China's auto industry: CPCA's Cui Dongshu reported July 2026 production of 2.53
mln vehicles, flat YoY; NEV output 1.55 mln (+30%), NEV penetration 61%;
fuel-vehicle output 0.98 mln (-27%). July industry revenue was CNY 888.7 bln
(+8.3% YoY), costs CNY 795.7 bln (+10%), profit CNY 20.9 bln (-28%); July margin
2.4%. Jan–Jul 2026 production totaled 17.61 mln vehicles (-3% YoY); NEVs 8.95
mln (+10%), penetration 51%; fuel vehicles 8.67 mln (-14%). Jan–Jul revenue CNY
6.078 tln (+2.7%), costs CNY 5.406 tln (+3.8%), profit CNY 216.2 bln (-20%);
margin 3.6%, versus a 6.5% average margin for downstream industrial firms.
