China Auto Industry June sales: Weak domestic, robust exports; Chinese brands gain share rapidly in Europe

研报英文原文证据摘录

China Auto Industry June sales: Weak domestic, robust exports; Chinese brands gain share rapidly in Europe

J P M O R G A N Asia Pacific Equity Research

10 July 2026

This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the

territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan.

China Auto Industry

June sales: Weak domestic, robust exports; Chinese

brands gain share rapidly in Europe

CAAM’s June sales release was broadly in line with expectations, with the sector Head of APAC Auto Research

ACstill showing a clear split between strong export momentum and weak domestic Nick Lai

demand. We believe the continued softness in domestic PV demand was likely one (65) 6801-3176

of the key reasons behind China auto sector’s weakness in June, with MSCI China nick.yc.lai@jpmorgan.com

Autos -19% vs. MXCN’s -8% during the month. June domestic PV sales fell 26% J.P.J.P. MorganMorgan SecuritiesSecurities Singapore(Asia Pacific)PrivateLimited/Limited/J.P.

YoY to 1.5mn units, while PV exports rose 80% YoY to 0.9mn units, reinforcing Morgan Broking (Hong Kong) Limited

our view that the sector’s near-term positive fundamentals remain export-led rather Jiajie Shen, CFA

than domestic market-led. Against this backdrop, we view the current pullback as (86-21) 6106 6352

a selective buy-the-dip opportunity especially for the one(s) with potential jiajie.shen@jpmchase.com

SAC Registration Number: S1730520030006

earnings beat at the upcoming 2Q26 result season in Aug (e.g. Geely Auto, Nio J.P. Morgan Securities (China) Company Limited

while BYD likely meet) rather than a broad-based sector call. We would only