseas markets also performed notably, with export sales achieving rapid year-on-year growth. Leapmotor's export volume reached 96,300 units in the first half of the year, up 372.6% year-on-year, exceeding the total export volume of the entire year of 2025. Channel layouts in key markets such as Europe, Southeast Asia, and the Middle East were gradually implemented, localized operations continued to deepen, and the contribution of globalized business to overall sales continued to rise.

Exceeding 100,000 units for two consecutive months marks that Leapmotor's full-system capabilities in R&D, production, supply chain, channels, etc., have stepped onto a new level, able to stably support a monthly sales scale of 100,000 units, laying a solid foundation for subsequent sustainable growth. From monthly sales of 50,000 units at the beginning of the year to exceeding 100,000 units mid-year, Leapmotor doubled its sales volume scale in less than a year, with a growth rate far exceeding the industry average.

Operating Quality Improvement, Net Profit 210 Million Yuan in First Half

Matching the rapid growth in sales volume, Leapmotor's operating quality is also improving simultaneously. According to Leapmotor Automobiles' 2026 Semi-Annual Performance Report, Leapmotor Automobiles achieved operating income of 38.11 billion yuan in the first half of the year, up 57.2% year-on-year; net profit attributable to parent company was 210 million yuan, significantly up from 30 million yuan in the same period of 2025, continuously achieving semi-annual profitability, showing a good development trend of "scale growth, efficiency improvement".

On the profitability level, Leapmotor Automobiles achieved gross profit of 4.45 billion yuan in the first half of the year, up 29.7% year-on-year; the overall gross margin was 11.7%, down 2.4 percentage points compared to the same period last year, affected by rising raw material prices and changes in vehicle product structure. However, it is worth noting that its profitability level showed a quarterly improvement trend, with gross margin in Q2 2026 increasing by 3.2 percentage points compared to Q1, as the effects of scale economies and cost reduction measures gradually became apparent.

The core driver of profitability improvement came from the cost reduction effects and scale economy release of the full-domain self-research model.

Leapmotor's self-developed Four-leaf Clover Central Integrated Electronic and Electrical Architecture achieved scaled application, effectively reducing overall vehicle R&D costs and component procurement costs; at the same time, the rapid increase in sales volume brought significant scale economies, further diluting fixed costs and R&D investments. On the expense side, company R&D investment was 2.32 billion yuan in the first half of the year, up 22.8% year-on-year, continuously invested in core areas such as intelligent driving and three-electric technologies; sales and administrative expenses grew synchronously, mainly used for channel expansion and brand building, with overall operational efficiency continuing to optimize.

Regarding cash flow, the net cash flow from operating activities generated by the company in the first half of the year was 2.17 billion yuan; as of the end of June 2026, total funds reserves including cash and cash equivalents, restricted cash, and financial assets reached 38.59 billion yuan. Financial conditions were ample, able to support subsequent product R&D, channel expansion, and global layout.

Dual-Wheel Drive of Products and Global Expansion, Annual Target Achievement 53%

The dual improvement of sales and performance is inseparable from the continuous promotion of Leapmotor's product matrix, technology layout, and global strategy.

In terms of products, Leapmotor has already formed four major product matrices: A, B, C, D, covering categories such as sedans, SUVs, MPVs. The price range covers the mainstream consumer interval of 60,000 to 300,000 yuan, and each series of models ranks at the top of its market segment. Core models are highly recognized by consumers due to the product label of "high configuration, affordable price". In terms of technology, Leapmotor adheres to the full-domain self-research route, independently mastering core components accounting for 65% of vehicle cost, has built 18 self-owned component factories, and has constructed a deep technological moat.

On September 16, Leapmotor will hold the 2026 Annual Technology Conference, launching the new generation World Model Assisted Driving System and the latest technological achievements in the three-electric field, continuously releasing innovation potential. At the same time, Leapmotor has achieved vehicle-level technology empowerment for partners such as FAW and Stellantis, supplying core components to more than a dozen domestic and international automakers. The "Whole Vehicle + Tier 1 Component Supply" dual-wheel drive business model continues to run successfully.

Currently, Leapmotor Automobiles' global pace continues to accelerate. Among them, the European market performance was particularly outstanding, with Italy's pure electric market share exceeding 25%, ranking first in sales continuously; German and UK markets also ranked among the top Chinese brands. At the same time, localized assembly projects in Malaysia, Spain, Brazil, and other places were steadily promoted, with operating capabilities continuing to improve.

In the second half of the year, Leapmotor Automobiles will also welcome a new round of product iterations, with multiple models receiving intelligent upgrades, further driving sales growth.

Overall, sales exceeding 100,000 units for two consecutive months validated the feasibility and market competitiveness of Leapmotor's full-domain self-research model. Subsequently, with the implementation of technological results and increased overseas market volume, Leapmotor is expected to achieve a dual improvement in scale and efficiency. Leapmotor Automobiles' 2026 sales target is 1.05 million units, 53% of which is already completed. While maintaining a 100,000-unit scale level, achieving the target is highly possible.

On September 1, Deepal Auto released August sales data. Relying on continuous technical iteration and intelligent advancement, Deepal Auto launched a set of product revitalization combinations in August. The brand-new Deepal S05, brand-new Deepal G318, and Deepal L06 three strategic models exerted force simultaneously in different sub-markets, jointly building the core support for brand sales. Driven by this, Deepal Auto's global sales in August reached 28,659 units; cumulative global sales from January to August reached 222,028 units, a year-on-year growth of 11.77%; among them, cumulative overseas sales reached 52,647 units, a year-on-year growth of 76.98%. As of the end of August, Deepal Auto's cumulative global sales broke through 947,600 units, accelerating towards the million-unit mark.

The brand-new Deepal S05 achieved immediate volume upon launch, technology democratization releasing explosive potential

As the core force of Deepal Auto's globalization strategy, the brand-new Deepal S05 continues the explosive potential of monthly sales exceeding 10,000 units. In August, global sales reached 17,474 units, a year-on-year growth of 43.42%, and a month-on-month growth of 24.29%, leading the pure electric compact SUV market. Behind the eye-catching results is the solid implementation of "technology democratization": LiDAR, single-stage end-to-end algorithms, 3nm automotive-grade cockpit chips, FSD+HRS high-level variable adaptive suspension and other tier-skipping configurations are all equipped at once in the 150,000 Yuan mainstream market, allowing more users to enjoy tier-skipping experiences at mainstream prices. Gymnastics Olympic Champion He Kexin, as the first star owner of the brand-new Deepal S05, testified to the new car's strength with champion-level strict standards, further confirming the quality foundation of this "Global Fashion Laser Smart SUV".

As of now, Deepal S05 has already earned the trust of over 260,000 users, selling to 73 countries and regions globally, with overseas monthly sales stably breaking through 6,000 units. With the support of authoritative honors such as the German iF Design Award and J.D. Power 2026 China New Energy Vehicle New Car Quality Research Compact Pure Electric SUV No. 1, Deepal S05 has become a landmark product for high-value exports of Chinese new energy vehicles.

Deepal L06 Brand-New Special Edition Debut, Adding More Weights on Top of Sporty Driving Fun

Deepal L06, hailed as the first sports coupe for young people, thanks to the same Magnetorheological suspension as the 3 million Yuan Ferrari and all-scenario beginner-friendly intelligent assistive driving, not only precisely matches the dual needs of young users for control and intelligence, but also forms a sales momentum defying the trend in the 150,000 Yuan market, breaking through 5,000 units in sales for 5 consecutive months, ranking among the sales champions for new energy mid-size cars within 200,000 Yuan in multiple months.

It is worth mentioning that to further meet the advanced needs of young users for sporty driving fun, the Deepal L06 Brand-New Special Edition equipped with a track racing kit made its debut at the Chengdu Auto Show. The car's head 3D wind blades, integrated front splitter, side skirt wind blade decorative parts, and carbon fiber fixed large rear wing allow the vehicle to reach a maximum downforce of up to 1000N. During intense driving, the car body posture is tighter and more controllable, cornering is more enjoyable, and high-speed stability is improved, balancing daily comfort with track presence.

Brand-New Deepal G318 Launches, Activating the 200,000 Yuan Segment Intelligent Box Car Track

The brand-new Deepal G318 officially launched at the Chengdu Auto Show, with a limited-time discounted price of 196,800 Yuan to 236,800 Yuan, injecting a new variable into the 200,000 Yuan box car market. As the only box car in the 200,000 Yuan segment equipped with Huawei Qiansun Dual Intelligence, the new car brings Huawei Qiansun ADS 5 Pro and HarmonyOS Cockpit HarmonySpace 5 to this price range for the first time, precisely meeting the real travel needs of urban families: "90% calm commuting in the city, 10% roaming freely outdoors." Coordinated with the industry's only "Air Suspension+CDC+Magic Carpet" comfort trio, along with dual motor true four-wheel drive, two locking differentials, and ET all-terrain system, the brand-new Deepal G318 makes "Good to drive every day, good for the whole family to sit, occasionally going wild" an accessible daily life for urban families. Recreating a new standard for box cars with "9 Cities 1 Wild", this car will open up incremental space for Deepal Auto in all-around family travel.

LiDAR Accelerating Full-Line Integration, Technical Foundation Supports Sales Quality

Steady sales performance stems from long-term accumulated technical confidence. Currently, Deepal Auto is accelerating the mass production launch of LiDAR and urban intelligent assistive driving systems across all models, with "Intelligence" becoming the brand's most recognizable competitiveness. Meanwhile, the self-developed confidence in electrification is equally solid: The "Battery Boost Charging Technology" patent invention won the China Patent Excellent Award; the Yuanli Super Integrated Electric Drive Technology has evolved through multiple generations, leading the industry; the Jinzhongzhao Battery won the National Science and Technology Progress Second Prize twice; the Micro-Core High-Frequency Pulse Heating Technology won the China Patent Gold Award, with self-developed results becoming the technical support point for user trust.

