China's Top 8 Passenger Carmakers Post Over RMB 923B in H1 Revenue Amid Profit Pressure, Driven by Surging Overseas Sales

In the first half of 2026, eight A-share passenger vehicle manufacturers—SAIC Motor, BYD, Great Wall Motor, Changan Automobile, Seres, GAC Group, BAIC BluePark, and Haima Automobile—collectively reported revenue of RMB 923.063 billion. Among them, BYD, SAIC Motor, and Great Wall Motor generated revenues of RMB 344.815 billion, RMB 294.987 billion, and RMB 102.101 billion, respectively. BAIC BluePark and GAC Group reported revenues of RMB 11.597 billion and RMB 46.121 billion, up 21.86% and 9.38% year-over-year, respectively. Great Wall Motor was the only one among the three automakers with over RMB 100 billion in revenue to achieve year-over-year growth, posting a 10.58% increase. In terms of profitability, only BYD, SAIC Motor, Great Wall Motor, and Changan Automobile recorded positive net profit attributable to shareholders, at RMB 12.325 billion, RMB 5.152 billion, RMB 2.465 billion, and RMB 0.817 billion, respectively—all down year-over-year. Changan Automobile and Great Wall Motor saw declines of 64.32% and 61.11%, respectively. Seres swung from profit to loss, while GAC Group and Haima Automobile saw their losses widen significantly year-over-year. BAIC BluePark reported a loss of RMB 1.938 billion but narrowed its losses compared to the same period last year. The industry-wide profit pressure stemmed from multiple factors: the average daily price of battery-grade lithium carbonate rose 132.2% year-over-year in the first half; structural shortages of automotive-grade chips pushed up costs; and prices of non-ferrous metals and chemical raw materials also increased. According to data from China’s National Bureau of Statistics, during the same period, revenue in the automotive manufacturing sector grew by 1.8% year-over-year, costs rose by 2.8%, and total profits declined by 19.5%. Amid a domestic market where auto production and sales fell by 4% and 4.1% year-over-year, respectively, automakers accelerated their overseas expansion. China exported 5.096 million vehicles in the first half of 2026, up 65.3% year-over-year. BYD exported 790,000 vehicles, a 68% increase; Changan Automobile sold 455,000 vehicles overseas, up 51.9%, generating overseas revenue of RMB 21.942 billion, a 78.77% increase; Great Wall Motor exported 289,000 vehicles, up 45.46%, with overseas sales accounting for more than 50% of its total volume; GAC Group’s self-branded exports reached 121,500 units, surging 132% year-over-year. Several automakers noted in their financial reports that although overseas operations boosted sales volumes, foreign exchange losses—driven by currency fluctuations and adjustments in overseas tax policies—negatively impacted profits. Great Wall Motor attributed its profit decline primarily to delayed overseas tax subsidies and exchange rate volatility. BYD stated that its core business remained stable but faced short-term pressure due to foreign exchange losses. Changan Automobile disclosed that, excluding the impact of foreign exchange gains, its net profit attributable to shareholders actually rose by 12% year-over-year.