Q1 2026 Earnings of China's Top Five Automakers Show Stark Divergence

In the first quarter of 2026, the financial performance of China's five major automakers showed clear divergence. BYD reported year-over-year declines in both revenue and net profit, primarily due to sales front-loading at the end of 2025, weak overall market demand, and heavy R&D investment. However, its strong overseas performance boosted gross margins and accelerated its product rollout. Geely Automobile achieved dual growth in revenue and core attributable net profit, benefiting from higher sales volumes and a strategic shift toward premium products. Chery Automobile saw gross profit driven by its overseas business; despite domestic market pressures, its new models received positive market feedback. Changan Automobile experienced year-over-year declines in both revenue and net profit, yet its overall gross margin improved, supported by a significant increase in overseas sales. Great Wall Motor recorded revenue growth but not a corresponding rise in profits, with its overseas markets becoming the main driver of sales growth; the company plans to launch new products soon. As of April, signs of recovery in industry sales have already emerged.