Physix Frontier · News Briefing Card (TMTPost · Sep 24, 2026)

China Auto Exports Hit 7.098M in 2025, Overseas Profit Gap Widens

KEY FACTS

China exported 7.098 million vehicles in 2025, up 21.1% year-over-year, ranking first globally for a third straight year.
Monthly exports topped one million units in both June and July 2026, with full-year volume projected at 11.5 million to 12 million vehicles.
Overseas revenue share at BYD, Great Wall Motor and Chery climbed from roughly 30% in 2023 to over 50% in the first half of 2026.
Great Wall Motor's overseas revenue accounted for 55.13% in the first half, yet its net profit attributable to shareholders was 2.465 billion yuan, down 61.11% year-over-year.
The average profit margin for domestic vehicle manufacturing fell to 1.5% in the first half of 2026, a near-decade low.

KEY DATA

7.098 million units2025 export volume

21.1%2025 export YoY

11.5M-12M units2026 projected export volume

1.5%H1 vehicle manufacturing profit margin

PHYSIX OBSERVATION

Going global has shifted from an incremental option to a profit dividing line. Carmakers with overseas revenue above half are not necessarily making money, as tariffs, currency swings and channel costs are eating into the gains. What truly separates winners is localized system capability, not export figures themselves. For the industry, scale leadership does not equal profit leadership; only those who complete the shift from selling cars to putting down roots will stay at the table.

Source: TMTPost report