Solid technology and product foundation also support strong performance in overseas markets. As a pioneer of Changan Automobile's "Haixi" Plan, Deepal Auto has laid out five global regions, covering over 100 countries and regions. This month, Deepal S05 and Deepal S07 landed on overseas markets such as the Indonesia International Auto Show and South Africa Auto Show successively, with global influence continuously rising. In addition, Deepal S07 also won the Silver Award for China Patent Design at the 26th session, with design strength receiving national authoritative recognition.

This August performance report testifies not only to the success of a new product offensive but also reflects Deepal Auto's increasingly steady development rhythm. New product effects, technical advancement, and globalization expansion operate in sync. Every step of growth for Deepal Auto has a clear path and destination. From the continuous practice of technology democratization to the steady expansion of the global map, Deepal is always doing one thing: making high-end intelligent experiences a daily reality for more ordinary people. This is not only the best return Deepal Auto has given to its 947,600 global users but also the confidence of Chinese intelligent manufacturing sailing to the center of the world stage.

September 1st BYD officially released the August 2026 production and sales report, and the release of this performance report immediately sparked widespread industry attention. Data shows that in August, the overall sales of BYD Group reached 440,293 vehicles, of which passenger car sales were 433,384 units, a year-on-year increase of 16.7%, and a month-on-month increase of 5.4%, refreshing the brand's August sales record for all years. The most eye-catching performance is undoubtedly the overseas market. In August, overseas sales of passenger cars plus pickups reached 188,746 units, soaring 134.6% year-on-year, setting a new historical high for monthly exports. The proportion of overseas sales in total sales has already approached 40%. Going global has evolved from BYD's supplementary business into one of the core engines driving growth. As of now, BYD's cumulative global sales of new energy vehicles have broken through 17.8 million units, continuing to firmly hold the position of the global new energy vehicle sales champion.

Breaking down by brand, the Dynasty Network plus Ocean Network remain the absolute core base of sales. In August, they sold a total of 375,373 units, accounting for more than 80% of total sales. These two networks cover the mainstream home market from 100,000 to 300,000 level, with sedan, SUV, MPV categories complete. Qin PLUS, Song PLUS, Yuan PLUS, Seal these classic models long time occupy the sales forefront in their respective sub-markets. Recently revised models have been launched successively, product strength further upgraded, plus adjustments to terminal price policies, continue to solidify the basic base of the mass market. For ordinary family consumers, Dynasty and Ocean series models, relying on mature DM hybrid technology, e-Platform 3.0 pure electric architecture, and user-friendly pricing, remain one of the first choices for home new energy vehicles.

Fang Cheng Bao brand August sales 41,568 units, continue to maintain a stable growth trend. Since the launch of Bao 5 opened the market, Fang Cheng Bao's product matrix has been expanding rapidly. Bao 3, Bao 8 launched successively, covering the tough off-road and SUV market from 100,000s to 300,000 level. Different from traditional tough off-road vehicles, Fang Cheng Bao focuses on DMO super hybrid off-road platform, having both off-road capability and the economy and comfort of city commuting, precisely hit the user needs of many who long for outdoor life but do not want to sacrifice daily commuting experience. Now Fang Cheng Bao has become the absolute main force in the domestic tough off-road new energy market. Subsequently with the launch of Ti 9 and other higher-end models, the brand's ceiling will continue to improve further.

Denza brand August sales 16,001 units, maintaining the first tier of the high-end new energy market. Denza D9 long time occupies the top of high-end MPV sales, N7, N8 are continuously exerting force in the SUV market, forming an MPV plus SUV product combination. Denza's positioning is very precise, focusing on the 300,000 to 500,000 high-end home and business market, having both BYD's technical endorsement, and services and luxury higher than ordinary BYD brand, precisely accepting the user needs of consumption upgrade. Many people upgrade from ordinary domestic brands, or come from joint venture luxury brands, Denza is always a very important alternative option.

Yangwang brand August sales 442 units, as a million-level high-end brand, this sales performance is already quite stable. Yangwang U8, U9, U7 three models respectively cover tough off-road, hypercar, luxury sedan market, showed the limit of BYD's technology to the whole world. e4, DiSus, Blade Battery these top technologies, all first verified landing on Yangwang brand, then gradually deployed to lower-priced models, forming technical feedback. Yangwang's significance is not only about how many cars sold, but also lies in that it broke the price ceiling of domestic brands, proving Chinese brands can also make million-level high-end cars.

In the whole sales data, the most worth deep interpretation is the explosive growth of the overseas market. August 188,700 export volume, year-on-year growth 134.6%, January to August cumulative exports have reached 1.158 million units, only used eight months to surpass the total export volume of all of 2025. This growth rate placed in the overall Chinese auto company going global big picture, is also a leading level. Different from many auto companies' pure whole vehicle export model, BYD follows the route of technology plus capacity full ecosystem going global, building local factories in Thailand, Brazil, Hungary and other countries, gradually shifting from whole vehicle export to local production local sales, not only can avoid tariff barriers, but also can better adapt to local market needs.

At the same time BYD is also outputting domestic technical standards overseas, Blade Battery, e-Platform 3.0, DM hybrid technology, and the latest Megawatt-level fast charging, all being gradually equipped on overseas version models. In main markets such as Europe, Southeast Asia, Latin America, Middle East, BYD's market share is steadily rising, from previous mainly economic small cars, gradually shifting to mid-to-high-end models. The high growth of overseas market also well counteracted the competition pressure of domestic market. When domestic price wars intensify, overseas market has become BYD's important incremental source and profit buffer.

From the power structure perspective, August pure electric vehicle sales 256,230 units, year-on-year increase 28.38%, month-on-month increase 9.92%; Plug-in hybrid vehicle sales 177,154 units, year-on-year increase 3.05%. Clearly can see, pure electric vehicle growth speed is accelerating, on one hand because overseas market pure electric vehicle demand is booming, on the other hand domestic market pure electric vehicle product matrix is also constantly improving. Seagull, Dolphin, Yuan PLUS these entry-level pure electric vehicle sales stable, Seal, Han EV these mid-to-high-end pure electric also continuously exerting force. Plug-in hybrid models although growth speed slowed, but still remains BYD's basic base. DM technology fuel consumption low, no range anxiety advantages, for many users who find charging inconvenient, still an irreplaceable choice.

Looking at January to August cumulative, BYD Group cumulative sales 2,668,015 units. Although cumulative year-on-year slightly declined, but this is mainly because 2025 same period base is too high. Placed in whole industry view, BYD still firmly ranks first in domestic new energy vehicle sales, and leading advantage is very obvious. More importantly sales structure is changing, overseas proportion continuously rising, high-end brand proportion getting higher and higher, average price per vehicle also steadily rising. Not relying on low price to exchange sales, but transforming towards high quality development.

Looking forward to the second half of the year, BYD's product rhythm remains dense. Dynasty Network 3rd Gen Tang, Han revised models, Ocean Network Sea Lion 07, Sea Lion 08, Fang Cheng Bao Ti 9, and Denza, Yangwang new models will be launched successively. Domestic market product strength will be further enhanced. Overseas market aspect, as more local factories put into production, and more regional market development, export sales probability will still maintain high growth. Current BYD is no longer pure Chinese auto company, but is growing into a global auto group. Domestic and foreign two markets dual wheel drive, risk resistance ability will become stronger and stronger.

Of course also need to see, global new energy market competition is also becoming more and more intense. Traditional auto companies accelerate electrification transformation, New EV brands also continuously catching up, BYD also cannot take lightly. Technology research, product iteration, channel construction, brand construction, every link cannot loosen. But at least from current sales data view, BYD's strategic rhythm is steady. Multi-brand matrix, full technology route, globalization layout, these long-term layouts are gradually realizing results. Next September and October peak sales season, BYD sales probability will rise to another level. Whole year performance is worth looking forward to.

On September 1, Geely Automobile Holdings Limited (0175.HK) announced its August sales report, total monthly sales reached 270,194 vehicles, achieving double year-on-year and month-on-year growth for 6 consecutive months, both rising 8% year-on-year and month-on-month. The new energy sector performed brightly, Geely, Lynk & Co, and Zeekr combined new energy sales reached 175,877 vehicles, up 19% year-on-year, accounting for 65% of new energy sales.

The overseas market has become a powerful engine for Geely's growth, officially entering a new stage of "systematic overseas expansion". August overseas exports reached 110,094 vehicles, surging 205% year-on-year and slightly increasing 3% month-on-month, achieving double growth year-on-year and month-on-year for 8 consecutive months, and also marking the third consecutive month with exports exceeding 100,000 units. Among them, new energy exports reached 70,629 vehicles, up 446% year-on-year, accounting for 64% of total exports, new energy products are becoming the main force for Geely's global market expansion.

At the 2026 Chengdu International Motor Show held from August 21-30, Geely gathered its four major matrices: Zeekr, Lynk & Co, Geely Galaxy, and Geely China Star, showcasing 49 intelligent products together, covering pure electric, hybrid, and fuel power routes, concentrating on demonstrating the technical strength of full-domain AI smart cars.

