China Auto Export Tracker: June: Chinese brands reach 20% NEV share in Europe despite muted domestic sentiment

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China Auto Export Tracker: June: Chinese brands reach 20% NEV share in Europe despite muted domestic sentiment

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

29 July 2026

China Auto Export Tracker

June: Chinese brands reach 20% NEV share in Europe

despite muted domestic sentiment

China auto stocks have rebounded by ~4–30% in July so far (vs MXCN +8%), Head of APAC Auto Research

ACfollowing the sharp sector correction of -19% (vs MXCN -8%) in June. We believe Nick Lai

the recent recovery has likely been driven by sector rotation out of technology (65) 6801-3176

stocks, together with investor expectations for a sequential improvement in nick.yc.lai@jpmorgan.com

domestic retail sales in 2H26 following a weak 1H26. We remain selective, J.P.J.P. MorganMorgan SecuritiesSecurities Singapore(Asia Pacific)PrivateLimited/Limited/J.P.

favoring OEMs with resilient domestic and overseas market-share momentum, Morgan Broking (Hong Kong) Limited

improving global competitiveness, and company-specific earnings or product Jiajie Shen, CFA

catalysts. Our June China Auto Export Tracker continues to monitor what we view (86-21) 6106 6352

as a structural overseas expansion cycle for the sector. This monthly series provides jiajie.shen@jpmchase.com

SAC Registration Number: S1730520030006

timely updates on: 1) latest export dynamics, including growth momentum, J.P. Morgan Securities (China) Company Limited

geographical mix and the evolving regional strategies of major exporters; 2)

Cathy Liu

powertrain trends, particularly the rising role of PHEVs, which we believe could (852) 2800-8629

surprise overseas investors as adoption follows a similar path to China; and 3) cathy.xiao.liu@jpmorgan.com

Chinese OEMs’ NEV market share in Europe, where consecutive monthly J.P.