In 2026, my country’s new energy vehicle exports will show explosive growth.
According to relevant data, my country’s automobile exports in May 2026 were 930,000 units, a year-on-year increase of 68.7%; new energy vehicle exports were 446,000 units, a year-on-year increase of 110%.
From January to May, a total of 1.833 million new energy vehicles were exported, a year-on-year increase of 110%.
Faced with such eye-catching export data, the “ecological overseas” industrial chain of new energy vehicles has become the key to profits. Below, we use hard-core data to break down the four core benefit links and main lines of investment.
Passenger vehicles: High overseas gross margins are offset by involution, and the overseas leader’s volume and profit increase
In May, new energy passenger vehicles exported 424,000 units, a year-on-year increase of 112.6%, accounting for 54.1% of passenger vehicle exports.
Leading car companies are experiencing strong growth. BYD exported 160,600 units in May (+80.4% year-on-year), and Geely Automobile’s year-on-year growth rate reached 183.7%.
The price war in the domestic auto market is under great pressure, while the gross profit margin of new energy vehicles overseas (especially in Europe and the Middle East) is 30% – 40%. Going overseas has become the key to repairing the profits of auto companies.
BYD (002594), as the leader of new energy vehicles overseas, exported more than 160,000 vehicles in May. The proportion of overseas revenue has increased. Scale effects and brand premiums have brought profit flexibility. Its products are diversified and its technological innovation capabilities are strong, and it is highly recognized in overseas markets.
Geely Automobile has the leading growth rate overseas. Its high-end brands such as Jikrypton and Lynk & Co have been highly recognized in Europe. The results of its global layout are gradually showing, and the brand’s high-end strategy has achieved remarkable results.
The MG brand of SAIC Motor (600104) has performed well in Europe. It has built factories in Thailand and Indonesia to avoid trade barriers. New energy exports account for more than 40%. It has extensive overseas market layout and strong localized production capabilities.
Great Wall Motors (601633) accounts for nearly 50% of its overseas exports. Haval, tank and other models are selling well in Australia, New Zealand and South America. High value-added models increase profits, and its products are targeted to meet the needs of different overseas markets.
As a representative of new forces going overseas, Leapmotor has exported more than 20,000 new energy vehicles in May. It has developed rapidly in Europe by leveraging its high cost performance and overseas channels of Stellantis Group, and its unique cost performance advantage has opened up overseas markets.
Core parts and components: following the “ecological overseas expansion” of OEMs, the performance is most certain
In January-April, my country’s auto parts exports amounted to US$32.62 billion, a year-on-year increase of 5.2%.
Vehicle manufacturers are building factories overseas, and parts companies are accelerating localized support.
Parts companies go overseas with OEMs to avoid tariffs and enter the supply chains of overseas car companies, with strong performance certainty.
Fuyao Glass (600660) is the world’s leader in automotive glass, accounting for more than 50% of its overseas revenue. It cooperates closely with the world’s leading car companies and expands overseas with its complete vehicles, with obvious product quality and brand advantages.
Tuopu Group (601689) is a core supplier of lightweight chassis and thermal management. It is deeply tied to Tesla and domestic leaders in overseas markets. It has accelerated the implementation of overseas production capacity, has advanced technology and strong supporting capabilities.
Sanhua Intelligent Control (002050) is a global leader in thermal management, leading in electronic expansion valves and heat pump systems. It is an important supporting equipment for new energy vehicles going overseas. It has strong technology research and development capabilities and strong product competitiveness.
Desay SV (002920) is a leader in smart cockpits and smart driving. Overseas orders have increased, and its smart overseas expansion has expanded growth space. It is technologically leading in the smart field and has strong market foresight.
Bethel (603596) is a leader in drive-by-wire chassis and braking systems. It is very popular in overseas markets. Its products are recognized by mainstream overseas car companies. Its products have excellent performance and have great brand influence.
Power batteries and upstream: global market share is crushed, and the leading company Hengqiang
In the first four months of 2026, the total domestic power battery production was 874GWh, a year-on-year increase of 41%.
CR5, the leading power battery company, accounts for over 79.8%, and CATL holds 44%.
Although the export tax rebate policy has been adjusted, China’s lithium battery industry chain controls global pricing power with its cost and full industry chain advantages. Overseas gross profit margins are higher than domestic ones, and leading companies have strong risk resistance.
CATL is the global power battery overlord, with overseas gross profit margin exceeding 31%, higher than domestic. Overseas orders continue to grow, leading the world in technology and market share, and strong industrial integration capabilities.
Yiwei’s lithium energy large cylindrical battery technology leads the way, supporting overseas leading car companies, steadily advancing its overseas strategy, and technological innovation drives business expansion.
Rongbai Technology is the leader in high-nickel cathode materials, with a high proportion of overseas business. It benefits from the demand for high-energy-density batteries for overseas high-end models and focuses on the research and development and production of high-end materials.
Tianci Materials is the leader in electrolytes. It has deployed production capacity in North America and Europe to avoid trade barriers. It is a leading global company with reasonable production capacity layout and strong market adaptability.
Enjie Co., Ltd. is the world leader in wet separators. It has released overseas production capacity and cooperated with the world’s leading battery manufacturers. It has a stable market share, product quality and market position.
Commercial vehicles and automobile logistics: dual-driven by infrastructure construction and overseas expansion, making a fortune in silence
Commercial vehicle exports grew steadily in May, and the growth rate of heavy truck and passenger car exports was higher than the industry average.
At the same time, the capacity of car ro-ro ships is tight and the freight is high.
The strong demand for infrastructure and logistics overseas (especially in the Middle East, Latin America, and Africa) drives the export of commercial vehicles, and the export of complete vehicles drives the demand for roll-on and roll-off automobile transportation.
Yutong Bus (600066) is the world’s leading bus company with strong export profitability. It sells well in Europe and Latin America and has outstanding product quality and brand advantages.
China National Heavy Duty Truck (000951) is the leader in heavy truck exports. It has strong demand in Southeast Asia and Africa, leads export sales, and has high product cost-effectiveness and adaptability.
Weichai Power (000338) is the leader in heavy-duty truck engines and supplies heavy-duty trucks to overseas markets. It has benefited from the power generation demand of North American AI data centers and has diversified its business.
COSCO Shipping Holdings (601919) is a leader in automobile ro-ro and container transportation. It has benefited from the surge in demand for China’s automobile export routes and has obvious advantages in shipping resources and market.
CIMC Vehicles (301039) is a leader in special-purpose vehicles and semi-trailers. The demand for overseas infrastructure and logistics drives the growth of its export business, and its products are targeted to meet the needs of overseas markets.
Investment strategy: Avoid pure concepts and embrace “real overseas expansion”
Currently, new energy vehicles overseas has become a long-term industry trend.
Investors should be careful not to pursue high-priced models that rely solely on domestic price wars and have no overseas presence.
In terms of operations, we should closely adhere to the main lines of “high gross profit overseas” and “global production capacity”, and locate leading companies with a high proportion of overseas revenue, leading intelligent technology, and the ability to build overseas factories on dips.
Use financial report data and export orders to respond to market fluctuations and follow industry trends.