Three Brands Work Together, Multiple Key Models Show Outstanding Results

Zeekr, as a global luxury tech brand, is showing strong upward momentum, delivering 36,981 vehicles in August, a 110% year-on-year increase. Multiple models under its brand have secured top positions in niche segments: Zeekr 7X monthly sales continue to break 10,000, with global orders exceeding 200,000; Zeekr Shooting Brake sales exceeded 10,000 for three consecutive months, with over 400,000 vehicles delivered globally; Zeekr 9X ranked first in sales of vehicles above 500,000 from January to July; Zeekr 8X, launched only three months ago, ranks first in cumulative sales of hybrid SUVs in the 300,000-500,000 price range; Zeekr 009 secured the championship for both sales and reputation of domestic pure electric MPVs above 400,000 for three consecutive months. At the Chengdu Auto Show, Zeekr presented 14 heavy-hitter products, and its luxury lineup garnered significant attention.

Global new energy high-end brand Lynk & Co sold 17,027 vehicles in August, up 4% month-on-month, among which new energy sales were 15,504 vehicles, up 10% month-on-month. At the Chengdu Auto Show, the new Lynk 20 and the sporty Lynk 20 Fly version debuted, balancing urban trends with sports attributes; Lynk 10, Lynk 07GT, and GT Concept Car were exhibited together, enriching the product matrix. On the racing track, Lynk & Co also achieved results. The 07GT Rally Academy car competed in the 2026 China Car Rally Championship Huairou Station, winning the S7 category and the Lynk & Co Rally Challenge Championship, opening up a new track for Chinese brand hybrid rally racing.

Geely brand sales reached 216,186 vehicles in August, up 5% year-on-year and 9% month-on-year, solidifying the group's growth foundation. Geely Galaxy under Geely sold 119,115 vehicles in August, up 8% and 10% respectively year-on-year and month-on-year. Geely Xingyuan's popularity remains high, selling 60,955 units in August, breaking 50,000 for three consecutive months, with cumulative sales approaching 900,000; Galaxy E5 monthly sales were 14,132 vehicles. Regarding new cars, the Class C AI pure electric sports sedan Galaxy TT started pre-sales, with a starting price of 145,900; AI all-terrain hardcore SUV Galaxy Battleship 700 landed at the Chengdu Auto Show, planned to start pre-sales in September.

The fuel power segment of Geely China Star sold 97,071 vehicles in August, up 8% month-on-month. The Shuangbin Family, China Star High-end Series, and Boyue Family all maintained stable output. The 4th Gen Boyue L i-HEV landed at the Chengdu Auto Show, equipped with the 3rd Gen i-HEV Zhiqing hybrid technology, featuring LiDAR and advanced intelligent driving solutions, solidifying the fuel SUV advantage. The new mid-to-large flagship smart hybrid SUV Xingyue L PLUS was also announced to debut, scheduled to premiere on September 5.

Investing in Full-Domain AI Technology, Hardcore Off-Road Technology Officially Released

Geely is permeating full-domain AI into the entire business chain of design, R&D, manufacturing, and after-sales. On August 28, Geely released AI new energy off-road technology externally, including GTA native new energy off-road architecture, Full-Drive AI Electric-Hybrid Thor EM-T, and AI All-Terrain Digital Chassis, three core innovations. This technology will first land on the Galaxy Battleship 700, reconstructing new energy hard-core off-road standards, balancing off-road capability, energy consumption performance, and intelligent experience.

Globalization Accelerates, Overseas Sales Target Raised to Sprint for Million Milestone

Overseas markets are blooming in multiple points; Zeekr, Lynk & Co, and Geely brands took leading positions in niche markets in multiple countries such as Australia, Malaysia, Tunisia, and Panama. Multiple models achieved bright rankings in markets such as Thailand, Poland, Spain, and Mexico. Channel layout continues to expand, with new markets and stores constantly added in Europe, Latin America, Southeast Asia, and Middle East Africa; Geely Monjaro EM-i global car officially started listing.

Based on strong performance in overseas markets, Geely raised its 2026 overseas sales target from 640,000 to 920,000, going all out to hit the 1 million export target.

Mid-August Geely disclosed 2026 interim performance, total revenue 173.6 billion yuan, core net profit attributable to parent company 9.68 billion yuan, achieving simultaneous improvement in volume, price, and profit. Facing the future, Geely will rely on the "One Geely" strategy, leverage full-domain AI technology advantages, adhere to high-quality development, and continuously release growth potential.

After achieving a historical high in overseas market sales in June, SAIC Motor delivered another impressive performance report in July: overseas sales in July reached 142,000 vehicles, a year-on-year surge of 72.5%; cumulative sales from January to July reached 876,000 vehicles, growing 52.1% year-on-year, firmly maintaining its position in the first echelon of Chinese automakers expanding overseas.

With overseas sales continuing to surge, this is driven by SAIC's deepening promotion from "product going global" to "system going global". Recently, SAIC has densely launched multiple models in markets such as Europe, Southeast Asia, and South America, while simultaneously holding overseas technical conferences, establishing direct sales companies, and deepening local production... Global R&D, manufacturing, service, and brand operation capabilities continue to be perfected.

New models launch continuously, with warm responses in the overseas market

Recently, SAIC brands such as MG and Wuling have started a wave of new car launches overseas. On June 17, MG unveiled the new all-electric hatchback MG4 Urban in Bangkok, Thailand, offering Standard, Long Range, and Flagship versions, and achieved local production in Thailand; on July 16, this model landed in the Brazilian market, appearing alongside channels and after-sales ecosystems. As a "global car", MG4 Urban landed in the UK, Germany, Australia, Singapore and other markets this year, satisfying global user needs with advanced intelligent electrification technology and strong product capabilities.

Besides all-electric models, SAIC MG's HEV hybrid models also performed remarkably well, with monthly overseas sales nearing 27,000 vehicles, doubling year-on-year. On July 29, the MG ZS Hybrid+ was officially launched at the Indonesia International Motor Show. Relying on excellent fuel economy, smooth and sensitive driving performance, and perfect after-sales service, it quickly won the praise of Indonesian users.

Also debuting at the same Indonesia International Motor Show was Wuling Aira EV. This "global car" sharing the same DNA as Wuling Hongguang MINIEV is compact and agile, precisely matching local driving scenarios in Indonesia such as narrow streets, cramped parking spaces, and multi-person travel. The model is locally produced at the Cikarang Plant in Indonesia, relying on the manufacturing, channels, and user foundation accumulated in Indonesia, establishing a new benchmark for electric cars in Indonesian cities and continuously digging deep into the local market.

The new car effect is gradually appearing in regional markets. In Europe, MG brand cumulative sales from January to July reached 218,000 vehicles, growing 22.8% year-on-year, retaining the title of "China Brand Europe Sales Champion"; in Italy, MG cumulative users broke through 150,000, becoming the brand's second 150,000+ market in Europe after the UK. SAIC-GM-Wuling also performed remarkably well, with overseas exports exceeding 30,000 vehicles consecutively for 4 months, cumulative overseas sales from January to July breaking through 200,000 vehicles, showing strong growth momentum.

Strengthening system deepening, overseas strategy steadily advancing

Dense new car launches are the forward positions of SAIC in the global market, while deeper breakthroughs lie in the comprehensive advancement of technology, standards, and systems—sharing cutting-edge technology, integrating into local markets, taking root in industrial ecosystems, and serving local users.

On July 8, MG held a technical conference in London, UK, bringing the most cutting-edge intelligent electrification technology back to the brand's place of origin. The conference centrally showcased MG Plug-in Hybrid+, SolidCore semi-solid-state battery, and MG Parking smart cockpit with assisted driving, demonstrating SAIC's strong technical strength to global users.

The next day, MG showcased the two-door all-electric concept car MG Go! and the coupé SUV concept car MG Cyber at the Goodwood Festival of Speed. Both models draw design inspiration from the brand's historical classics. MG Go! offers users a new choice for personalized all-electric travel with its compact and sporty stance; MG Cyber is positioned as an electric flagship coupé SUV, carrying the brand's future design language and upward vision.

Regarding sales channels, in July, the MG brand established direct sales companies in Belgium and Luxembourg, fully responsible for distribution, sales, and channel operations in the local markets. The construction of the direct sales system is a transition of MG from "selling cars" to "operating", helping the brand more directly reach customer needs, organize sales rhythms, improve service capabilities, and achieve agile responses to market dynamics.

Forward-looking designed products, cutting-edge hardcore technology, and deeply laid-out systems constitute the new pattern of the MG brand's overseas expansion stepping by steps. Shifting from sales scale leadership to deepening local markets and building long-term user relationships, SAIC's "Glocal strategy" is being rapidly implemented.

Commercial vehicles active layout, market development steadily promoted

While the overseas passenger car market continues to break through, SAIC Commercial Vehicles has also achieved remarkable performance overseas. In July, SAIC MAXUS sold 14,000 vehicles overseas, a year-on-year surge of 69%, with products continuously selling well in more than 100 countries and regions worldwide. The first batch of 200 MAXUS T60 pickups purchased by Venezuela Petroleum Company, coupled with the steady landing of bulk orders for pickups in Chilean mining areas, confirmed the overseas enterprise customers' recognition of MAXUS's high-end pickup commercial value; in the Greek light commercial vehicle market, the SAIC MAXUS brand maintained the number one market share of Chinese brands for 6 consecutive months, and the penetration pace in the European market continued to accelerate.

In the heavy truck and bus fields, recently SAIC Hongyan reached a 1,000-unit new energy heavy truck strategic cooperation agreement with a top port client in Thailand, creating a new historical high for the scale of a single export of domestic new energy heavy trucks to Southeast Asia. This batch of new energy heavy trucks underwent local optimization targeting Southeast Asia's high temperature, heavy rain, and heavy load conditions, and simultaneously improved the overseas charging, maintenance, and spare parts ecosystem layout. The first batch of vehicles has been shipped to Thailand. Sunwin buses appeared at the Australian Bus & Coach Exhibition in July, displaying the all-electric city bus iEV12 tailored for the Oceania market, meeting the needs of right-hand drive, longer operating mileage, and better handling performance, while possessing high reliability and scalability, satisfying Australian market needs with advanced products and services.

