On September 1st, multiple automakers released their August delivery figures, with several brands posting standout performances and a significant surge in overseas sales. On the same day, three government departments jointly issued the "Guidelines for Overseas Competitive Behavior and Compliance Construction in the Automotive Industry," designed to steer domestic automakers towards standardized overseas practices, enhance their multinational operational compliance, and support the healthy international expansion of the automotive sector.
Industry analysts suggest that as automakers expand their global footprint, bolstered by ongoing channel development and a more diversified product lineup, the scale of Chinese brand vehicle exports is positioned to accelerate its path towards more regulated growth. The August delivery data reveals that several new-energy vehicle (NEV) upstarts maintained high delivery volumes. Notably, 零跑汽车 led the pack with an impressive 103,100 units delivered, consistently holding steady at the monthly 100,000-unit mark. 小鹏汽车 (XPENG), 理想汽车, 极氪汽车, and 蔚来汽车 (NIO) all recorded deliveries between 35,000 and 40,000 units, with the center of gravity of delivery volumes shifting slightly higher month-on-month. 小米汽车 held its ground above the 30,000-unit threshold for the fifth consecutive month.
Beyond the new forces, the "Big Three" independent automakers also unveiled their August sales, with their overseas performance particularly noteworthy. 比亚迪 (BYD Company Limited) sold 433,000 passenger vehicles in August, compared to 372,000 in the same period last year. Its overseas sales exceeded 180,000 units for the month, setting another new record. 奇瑞集团 sold 280,128 vehicles in August, up 15.4% year-on-year. This included 197,000 export units, a remarkable 52.1% increase year-on-year. The group's cumulative historical exports have now surpassed 7.18 million vehicles, making it the first Chinese automaker to exceed the 7-million-export milestone.
Meanwhile, 吉利汽车 (GEELY AUTO) announced that it sold 270,200 vehicles in August, achieving its sixth consecutive month of both month-on-month and year-on-year growth. Its overseas export sales reached 110,100 units, a 205% surge year-on-year and a 3% increase month-on-month, marking its eighth straight month of dual growth in exports. The company emphasized that it has entered a "systemic export" phase, with overseas exports hitting record highs. Within these exports, new-energy products accounted for over half of the volume for a sustained period. Specifically, NEV exports in August totaled 70,600 units, an extraordinary 446% increase year-on-year, representing 64% of its total exports. Looking ahead, 吉利汽车 (GEELY AUTO) has raised its 2026 overseas sales target from the previous 640,000 units to 920,000 units, with an ambition to challenge the 1-million-unit annual sales mark.
Contrasting the high growth in sales volume is the persistently low profit margin within the automotive industry. Data from Cui Dongshu, head of the China Passenger Car Association, shows that in the first seven months of this year, the industry's cumulative revenue reached 6.078 trillion yuan, a 2.7% increase year-on-year. However, costs climbed 3.8% to 5.4058 trillion yuan, while profits totaled only 216.2 billion yuan. This puts the industry's sales profit margin at 3.6%, which remains significantly lower than the 6.5% average enjoyed by downstream industrial enterprises.
Given the intense domestic competition and low profit margins, overseas markets have become the key variable determining automakers' future growth potential. The strategy of "seeking incremental growth from overseas" is a priority for most leading companies. In their interim reports and earnings calls, several automakers have confirmed plans to intensify their overseas expansion efforts in the latter half of 2026. 理想汽车, 岚图汽车, and 赛力斯汽车 are prioritizing the high-end markets in the Middle East and Central Asia, while simultaneously preparing for the launch of right-hand-drive vehicles in Europe and Southeast Asia. 小鹏汽车 (XPENG) and 零跑汽车 are leveraging overseas contract manufacturing or joint venture factories to advance local production, accelerating their penetration into the European market and exploring growth opportunities in North and Latin America. Meanwhile, 吉利控股 and 奇瑞汽车 are capitalizing on their established global system advantages, further expanding overseas production capacity and sales channels.
Currently, the scale effects of overseas business have yet to be fully realized, and as domestic competition intensifies, factors such as delayed recognition of overseas tax policy subsidy benefits and currency fluctuations are eating into profits. The revenue growth from exports has not yet been effectively converted into profitability. It is against this backdrop that the "Guidelines for Overseas Competitive Behavior and Compliance Construction in the Automotive Industry" have been introduced.
Jointly issued by the Ministry of Commerce, the Ministry of Industry and Information Technology, and the State Administration for Market Regulation on September 1st, the guidelines focus on regulating the competitive conduct of automotive companies in overseas marketing, as well as compliance in areas like overseas safety production, quality management, labor protection, and data security. They serve as a reference for Chinese carmakers' overseas operational conduct.
For competition and pricing in foreign markets, the guidelines offer detailed requirements. Companies are encouraged to establish pricing strategies based on cost and guided by international supply and demand, ensuring compliant management of vehicle and parts pricing to prevent using pricing as a means to gain unfair competitive advantages or disrupt local market order.
Having transitioned from a level of around one million exports per year to potentially ten million, China has ascended to become the world's largest automobile exporter. Industry experts believe that reaching ten million units is not an end goal but rather a new starting point for the "second half" of the export game. Chinese automobile exports have officially moved beyond simple "scale expansion" into a new phase of "rooted development" focused on quality improvement.
Analysts at 国信证券 have noted that as domestic vehicle companies continue to advance their channel construction and enrich their product matrices, their export scale is growing at an accelerated pace. On a medium-to-long-term basis, driven by the rise of domestic brands and the trends of electrification and intelligence, they hold a positive outlook on the investment opportunities in automaker exports. Against the backdrop of China's manufacturing ascendancy, the export of passenger vehicles is expected to continue accelerating.
Relevant Concept Stocks:
比亚迪股份 (BYD COMPANY) (01211): In August 2026, the company sold approximately 440,300 vehicles, a 17.84% increase year-on-year. Exports of new energy vehicles totaled approximately 189,500 units. In the first eight months, cumulative sales reached approximately 2.668 million units, with commercial vehicle sales rising 21.30% year-on-year.
吉利汽车 (GEELY AUTO) (00175): The group's total vehicle sales in August 2026 were 270,194 units, up about 8% from the same period last year. August export sales were 110,100 units, a 205% increase year-on-year and 3% increase month-on-month. Proton achieved sales of 22,426 vehicles in August 2026, up approximately 47% year-on-year. For the first eight months of 2026, Proton's cumulative sales reached 137,192 vehicles, an increase of approximately 29% year-on-year.
蔚来-SW (NIO-SW) (09866): The company delivered 35,836 vehicles in August 2026, a 14.5% increase year-on-year. This includes 21,174 units of the NIO brand, 8,810 units of the Onvo brand, and 5,852 units of the Firefly brand. As of August 31, 2026, the company's cumulative vehicle deliveries reached 1,260,485 units.
小鹏汽车-W (XPENG-W) (09868): In August 2026, XPENG delivered a total of 39,107 new vehicles, a 4% increase year-on-year. On August 11th, the XPENG G9L made its official debut and opened for pre-sales in mainland China, with market launch and delivery scheduled for September.