BAIC Blue Valley Narrows H1 2026 Loss as Arcfox and Stelato Sales Surge

On July 13, BAIC BluePark released a preliminary announcement on its unaudited financial results for the first half of 2026, forecasting a net loss attributable to shareholders of the listed company in the range of RMB 1.77 billion to RMB 1.97 billion. The net loss after deducting non-recurring gains and losses is expected to be between RMB 1.795 billion and RMB 1.995 billion. Compared with the same period in 2025, the loss narrowed by approximately RMB 340 million to RMB 540 million. The company stated that the losses were primarily due to continued investments in core capabilities such as product development, as it remains in a strategic investment phase where economies of scale have yet to fully materialize. Despite an overall decline in sales across the new energy vehicle (NEV) industry, BAIC BluePark achieved year-over-year growth in vehicle deliveries, which contributed to the narrowing loss. Specifically, the Arcfox brand delivered a total of 80,581 vehicles in the first half of the year, up 65.88% year-over-year, including 25,646 units in June alone. The Stelato brand—a premium joint venture between BAIC BluePark and Huawei—delivered 21,018 vehicles in the first half, surging 119.58% year-over-year, and has ranked as the top-selling NEV sedan priced above RMB 300,000 for eight consecutive months. Stelato’s MPV and SUV product lines are still in the expansion phase, requiring significant upfront investments in R&D, channel development, and marketing. Meanwhile, Arcfox targets the mid-range market, where per-vehicle profit margins remain limited and insufficient to cover overall operating costs in the short term.