From light vans and pickups to heavy trucks and buses, SAIC Commercial Vehicles' overseas path not only features a multi-category matrix but also actively explores deep local operations. In the process of breaking through orders to settling reputation, SAIC is deeply laying out in the global commercial vehicle market with systematic strength, continuously expanding market growth space.

From MG's technical conference and direct layout in Europe to Wuling's local production in Southeast Asia, and then to the deep breakthrough of the commercial vehicle segment in multiple categories and regional markets, SAIC's global operations continue to deepen. From "going out" to "going in", the development logic of Chinese automobiles going overseas is being reshaped. The synergy resonance formed by excellent products and complete systems will make the brand image of Made in China increasingly bright on the world stage.

The global automotive market in the first half of 2026 delivered its results amidst multiple shifts: escalating geopolitical conflicts, repeated supply chain disruptions, and the electrification transition entering a critical phase. Looking at internationally mainstream automakers with announced data, the sales landscape shows significant differentiation: Japanese, German, and American traditional giants generally face pressure and decline, while some Chinese independent brands and automakers focusing on emerging markets achieve resilient growth. This structural reshuffle reflects the profound reshaping of the global automotive industry landscape.

Toyota Retains Sales Crown, Multiple Chinese Brands Reach the Top Tier

According to the official H1 2026 global sales data announced by each automaker, Toyota Motor remained the sales champion for the first half of the year, with global sales of approximately 5.39 million units, a year-over-year decrease of 2.8%. This marks the first time Toyota has seen a year-over-year decline in global H1 sales in two years. The Volkswagen Group ranked second globally with approximately 4.126 million sales, with the year-over-year decline widening to 6.3%, a gap of 1.26 million units from Toyota. The Hyundai Motor Group (combined Hyundai and Kia) had a total H1 sales of approximately 3.579 million units, overall performance relatively stable, holding the third place globally.

(Note: Some automakers have not yet announced H1 sales data)

The Stellantis Group ranked fourth with H1 sales of 2.958 million units, the only traditional giant achieving double-digit positive growth, with a year-over-year increase of 11%, demonstrating surprising resilience and elasticity. Stellantis Group H1 global sales were approximately 1.36 million units in the first quarter, a year-over-year increase of 12%; 1.597 million units in the second quarter, a year-over-year increase of 10%, mainly driven by the North American and European markets.

General Motors delivered approximately 2.721 million units in the first half of the year, a year-over-year decrease of 8.9%. However, benefiting from the high premium of North American pickups and SUVs, its sales revenue instead grew counter-trend slightly to $91.7 billion, showing the rare characteristic of "volume down, profit stable".

Notably, Chinese brands occupy three spots on the top 10 list. BYD's cumulative sales reached 1.809 million units in the first half of the year, a year-over-year decrease of 15.7%. Geely's total sales for the first half of the year were approximately 1.423 million units, including brands such as Geely, Lynk & Co, and Zeekr, a slight year-over-year increase of 1%, with new energy product penetration reaching 56%. During the same period, Chery Group's total sales for the first half of the year reached 1.358 million units, a year-over-year increase of 7.7%, setting a new historical high. Among them, June single-month sales were 256,612 units, a year-over-year increase of 9.8%.

Japanese automaker Suzuki's total sales for the first half of the year were 1.8 million units, a significant year-over-year increase of 110.3%. The company saw sales growth in markets such as India, Indonesia, Pakistan, and Africa, driving its overseas H1 sales to a new record. Nissan's sales for the first half of the year were 1.506 million units, a year-over-year decrease of 6.7%, continuing the sluggish trend of recent years.

Traditional Giants Lose Speed: Loss of China Market Resonates with Middle East Geopolitical Impact

In traditional automakers where performance declined, the sluggish sales in the China market, the spillover effects of Middle East geopolitical conflicts, US tariffs, and the retreat of electric vehicle policies, together formed the "headwinds" suppressing their global performance.

An announcement issued by Toyota Motor at the end of July stated that due to weakening demand in the Chinese market and the drag from model replacement adjustments of the popular model RAV4, the company's global production and sales in the first half of the year saw a decline. From January to June this year, Toyota's sales in the Chinese market plummeted by 17.1%, offsetting demand growth in the North American and Japanese markets. In the announcement, the Toyota Group stated: "North American and Japanese market demand is stable, demand for hybrid models and other models in the North American market remains strong, but was offset by the decline in sales in the Chinese market."

Image Source: Toyota Motor

Geopolitical conflict combined with fierce competition in the Chinese market has begun to impact the profit records set by Toyota in the previous fiscal year. In June this year, sales of Toyota and Lexus brands in the Middle East region decreased by 24% year-over-year, while sales in the Chinese market decreased by 27% year-over-year. At the performance conference in May this year, Toyota stated that the automaker exports approximately 500,000 to 600,000 vehicles to the Middle East annually, and the company estimates that nearly half of the export volume could be impacted by the situation in the Middle East.

However, Toyota also adjusted the combined sales forecast for automobiles upwards by 100,000 units from the previous forecast, to 9.7 million units, a figure higher than the previous fiscal year's total sales of 9.595 million units. Toyota stated that the upward adjustment originated from strong demand in North American and European markets, while alternative logistics channels to the Middle East were completed, driving a recovery in local sales.

Volkswagen Group's performance pressure in the first half of the year was also highly concentrated in the Asia-Pacific market, where the decline in the Chinese market was particularly obvious. Volkswagen delivered 24% less in the Asia-Pacific market in the first half of the year, and deliveries in the Chinese market decreased by 25.9% year-over-year. From the perspective of sub-sectors, the downward trend of pure electric models is particularly significant: from January to June this year, Volkswagen Group's deliveries of pure electric models in China plummeted by 47.9%. Volkswagen also had a difficult situation in the North American market in the first half of the year, with pure electric business performance particularly pronounced. In the first half of the year, the group's sales of pure electric models in North America fell sharply by 68.8%, plummeting from 31,300 units in the same period last year to only 9,800 units in the first half of the year.

General Motors' global deliveries for the first half of the year decreased by 8.9%, but supported by stable prices and strong demand for pickups and SUVs, global sales revenue still climbed slightly, demonstrating the profit moat of the North American market. However, General Motors' performance in the Chinese market was also not optimistic, as its joint venture brands face all-round siege from Chinese local brands.

Chinese Brands: From Domestic Fierce Competition to Global Offense

Represented by automakers such as BYD, Geely, and Chery, Chinese automakers ranked high on the global sales list in the first half of the year, showing an unprecedented scale presence for Chinese brands. These three automakers supported overall sales with explosive growth in overseas markets. The core engine of these brands' growth has shifted from domestic to overseas, and the globalization of Chinese automakers is changing from slogans to reality.  

Image Source: BYD

Although BYD's total sales declined in the first half of the year, its structural highlight lies in the continuous breakthrough in overseas markets — cumulative overseas sales of passenger cars and pickups reached 789,000 units, a year-over-year increase of 68%, and the proportion of overseas sales to total sales has exceeded 43%. This means BYD has transformed from a "Chinese new energy giant" into a true "global new energy automaker".

BYD's export destinations in the first half of the year showed a layout characteristic of "Latin America leading, Europe breaking out at multiple points, Oceania, Southeast Asia, and Middle East differentiated expansion". Brazil continues to firmly occupy the position of this automaker's largest overseas market, and the top five countries in Europe also rank in the top ten of BYD's export destinations.

Geely's total sales for the first half of the year were approximately 1.423 million units, with outstanding overseas export performance, cumulative exports of 474,228 units, a year-over-year increase of 158%, a figure that has already exceeded the total export volume for the full year of 2025. June single-month exports were 102,874 units, a year-over-year increase of 157%, a month-on-month increase of 21%, achieving year-over-year and month-on-month double growth for six consecutive months, marking that Geely's export business has entered the stage of scale release. Geely's new energy product export sales in the first half of the year were 277,189 units, a surge of 585% year-over-year, with new energy proportion reaching 59%.

As a leader of Chinese brands going global, Chery Automobile accumulated 943,817 exports in the first half of the year, a year-over-year increase of 71.5%, with export proportion approaching 70%, making it a Chinese brand with high degree of internationalization. In July, Chery's exports of automobiles were 202,533 units, a year-over-year increase of 70.1%, breaking the record for Chinese car single-month exports for five consecutive months, becoming the first Chinese automaker to break through 200,000 exports in a single month.

Summary:

In the second half of the year, the global automotive industry will still move forward heavily burdened: weak demand, continuous heating of trade protection, cost increases brought by Middle East turmoil, and logistics and supply chain disruptions, transnational automakers will continue to promote cost reduction, production capacity contraction, and adjustment of electrification pace. These factors will also lead to the global car market still being full of high uncertainty. But a clear trend has been established: with the rise of Chinese automakers, the global automotive industry is accelerating from "Triopoly of Japan, Germany, and America" to "Multipolar Competition".

Gasgoo Automotive News August 11, Changan Qiyuan announced, its new Q05 cumulative sales officially exceeded 100,000 units. In July, this model delivered 18,871 units in a single month, ranking first in compact SUV sales for 4 consecutive months, and also won the cumulative sales champion for compact pure electric SUVs in the first half of 2026.

