A-Share Auto Makers' H1 2026 Forecasts Diverge Sharply: Passenger Car Firms Mostly in the Red, Commercial Vehicle Leader Sees Net Profit Surge Over 1,200%

As of mid-July 2026, several A-share listed automakers have released their earnings forecasts for the first half of 2026. The companies include passenger vehicle manufacturers such as Great Wall Motor, Changan Automobile, GAC Group, Seres, JAC Motors, and BAIC BluePark, as well as commercial vehicle makers like FAW Jiefang, Ankai Bus, Zhongtong Bus, and King Long Motor. Overall, the passenger vehicle segment faced widespread pressure. Only Great Wall Motor and Changan Automobile reported profits, though their net profits declined by approximately 59%–63% and 58%–68% year-on-year, respectively. Seres swung from profit to loss, with an estimated net loss of RMB 1.5–1.8 billion. GAC Group’s net loss widened to RMB 4.06–4.57 billion. Although JAC Motors and BAIC BluePark remained in the red, their losses narrowed compared to the same period last year. In contrast, the commercial vehicle segment showed relatively strong performance. Except for Ankai Bus, whose net profit dropped by more than 88% year-on-year, all other companies reported year-on-year growth. FAW Jiefang expects net profit of RMB 270–320 million, a surge of 1,273.64%–1,528.02% year-on-year; King Long Motor forecasts net profit of approximately RMB 276 million, up 137.44% year-on-year; and Zhongtong Bus projects net profit of RMB 260–310 million, representing a 36.56%–62.82% increase year-on-year. Many automakers attributed their profit pressures to rising raw material costs, exchange rate fluctuations, and intensifying domestic market competition. Meanwhile, overseas markets have emerged as a key growth driver for commercial vehicle companies, with FAW Jiefang, Zhongtong Bus, and King Long Motor all highlighting the positive contribution of overseas orders or export business to their performance.