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1.11 million units, down 17.44% year-over-year—Changan Automobile's sales performance in the first half of 2026 was indeed unexpected, selling nearly 240,000 fewer vehicles than the same period last year. What does 240,000 units mean? In the domestic auto market, that equals the full-year sales of some new automakers. Even more worrying is that since April, Changan's monthly sales have been braking—April down 5.95% YoY, May down 19.71%, June down 14.09%. Falling three consecutive months year-over-year, with not even a hint of rebound.
At first glance, this performance report seems to say: Changan is done. But taking a moment to analyze the data, you'll find it's not that simple.
Break down the data first, don't be fooled by surface numbers
Independent brands sold 920,000 units in the first half, down 19.91% YoY—this is Changan's foundation, with a decline steeper than the overall market. New energy vehicles hit 410,000 units in the first half, down 8.3% YoY. The decline is milder, but the direction is still downward. At first glance, both the basic foundation and growth sectors are shrinking, making the story seem quite pessimistic.
But there's a number many missed: June overseas sales were 91,065 units, accounting for 45% of total monthly sales. Nearly half the cars were sold abroad. Overseas deliveries in the first half were 402,000 units, a 35.1% YoY increase. In other words, if you remove the overseas market, Changan's domestic decline would look even worse than it appears now; conversely, overseas is Changan's solid growth engine, not just empty talk.
Why the Decline? There's Internal and External Accounting to Do
First, external factors. The 2026 Spring Festival came early; January wasn't a strong sales month anyway. Plus, the frenzy of purchasing before last year's NEV subsidy cuts pre-empted much of the consumer purchasing power. The entire industry suffered through this in Q1. Changan is not an exception—data from other automakers during the same period was also not good. This is industry-wide pain, not a unique problem for Changan.
Next, internal factors. Changan's NEV products are in a transition period between old and new. Several key models are undergoing generational updates. As the old models wrap up and the new ones haven't ramped up volume yet, this gap naturally affects sales figures. Additionally, Changan is clearly proactively adjusting its product structure this year—cutting off some low-end fuel models that rely on thin margins but high volume, no longer simply pursuing scale. Chairman Zhu Huarong publicly stated that in the past it was volume first, profit later; starting this year, they must prioritize both volume and profit. These words sound like official rhetoric, but in practice, it means: better to have slightly lower sales than to rely on selling at a loss to boost numbers.
This proactive short-term contraction inevitably comes at a cost; sales will drop. But the question is—were you sliding passively or actively choosing a path? The difference between the two won't show in the semi-annual report; truth will be seen by year-end.
Changan Still Has Cards to Play, and the Hand is Strong
Regarding overseas expansion, Changan is no longer just about selling cars. The Thailand Rayong factory produced its 20,000th vehicle just 13 months after production started, and the Brazil factory launched in March this year. This strategy of local manufacturing, local supply, and local integration is turning overseas markets from incremental opportunities into true growth pillars. Overseas sales grew 35.1% YoY in the first half, a pace considered fast in the industry. Covering 118 countries and regions with 1,124 sales outlets, the layout is spread out, not in a trial phase.
Technologically, at the June Chongqing Auto Show, Changan released its self-developed assisted driving system, Tianshu Pilot, with Pro, Max, and Ultra versions. The first model to feature it, Qiyuan Q06, will launch in the second half of the year. Blue Whale Super Hybrid has mass-produced; city fuel consumption is 2.98L per 100km—the 4th Generation Eado and CS75 PLUS are already on the road testing. Most noteworthy is the Golden Shield Solid-state Battery, with an energy density of 400Wh/kg, over 1,500 km range on full charge, completing vehicle integration validation before Q3. If these three technologies land as planned, Changan's technical reserve in the second half of the NEV race is not weak.
On the product front, 10+ new and facelifted models are planned for release throughout 2026, including Qiyuan Q06, Deepal L05, Avatr 06T, and a new Avatr flagship large six-seater SUV. The lineup is expanding, with pricing and scenario coverage broadening. Additionally, the two major brands, Avatr and Deepal, are advancing strategic integration. After integration, costs are expected to drop by 20% to 30%—this is exchanging system efficiency for competitiveness, not relying on piling up model numbers to stay afloat.
Core Judgment: Decline is a Fact, but Not the Endgame
The annual target of 3.3 million units, only 33.9% was completed in the first half; 2.19 million units must be sold in the second half to reach the target line—that's nearly 400,000 units more than the same period last year. The pressure is indeed not small.
But the auto market has never decided winners and losers based on half a season. The second half is the traditional peak season; Golden September and Silver October plus end-of-year volume pushing bring many variables. More importantly, this round of Changan's decline contains elements of proactive adjustment—cutting low-end, launching new products, integrating brands, shifting to prioritizing volume and profit. These actions hurt sales short-term, but looking long-term, they are gathering ammunition for the second half.
Of course, rivals aren't idle. BYD's scale advantage is expanding, Geely is also increasing overseas investments, NIO and XPeng continue to erode the high-end market. For Changan to catch up in the second half, it won't rely on slogans, but on the speed of technology delivery, the pace of product volume ramp-up, and whether the overseas market can continue to grow at over 35%.
The semi-annual report is like the halftime whistle of a football match—the first half was played poorly, data is out there, and no one can avoid it. But the second half still has 45 minutes, and Changan has plenty of cards: overseas momentum is strong, technical foundation is thick, product matrix is still expanding, and strategy is actively seeking change. Whether they can turn the tables tests not determination, but execution and the grasp of the time window. After all, in this chess game of the auto market, rivals don't wait, and time waits for no one.