As Changan Qiyuan's main model, the new Q05 is positioned in the 100,000-level pure electric SUV category, with an official starting price of 79,900 yuan. All trims are equipped with CATL battery cells and Golden Shield battery as standard, supporting 3C fast charging, allowing fast energy replenishment to be completed in 15 minutes. The high-spec version is equipped with LiDAR and features a 4nm automotive-grade smart cockpit.

Image source: Changan Qiyuan

In overseas markets, the new Q05 is also accelerating expansion. Previously, this model was launched in Thailand, with orders exceeding 3,000 units in less than half a month after launch. In June, the new car landed in Uzbekistan, completing market expansion from Southeast Asia to Central Asia. Changan will also continue to deepen cooperation with Uzbekistan's local partners, planning to achieve new Q05 CKD local production according to plan next year. At the same time, the car will subsequently enter the markets of Indonesia, South and Central America, and Europe.

Changan Automobile has currently established 79 subsidiaries, 76 factories, and over 19,000 sales and service outlets globally, with nearly 120,000 professional service personnel, and its products are exported to 115 countries and regions.

In July, Changan Qiyuan delivered 39,841 units globally, with the AQ series growing by 103% year-on-year. The new Q05 has become the landmark model for the Qiyuan brand moving from the "Product Launch Period" to the "Sales Realization Period".

GAC Group officially released July production and sales data on August 4. Overall, the first seven months of this year saw the group's cumulative vehicle sales cross the 886,000 units threshold, achieving a 1.28% year-on-year growth. Notably, cumulative sales of new energy vehicles reached 311,700 units, a surge of 66.20% year-on-year, further increasing the proportion of energy-saving and new energy vehicles in total sales to 63.96%. Meanwhile, the pace of overseas exports for independent brands accelerated significantly, with cumulative exports reaching 145,000 units in the first seven months, a 130% year-on-year soar; this figure has already surpassed the 2025 full-year target. Additionally, in the recently passed July, GAC Group welcomed a major milestone of cumulative production and sales breaking 30 million units.

Focusing on the independent brand segment, its cumulative sales from January to July exceeded 400,000 units, a year-on-year increase of 33.31%. Looking at July alone, independent brand sales exceeded 54,200 units, with a year-on-year growth of 19.91%. By brand, the Hyper Aion BU performed strongly, with cumulative sales reaching 210,400 units in the first seven months, up 62.08% year-on-year; July single-month sales were 28,807 vehicles, up 36.37% year-on-year. As for GAC Trumpchi, cumulative sales this year exceeded 187,100 units, up 9.83% year-on-year, with July sales at 22,739 vehicles. Of note, the newly launched Enjing GT7 delivered 2,658 units in its first full sales month, preliminarily gaining market and consumer recognition.

In the joint venture sector, GAC Toyota's cumulative sales from January to July exceeded 402,500 units, with July sales at 46,500 vehicles. The three flagship models composed of Camry, Highlander, and Sienna sold a combined 22,843 units in July, accounting for a high of 49% in the brand's total sales. Meanwhile, the bZ Series continued a stable monthly sales over 10,000 trend, contributing 12,002 vehicles in July, accounting for over 25%; its main model, the bZ3X, had single-month sales of 9,546 vehicles. GAC Honda achieved sales of 11,686 vehicles in July and welcomed a milestone of cumulative sales breaking 11 million units during this period. More importantly, both shareholders of GAC Honda have officially signed a renewal agreement, extending the cooperation period to 2038, aiming to jointly accelerate electrification and intelligence transformation. According to the established plan, GAC Honda will launch 5 new vehicles within the next two years, including two locally developed new energy vehicles and brand new iteration of hybrid products.

Regarding overseas market expansion, GAC's independent brands reached single-month exports of 23,575 vehicles in July, a 119% year-on-year growth. Reviewing the first seven months, the cumulative export of 145,000 units has already exceeded the annual target. Entering July, GAC's layout in the five major regional markets sped up significantly, focusing on three directions: localization production, new product launch, and policy coordination simultaneously. In the American market, terminal sales increased by 139% year-on-year, with vehicle sales in countries like Uruguay, Costa Rica, Colombia, and Brazil all achieving several-fold growth. Additionally, GAC successfully approved joining Brazil's "Green Mobility and Innovation Plan," marking its deep integration into local green development strategies. In the CIS region, terminal sales increased by 112% year-on-year, and the world's 7th KD factory has officially landed in Kazakhstan, with the first model rolled off the line being the GS8.

Good news continued to spread in the Asia-Pacific market, with terminal sales increasing by 78% year-on-year in July. The Thailand factory has cumulatively achieved over 10,000 complete vehicles rolled off the line, and multiple new models have also landed in the Philippines market. In the Middle East and Africa region, GAC terminal sales increased by 51% year-on-year, and it has officially entered the Morocco market; the first three SUVs launched will cover fuel, hybrid, and plug-in hybrid powertrain types. Meanwhile, GAC maintains a steady breakthrough trend in the European market; especially in the Greek pure electric passenger car market, its market share has increased to 7.7%, ranking second in that market, with model promotion and listing preparation work in multiple countries also being steadily promoted.

In terms of infrastructure, so far, GAC's "9 Verticals and 10 Horizontals" recharging network has covered 31 provinces and 213 cities across the country, achieving the goal of "a station within 1 km in the core urban area". The number of self-operated charging piles exceeds 27,000 units, with supercharging piles breaking 20,000 units. Looking forward to the second half of the year, GAC's product offensive remains strong, planning to heavily launch multiple models including Trumpchi's first hardcore off-road SUV Yue 7, Aion's all-new pure electric coupe RAY 7, and Enjing GX7.

In the July new energy vehicle market, Deep Blue delivered a report card worth attention: global sales of 29,213 units, a year-on-year increase of 7.52%. Cumulative sales from January to July reached 193,369 units, a year-on-year increase of 13.48%. More critically, the brand's global cumulative sales have already surpassed 910,000 units, just one step away from the million milestone. S07 has cumulatively exceeded 300,000 units, S05 has cumulatively exceeded 250,000 units, breaking 30,000 units in a single month for 4 consecutive months. It is indeed rare for a new energy vehicle brand incubated within a central state-owned enterprise system to achieve such speed among Chinese brands. What did Deep Blue do right?

What does the state-owned enterprise system give Deep Blue?

To understand Deep Blue's growth path, one must look back to Changan's strategic layout. Deep Blue's predecessor can be traced back to Changan's "Shangri-La Plan" early exploration. In July 2022, the first model SL03 was launched, and Deep Blue thus became one of the first brands to land in Changan's new energy racing lane. In July 2025, Changan Automobile was officially elevated to Changan Automobile Group, becoming a new central state-owned enterprise. As one of the group's three major digital intelligence new energy brands, Deep Blue's positioning and resource allocation have gained new imaginative space.

The greatest advantage the state-owned enterprise system brings to Deep Blue is the room for error. The new energy vehicle industry is a long-distance race that requires continuous burning of capital. Private enterprises often have to pursue short-term returns in the face of patience in the capital market, while Deep Blue can make long-cycle investments in core technologies. The Origine Super Integrated Electric Drive has cumulatively produced over one million units, with working condition efficiency reaching 94.13%. This number is currently first in the world. The Golden Bell Cover battery won the Second Prize of the National Science and Technology Progress Award twice — this kind of technological breakthrough requiring long-term accumulation is hard to obtain such strong resource tilting in the decision-making logic of private enterprises.

It also did not miss the tactics of the new forces

With the confidence of the system, Deep Blue did not take the old path of traditional state-owned enterprises in products and marketing. The most obvious move was the cooperation with Huawei. Deep Blue S07 is equipped with Huawei Qiankun ADS SE intelligent driving system, becoming the only SUV in the 150,000 yuan-level segment equipped with Huawei intelligent driving. This positioning is very precise — the demand for intelligent driving among consumers in the 150,000 yuan-level segment is already very high, but there are almost none that can provide a Huawei intelligent driving solution at the same price level. Deep Blue made a layout here in advance, forming a differentiated advantage.

The all-new S05 was launched on August 6, with a starting price of 115,900 yuan. It comes standard with a LiDAR across the entire series. Equipping LiDAR starting from the entry-level version is rare in the same class. Deep Blue's thinking is very clear: not using configuration to create differences between high and low trims, but spreading intelligent driving capabilities as basic capabilities. In terms of technical reserves, in the second half of the year, pure electric models will be equipped with 800V high-voltage platforms and 6C supercharging technology.

Overseas layout is also accelerating. The Rayong factory in Thailand has officially started production. S05 ranked first in pure electric SUV registrations in Spain. The global map is advancing from Southeast Asia to Europe. There is also a detail easily overlooked: Deep Blue has announced achieving "phased profitability", being the first among state-owned new energy brands to do so. While most new energy vehicle companies are still struggling in the abyss of losses, Deep Blue has already run through the profitability model, indicating that its cost control and pricing strategy have found a balance point.

After one million, where is the ceiling?

910,000 units to one million units is just one step away, but after one million units, it is an even harder exam. Deep Blue's current main products are concentrated in the 100,000 to 200,000 yuan price range. This is the golden area for volume, but also the battlefield with the thinnest profits. The upward brand pull has not been truly established yet. In the high-end market above 300,000 yuan, Deep Blue has no cards to play. More subtly, within the Changan system, there is Avatr with a higher positioning, and cooperation with Huawei is deeper. How to maintain the brand distinction between Deep Blue and Avatr is a question that Changan Group needs to answer.

Final Thoughts

Looking back at Deep Blue's growth trajectory, its success is not accidental — the state-owned enterprise system's room for error gave the confidence for technical accumulation, the new force's product tactics ensured competitiveness on the market side, and the endorsement of Huawei intelligent driving supplemented the key short board of intelligence. With the superposition of the three, the achievement of today's 910,000 units was born. Deep Blue's sample value as a state-owned new force lies in proving one thing: the system is not a burden, the key lies in how to use it. After 910,000 units, one million units are within sight. What Deep Blue needs to do next is to build a deeper brand moat on top of the scale. On the road of state-owned new energy vehicles, Deep Blue has already walked out a sample worthy of reference.

