BUSINESS

Chinese Automakers Lean on Overseas Sales to Offset Domestic Slump

Published: Apr. 30, 2026 11:33 p.m. GMT+8

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Geely Automobile's booth at the Auto Expo in Nanjing, Jiangsu province, on April 30, 2026. Photo: VCG

Major Chinese automakers have turned to booming overseas sales to prop up their first-quarter earnings for 2026, offsetting the impact of a persistent slump in the domestic market.

As domestic passenger car sales plunged nearly 20% during the first four months of the year, the sector’s rapid international expansion has become a critical lifeline for manufacturers grappling with intense competition at home and mounting geopolitical challenges.

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Chinese automakers offset 19-20% domestic passenger car sales drop (Jan-Apr) via overseas growth.
Geely Q1 revenue +15% to 83.8B yuan, exports +126% to 203k units; Chery 67% sales overseas (380k); SAIC overseas +48% to 325k.
Firms raise export targets (Geely to 750k for 2026); experts urge localization, risk diversification.

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Who’s Who

Geely Automobile Holdings Ltd.: Geely Automobile Holdings Ltd. reported Q1 2026 revenue up 15% YoY to 83.8 billion yuan ($12.3B), net profit down 27% to 4.2 billion yuan, core profit up 31% to 4.6 billion yuan. Sold 709,000 vehicles (+1%), exports +126% to 203,000 units. Zeekr sales +86% to 77,000. Raised 2026 export target to 750,000 vehicles; exported 125,000 NEVs (5x Q1 2025).

Chery Automobile Co. Ltd.: Chery Automobile Co. Ltd. sold 566,000 vehicles in Q1, down 3.1% YoY, with overseas sales comprising 67% (nearly 380,000 units). Revenue fell 3.4% to 65.9 billion yuan; net profit dropped 8.5% to 4.3 billion yuan. International markets offset domestic sales declines.

SAIC Motor Corp. Ltd.: SAIC Motor Corp. Ltd. sold 975,000 vehicles in Q1 2026, up 2.95% YoY. Overseas sales hit 325,000 units, up 48.3%. Revenue dipped 0.3% to 140.4 billion yuan; net profit rose 0.1% to 3 billion yuan.

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