August 4, GAC Group released the July 2026 production and sales summary. Data shows, this July, GAC Group's monthly car production was 103,284 units, down 19.62% YoY; sales were 112,934 units, down 5.48% YoY; Jan-July cumulative production was 900,062 units, down 3.24% YoY; cumulative sales were 886,019 units, up 1.28% YoY.

The new energy segment remains the core driving force. In July, the group's new energy vehicle sales were 51,520 units, up 54.20% YoY; cumulative sales for the first 7 months reached 311,678 units, a YoY increase of 66.20%, with new energy penetration rate rising from about 28% last year to about 35%. Additionally, the combined proportion of fuel-saving and new energy vehicles has risen to 63.96%.

Image Source: GAC Group

Domestic Brand Growth Leads, Joint Venture Camp Shows Divergence

Domestic brands have become the main growth pole of GAC Group. Jan-July, GAC's domestic brand cumulative sales exceeded 400,000 units, up 33.31% YoY; July single-month sales exceeded 54,200 units, up 19.91% YoY.

GAC AION July sales were 28,807 units, up 36.37% YoY; Jan-July cumulative sales 210,386 units, up 62.08% YoY. AION Y series monthly sales maintained over 10,000 level; AION V series listed for two months cumulative deliveries broke 12,000 units, occupying 73.3% share in the 100,000-150,000 RMB class LIDAR smart driving pure electric SUV market. In July, AION officially released the new Ray series models, Hyper S600 also started deliveries simultaneously.

GAC Trumpchi July sales were 22,739 units, down 5.57% YoY, but Jan-July cumulative sales still reached 187,112 units, up 9.83% YoY. This month Trumpchi Wish S7 PHEV launched for sale, fifth-generation GS4 entered the market with starting price of 79,800 RMB.

The high-end smart electric brand Qijing Automotive co-created by GAC and Huawei Kunlun, first model GT7 listed at end of June, July started user delivery, first month sales 2,658 units. Nationwide over 90 cities have established nearly 300 stores, second model GX7 planned release within the year, product matrix gradually taking shape.

Regarding the joint venture sector, GAC Toyota July sales were 46,500 units, down 19.84% YoY; Jan-July cumulative sales 402,500 units, basically flat YoY. Camry, Highlander, Sienna three flagship models July combined sales 22,843 units, accounting for 49% of Toyota brand sales that month. Toyota bZ series new energy vehicles July sales 12,002 units, proportion over 25%, among which Toyota bZ 3X monthly sales 9,546 units, ranking at the forefront of joint venture NEV sales for consecutive months.

GAC Honda July sales were 11,686 units, down 27.11% YoY; Jan-July cumulative sales 80,004 units, down 53.13% YoY. In terms of residual value, Accord ranked first among joint venture mid-size sedans with 55.90% three-year residual value, Breeze ranked second among joint venture compact SUVs with 58.19% three-year residual value.

Worth mentioning, in July, GAC Honda cumulative sales broke 11 million units, both shareholders signed extension agreement extending cooperation period to 2038, and plan to launch 5 new cars in the next two years, including two localized new energy vehicles and iterative hybrid products.

Exports Up 130% YoY, Investment and Charging Ecology Advance Simultaneously

Export business continues high growth trend. July, GAC domestic brand export volume 23,575 units, up 119% YoY; Jan-July cumulative exports 145,000 units, YoY increase reached 130%, already exceeding total export volume of 2025 full year.

GAC GS8 rolled off production line at Kazakhstan production base; Image Source: GAC Group

Looking by region, July Americas market terminal sales up 139% YoY, Uruguay, Costa Rica, Colombia, Brazil markets sales all achieved multiple-fold growth, GAC simultaneously approved to join Brazil "Green Mobility and Innovation Plan". CIS region terminal sales up 112% YoY, global 7th KD factory put into production in Kazakhstan, GS8 model rolled off line. Asia-Pacific market terminal sales up 78% YoY, Thailand Rayong factory cumulative roll-off total vehicles over 10,000; Philippines multiple new cars completed introduction. Middle East and Africa region terminal sales up 51% YoY, July officially entered Morocco market, first batch launched three SUVs, covering fuel, hybrid, plug-in hybrid. Europe side, in Greece pure electric passenger car market, GAC market share increased to 7.7%, ranked second, multiple countries models in launch preparation phase.

As of now, GAC international business has covered 110 countries and regions globally, built 6 overseas production factories, 9 overseas parts warehouses and over 746 sales service outlets, planned to expand to 1000 outlets within the year.

At the industrial chain investment level, GAC Group continues layout around chips, autonomous driving, embodied intelligence, aerospace and other fields. July 27, GAC invested in 2021 domestic DRAM storage chip company CXMT listed on STAR Market, created A-share annual and STAR Market largest fundraising record. Same month, early invested SiC power device manufacturer Basic Semiconductor, autonomous driving company Momenta both listed on HKEX, navigation positioning chip manufacturer Herun Electronics ChiNext IPO accepted.

As of now, GAC has invested in including Horizon Robotics, Yixin Semiconductor, Pony.ai, WeRide, Qingtao Energy etc. over 140 enterprises, accumulated cultivating at least 48 invested enterprises successfully listed.

Charging infrastructure construction accelerating simultaneously. GAC "9 Vertical 10 Horizontal" charging network has covered 31 provinces 213 cities nationwide, achieved core urban area "straight 1 km must have station" density; self-operated charging piles over 27,000, among which supercharging piles broke 20,000. In addition, multiple charging pile products first obtained 3C certification, covering public fast charging, heavy truck charging, destination slow charging etc. scenarios.

According to plan, second half of this year GAC will launch Trumpchi first hard-core off-road SUV, AION new pure electric coupé, Qijing GX7 etc. multiple new models. Facing industry stock competition intensified and new energy penetration rate continuous climbing trend, GAC Group is simultaneously advancing "Stabilize Joint Venture, Strengthen Domestic Brand, Expand Ecology" three major tasks, with overseas expansion and industrial chain deep layout solidify mid-to-long term competitiveness foundation.

In 2026, the Chinese car market, on the surface, is still moving forward, but the underlying tone is not easy. On one hand, NEV penetration continues to rise, with new cars arriving one after another; on the other hand, promotions, price cuts, and benefit increases have basically become the norm.

It is worth noting that selling cars does not mean profit remains. You should know that the most uncomfortable part of this industry is not the lack of sales, but that many enterprises are exchanging profit for market share and cash flow for voice.

Entering July, the market pressure did not suddenly disappear. According to data released by the China Passenger Car Association, from July 1st to 26th, national passenger car retail was 1.123 million units, down 18% year-on-year and 13% month-on-month. From here, it is clear that consumers are more cautious about buying cars, and enterprises can no longer solely rely on a round of marketing hype to push up sales.

However, precisely against this backdrop, Geely Automobile delivered a July «report card» with quite a sense of contrast. Its single-month sales reached 250,161 units, making Geely Automobile the only company in the industry to achieve month-on-month and year-on-month double growth in sales for five consecutive months. Among them, NEV sales (including Geely Automobile, Lynk & Co, ZEEKR) were 160,165 units, up 23% year-on-year, accounting for 64% of total sales. More worth pondering is that Geely Automobile's overseas exports also reached 106,663 units, up 202% year-on-year and 4% month-on-month, achieving double growth year-on-year and month-on-month for seven consecutive months.

You should know that these are not numbers easily exchanged by «lowering the price a bit more» and «pumping volume more fiercely». Because the market today no longer lacks a car that becomes popular in the short term; it lacks a system that can continuously meet demand: mainstream markets need scale, high-end markets need brand momentum, fuel users cannot be abandoned, and NEV users must be persuaded; the domestic market needs stability, and the overseas market must have new growth.

Therefore, what is truly worth looking at in Geely Automobile's July report card is not the result of 250,000 units itself, but where these 250,000 units come from, what supports them, and whether they can continue. When the industry is generally under pressure, why can Geely Automobile still run its own rhythm? Let's explore it together!

Not just «one best-selling model», but a product matrix that can fight

If you break down Geely Automobile's July sales by company, you will find that its growth logic is not single-line.

Geely Brand sales for the month were 197,942 units, up 2% year-on-year, still constituting the most solid basic base of this automaker. Looking down, Geely Galaxy sold 107,797 units, up 13% year-on-year; China Star Series sales were 90,145 units, up 15% month-on-month; ZEEKR deliveries were 35,837 units, a big jump of 111% year-on-year; Lynk & Co sales were 16,382 units, among which NEV products reached 14,069 units. The meaning of these numbers lies not in every brand having to become «Number One», but in different price bands, energy routes, and usage scenarios having relatively clear successors.

Let's look at Geely Galaxy first. It bears the scale task of the mainstream NEV market. Star Wish July sales were 55,105 units, up 24% year-on-year and 8% month-on-month, cumulative sales breaking 800,000 units. For a volume-selling car, the true test has never been whether it can create hype at launch, but whether it can still retain users after rapid product iteration and frequent price cuts by competitors. Continuous sales performance shows that Galaxy is not just hitting the rhythm in a certain window period; it has begun to possess the ability to output stably.

Next is ZEEKR. 35,837 units of monthly delivery and a 111% year-on-year increase are not just a number change in the high-end NEV market. It exactly shows that in the process of Geely Automobile moving upwards, it did not understand high-endization as «more expensive configuration sheets», but is strengthening the combined force of brand, technology, and product experience. Products such as ZEEKR 9X, Refreshed ZEEKR 009, and 7X have successively progressed for delivery, targeting different battlefields such as high-end SUVs, luxury MPVs, and global pure electric markets. Users of high-end cars are not insensitive to prices, but they care more about whether a car is complete enough—design, performance, intelligence, safety, and service cannot focus on just one item.

Compared to ZEEKR, Lynk & Co undertakes the group's «broader» task. It did not crowd into the same comfortable home-use track with all brands, but continues to strengthen sports and travel attributes. In July, Lynk & Co 07 GT went on sale and 10,000 large orders were broken in 27 minutes, although this data comes from the enterprise disclosure standpoint. But it at least reflects a trend: when NEV products gradually look more and more alike, products that can provide clear driving personality and scene value are actually easier to be remembered.

And besides NEV cars, don't ignore fuel cars. When many people talk about NEV transformation, they habitually view fuel businesses as «old burdens» that need to be discarded as soon as possible. But for an automaker pursuing operating quality, fuel cars are still important cash flow and user foundations. In this regard, Geely China Star continues to consolidate fuel car market competitiveness. China Star July sales reached 90,145 units, up 15% month-on-month; the Double Bin Family sales were 31,152 units, up 68% year-on-year. This means Geely Automobile did not use NEV to hard confront and replace all demand, but retained different user choice rights during the transformation process.

From here, it is not difficult to see that this is where the synergy of Geely's four brands is most valuable: Galaxy is responsible for deepening and expanding the mainstream NEV market, ZEEKR is responsible for breakthroughs in high-end value zones, Lynk & Co defends youthful, sporty, and personalized expressions, and China Star stabilizes the basic base of fuel car users. They are not four teams fighting independently, but jointly undertaking growth tasks in different segmented markets.

More importantly, the value of the matrix is not just «many cars». From the appearance of Galaxy TT and Galaxy Warship 700, to the successive deliveries of new ZEEKR and Lynk & Co products, to the product renewal of China Star, Geely is expanding product boundaries to more scenarios such as sedans, SUVs, MPVs, wagons, and NEV off-roading. If the new product rhythm of some automakers can ultimately be converted into continuous delivery and reputation, this matrix will be upgraded from «coverage» to «moat».

Thus, the answer to the question is already becoming clear. Geely Automobile's counter-trend is not relying on a single car suddenly exploding, but relying on a product system that relays to each other. When market demand becomes more fragmented and pickier, try not to let users flow elsewhere. What needs to be seen next is why this system can not only sell cars domestically but also extend growth overseas.

Exports Break 100,000 in Two Consecutive Months, From «Product Going Overseas» to «Value Going Overseas»

In the past, Chinese car exports were often understood as a business of «sending products overseas»: finding importers, laying out channels, grabbing market share. This road can be run fast, but not necessarily far. Because the competition for NEVs is not just battery capacity and screen size on the configuration sheet; it also has to face charging conditions, after-sales response, financial solutions, regulatory standards, and even user trust in the brand in different countries.

The difference in this round of Geely Automobile's overseas growth lies in it starting to do three things at once: using NEV products to open the mainstream market, using high-end brands to raise the value ceiling, and using local partnerships to turn one-time sales into long-term operations. The three lines are not fighting independently, but are jointly answering the same question: how to enter the core price band of the global car market without relying on low prices.

From the data perspective alone, Geely Automobile's overseas exports in July were 106,663 units, achieving month-on-month and year-on-month double growth for seven consecutive months, breaking the 100,000 unit threshold for two consecutive months. The export volume has accounted for 42% of total sales, supporting nearly half of the business. More含金量 (worthiness) is the export structure. Its NEV product exports in July were 62,604 units, surging 616% year-on-year, accounting for 59% of total export volume. In August, Star Wish will enter the broad A0-class Australian market, with a price of 124,000-146,000 RMB, and gross profit margin significantly higher than domestic.

From specific market performance, Geely Automobile's products have already established a foothold in multiple global markets. Geely Star Wish (Geely EX2) ranked first in Thailand EV sales, second in Brazil EV, and second in Mexico pure electric models; Star Ship 7 EM-i (Geely EX5 EM-i) ranked first in Poland C-class PHEV market single model sales, second in Mexico June PHEV segmented market sales, also topping the plug-in hybrid list in Slovenia, Bulgaria and other markets, and ranking second in Mexico plug-in hybrid segmented market.

The overseas expansion of high-end brands is also noteworthy. Since the launch of Lynk & Co 08, global cumulative deliveries have reached nearly 190,000 units, ranking in the top three of Mexico high-end plug-in hybrid SUV and Morocco mid-size plug-in hybrid SUV sales in the first half of the year; ZEEKR ranked first in Australian and Malaysian luxury pure electric brand sales in the first half of the year. ZEEKR 7X ranked first in multiple segmented markets including Australia mid-size SUV over 65,000 AUD, Malaysia luxury EV, Morocco luxury electric SUV, Egypt mid-size luxury electric SUV, and ZEEKR 009 firmly stays at the top of Thailand and Malaysia luxury pure electric MPV sales.

At the same time, ZEEKR's global territory is still expanding rapidly. Among them, ZEEKR 007GT officially landed in 16 European countries; ZEEKR 7X exceeded 1,000 pre-sale orders in South Korea, with high-middle and high-spec ratio as high as 94%; ZEEKR also became the first Chinese high-end automobile brand to land in East Malaysia, and channel networks continue to sink. Geely Automobile's overseas expansion has never been simply «selling cars abroad», but walking the route of localized operations, reducing risks and improving efficiency through win-win cooperation.

Besides product overseas expansion, Geely Automobile continues to promote localized operation capability construction. In July, Geely Automobile reached an agreement with Ford. The two parties will establish a joint venture company at Ford's Valencia, Spain factory to produce NEV models for the European market through capacity sharing. This light asset cooperation model can quickly cut into core European markets without building factories from scratch, and can effectively counter tariffs and geopolitical policy risks. Both domestic and overseas brokerages have consistently expressed看好 (look favorably). Additionally, on the channel end, Geely Automobile is also promoting simultaneously. Geely Automobile has formally signed with Pakistan comprehensive enterprise group Bestway Group, authorizing it as Geely Galaxy's official importer in Pakistan. It will officially enter the Pakistan market in Q3 this year, initially introducing two pure electric SUVs Galaxy E5 and Star Wish, continuously developing emerging markets.

As of July, Geely Automobile has completed 58% of its annual million-export goal, with pace far exceeding industry expectations. With ZEEKR 9X landing in the Middle East and i-HEV hybrid technology going overseas in the second half of the year, this second growth curve of globalization will continue to release profit potential and become an important support for Geely Automobile to traverse the domestic cycle.

Technical Moat

Why can Geely Automobile maintain profitability in an «bleeding» industry environment? Besides brand and market success, the fundamental reason lies in its deep technical moat. When price wars are fought fiercely, Geely Automobile chose a harder but more correct path: using technology premium to counter price involution.

In core NEV technology, Geely Galaxy released the world's first «Thunder 16-in-1 Smart Electric Drive», completing breakthrough iteration of NEV electric drive underlying technology. This system will be equipped on Geely Galaxy TT first, not only successfully winning «Lowest energy consumption record for mass-produced pure electric cars circling Qinghai Lake» and «Longest continuous dual-car drift on wet roads (electric vehicle)» Guinness World Records, but also controlling 100km/h electric consumption at a surprising level of 8.20kWh. This generational advantage in technology gives Geely Automobile absolute pricing power in the 100,000-200,000 mainstream market.

In the manufacturing field, two core technologies of Geely Automobile won the Second Prize of the 2025 National Science and Technology Progress Award. Whether «Heat-treated Quenching and Tempering Aluminum/Magnesium Alloy and Its Application Technology for Integrated Die Casting» or «Key Technologies and Industrialization of High Safety, High Fault Tolerance, High Efficiency Intelligent Electric Electric Chassis», they all broke the long-term monopoly of overseas enterprises in high-performance materials and high-end chassis fields. This means Geely Automobile can not only make good cars, but also make good cars at lower costs and higher efficiency. This manufacturing cost advantage is the confidence for it to dare to «not lose money» in price wars.

In intelligence, Geely Automobile always insists on safety as the bottom line. On July 21, Geely Automobile obtained the industry's first «Automobile Production Organization Combined Driving Assistance Safety Management System Certification Certificate». In today's era of intelligence driving systems flooding, Geely Automobile did not blindly pursue «futures» functions, but established an industry-leading safety standardization system through «Qianli Haohan» intelligence driving system. In the second half of the year, Geely Automobile will also set up a «2030 Lab» to tackle frontier fields such as acoustics, optics, digital chassis, embodied intelligence, etc. This «develop one generation, reserve one generation, apply one generation» technical rhythm ensures Geely Automobile products always lead by half a position.

Final Thoughts:

July 250,000 units, five consecutive months of double growth, overseas breaking 100,000 consecutive months, NEV penetration rate 64%. Geely Automobile's report card placed against the backdrop of the industry's overall decline speaks for itself.

But what is worth thinking about more than numbers is the way of growth. Geely Automobile did not participate in bottomless price wars or rely on pressing inventory to pump volume, but covered layered markets through multi-brand synergy, opened up incremental space through high-value overseas expansion, and built competitive barriers through underlying technology. This is a path of «high-quality growth». It is not about who loses less, but who has stronger blood-making ability. From multi-brand synergy to global layout, from technological innovation to product value improvement, Geely Automobile is building a systemic capability to traverse the cycle. As the industry elimination window approaches, this capability may be the hardest hand to stay at the table. Let us look forward to Geely Automobile bringing us greater surprises in the future!

Early August, car makers typically "show off their results". BYD July sales 419,211 units, among them overseas sales 179,841 units, year-on-year increase of 124.3%, accounting for 43% of total sales; Chery Group sales 276,820 units, exports 202,533 units, year-on-year increase of 70.1%, becoming the first Chinese car company to exceed 200,000 monthly exports; Geely Automobile July sales 250,161 units, overseas exports 106,663 units, year-on-year increase of 202%.

Looking at these three sets of data and three representative car companies together, it is not difficult to find that going global has accounted for more than 40% of sales of top car companies.

From the performance of various car companies in the past, the features of going global reflected by this data are not accidental. BYD Chairman Wang Chuanfu has expressed on multiple occasions that BYD's goal is to become a "global new energy enterprise". The 43% proportion in overseas sales in July simply made this goal start to change from a slogan to reality. Chery Holdings Chairman Yin Tongyue also said: "Chery does not want to make easy money at home, but if Chinese cars only run within their own backyard, they will never produce world-class enterprises."

As for the reasons, there are several points worth paying attention to that might explain this. July new energy penetration rate created a historical high of 64.5%, but the retail scale of 1.52 million units itself was at a low level in the off-season. Fuel cars still have about 540,000 monthly sales, accounting for 35.5%. In addition, pure electric continues to strengthen internally within new energy, while plug-in hybrid/extended-range growth has slowed down. The incremental space in the domestic market is narrowing.

Considering the broader context, the attention given by top players to going global can be considered forward-looking preparation. And by this time, going global for more Chinese car companies has no longer been a "choice".

Behind the volume, the change of main battlefield is the general trend

The data of top car companies has raised the volume of going global, which also means that overseas has undoubtedly become the "main battlefield". BYD July overseas sales 179,841 units, accounting for 43% of total sales. January to July overseas cumulative 969,000 units, one step away from 1 million units. 8 RoRo ships fully deployed, annual capacity 1 million units, Thailand, Brazil, Hungary factories started production one after another, Spain's second European factory is under investigation. BYD's going global plan is huge, with the meaning of "going all in".

Chery Group July exports 202,533 units, accounting for 73% of total sales. Refreshing single-month export records for five consecutive months, January to July cumulative exports 1.146 million units, year-on-year increase of 71.2%. According to General Administration of Customs data, Chery is also a "big user" of going global. In 2025, the total export volume of Chinese automobiles is about 8.32 million units, Chery alone contributed 1.344 million units, accounting for more than 16%.

July data this year is even more pointed. Chery Automobile Co., Ltd. (9973.HK) July sales 261,876 units, year-on-year increase of 24.1%, entered the Fortune Global 500 List with the identity of a listed company for the first time, ranking 383rd, Return on Equity (ROE) 36.5%, ranking 30th among globally listed companies, and ranked first among Chinese enterprises. This shows that going global has become a key link for Chery to stand globally.

Geely's setup is also huge. Geely Automobile July exports 106,663 units, year-on-year increase of 202%, exceeding 100,000 units for two consecutive months, overseas proportion 42%. New energy exports 62,604 units, year-on-year surge of 616%, accounting for 59% of total exports. Zeekr brand July deliveries 35,837 units, year-on-year increase of 111%, winning the luxury pure electric sales champion in markets such as Australia, Malaysia, Mexico, etc.

The three top car companies combined went global by about 490,000 units, while the entire domestic narrow passenger car market July retail was also only 1.52 million units. This shows that going global for top car companies is no longer a "supplement", but the "top priority". Li Auto July deliveries 30,468 units, slight decrease of 0.9% year-on-year, but L9 still started local production in Kazakhstan. This is the first step it took overseas, showing that even new forces feel the pressure of "go global or perish".

Of course, trend is one thing, and reality issues cannot be ignored either. Does the "half of the sky" in volume equal the "main battlefield" in quality? This is a question worth further thinking. For example, Chery export proportion is 73%, but domestic monthly sales is only 74,000 units, overseas is three times domestic data. There is a risk here. If policies change suddenly in overseas markets, the impact will be huge.

Going global is really making money, or changing places to "compete"?

Volume is explicit, looking at sales proportion can tell. Profit is implicit, no matter which battlefield, this is an unavoidable issue. From the pricing space perspective, overseas markets indeed have more advantages than domestic. The price war in domestic car market has been fought for several years. July terminal average discount narrowed month-on-month, but overall is still in price competition. BYD Dynasty and Ocean series domestic main sales 100,000-200,000 yuan interval, price pressure is huge, but sold for good money abroad.

Chery's first complete financial report after listing also shows that Chery's average selling price per car overseas is 15,000 yuan more expensive than domestic. In Middle East, Jetour Traveler high-spec version sells to 450,000 yuan, twice as expensive as domestic. BYD's Fang Cheng Bao, Denza and other high-end brands are also accelerating going global, overseas single car average price far higher than domestic.

Geely's situation is also similar. Zeekr brand average price exceeds 300,000 yuan, positioning as luxury brand in Australia, Malaysia and other markets, premium pricing power far higher than domestic. Behind the new energy exports surging 616% year-on-year, it is high value-added products supporting, not low price walking volume. This shows that actually high-quality models overseas still have profit space.

However, hidden costs are also fierce. European Union imposing anti-subsidy duties on Chinese electric vehicles, United States market basically closed to Chinese car companies, tariff barrier costs should be calculated. So far, overseas is indeed worth fighting, but laying out overseas now might become more difficult, costs will also be higher.

After all, going global input is not a small number. BYD self-built 8 RoRo ships, built factories on three continents, input is billions level. Chery South Africa Roslin plant launched, Spain cooperation re-activated EBRO brand; Geely reached Ford Spain Valencia factory joint venture agreement and other operations behind, also money paving the way.

Currently mainstream car companies tried three going global modes, benefits and risk performance are completely different. For example, early Chery was pure product export model, profit margin medium, front investment low, but risk high, tariff and policy fluctuations could disrupt rhythm at any time. BYD walked product + capacity localization model, long term view profit margin higher, but front investment extremely high, testing global supply chain management and cross-cultural operation capabilities. Geely used technical cooperation + capacity sharing model, path lightest, but control ability will also correspondingly weaken.

New forces now have their own understanding. NIO July deliveries 35,934 units, year-on-year increase of 71%, battery swap station network in Europe continued to layout. Leapmotor July deliveries 101,267 units, year-on-year increase of 102%, first time breaking 100,000 units threshold, first half year overseas exports nearly 100,000 units, already exceeded last year full year. XPeng July deliveries 38,027 units, year-on-year increase only 4%, but in Germany completed XPeng Turing AI Smart Driving localization acceptance testing. Overall, new forces walk mostly differentiated route.

Can only say, going global has "profit" to earn, but absolutely not a smooth path. Overseas also need to "compete", but worth it depends on profit.

"Main battlefield" conversion behind, or domestic market incremental "not enough to share"

Going global why being pushed to "main battlefield" position, domestic market incremental space narrowing is fundamental factor. July new energy retail about 980,000 units, among them pure electric proportion about 60%, pure electric internal to new energy continues to strengthen, plug-in hybrid/extended-range growth slowed down. This means, "oil and electric" market share is being squeezed by pure electric quickly, pure electric acceptance is continuously improving.

New forces differentiation also proves this. Leapmotor July deliveries break 100,000 units, becoming domestic first single month deliveries exceed 100,000 units new force brand. Its success relies on covering 60,000-300,000 yuan full price product matrix, and overseas market simultaneous explosion. Li Auto July deliveries 30,468 units, slight decrease of 0.9% year-on-year, decrease of 1.4% month-on-month, only double decrease brand among top new forces. There indeed exists i6 due to supply chain issues reduced production about 4,000 units special situation, showing brand dependence on single model is still risk. NIO July deliveries 35,934 units, decrease of 11.5% month-on-month, even three brands collaboration exerting force, but still did not achieve effective complement between brands.

Another aspect, fuel car toughness is still there. July fuel car retail about 540,000 units, market share 35.5%. Sylphy, Lavida still firmly stable in sedan top three, Japanese SUV year-on-year decline over 10%, but not "cliff-like drop". Fuel car stock user replacement cycle still there, short term will not disappear. All this points to one core contradiction: domestic market "cake" is getting bigger, but cake stealing car companies do not yield to each other, competition is continuously intensifying.

BYD domestic monthly sales 239,000 units, already approaching single car company domestic share limit. Leapmotor at 100,000 unit level volume continue to climb, will face capacity bottleneck and supply chain pressure. XPeng July deliveries 38,027 units, new model MONA L03 orders hot but capacity ramp-up is its next biggest test. Xiaomi Auto July deliveries over 30,000 units, fourth consecutive month stuck at this threshold, Peng Cheng series September only listed deliveries, real volume pushing to fourth quarter.

Domestic auto market incremental space narrowing, stock competition new stage arriving, current Chinese auto market, "domestic demand pressure, foreign trade strength" structure or will be future relatively long term trend. Simply put, domestic market this piece of cake, already not enough to share. Not going global, wait to die; going global, maybe still have live road.

Conclusion

From July sales overseas data view, going global now is already car company "main battlefield". Domestic market growth slowing, fuel car won't die fast, stock competition intensifying, going global is inevitable choice. But overseas pricing space larger is fact, but tariffs, building factories, logistics costs not low, different mode profit structure difference huge. Who can win this "main battlefield" battle, now hard to say. Regardless of next battle situation how, Chinese car companies must be clear is, going global is not picking up money, more does not represent domestic market can relax vigilance, how to balance internal and external relations, choose suitable going global mode, is the key.