GAC Group Q1 2026 Revenue RMB 20.23 Billion, Net Profit Improves 10%

GAC Group released its first-quarter 2026 financial report. The company achieved consolidated operating revenue of RMB 20.229 billion, up 1.76% year-on-year. Net profit attributable to shareholders improved by 10.29% compared to the same period last year. Amid persistent industry-wide price wars and margin pressures, GAC’s dual improvement in revenue and profit is a notable achievement.

The moderate revenue growth came despite a significant industry-wide sales decline. GAC‘s own brands — Trumpchi and Aion — contributed increasingly to the sales mix, with Aion continuing to perform strongly. The joint venture brands GAC Toyota and GAC Honda stabilised their sales after previous declines.

The profit improvement exceeded revenue growth, indicating effective cost control. Key factors include lower raw material costs (especially lithium carbonate), improved capacity utilisation at Aion’s second plant, and ongoing efficiency initiatives. Although profitability from joint ventures has faced pressure, GAC‘s independent brands are gradually building their own profit-generating capacity.

While the report did not disclose operating cash flow, R&D investment remained robust. GAC has recently announced solid-state battery technology and a vision-only smart driving solution, signalling progress from follower to competitor in key technologies.

Challenges remain. Price competition intensified in the second quarter, and joint venture brands’ EV transformation is still in its early stages. However, with new models such as the second-generation AION V, Hyper HT and Trumpchi Xiangwang E8 rolling out after the Beijing Auto Show, combined with national trade-in policies and the May Day holiday sales season, GAC expects further recovery in the second quarter.

Overall, GAC Group delivered a steady Q1 performance — modest revenue growth, improved profitability, and its own brands gaining momentum. Resilience itself has become the most valuable asset in today‘s fierce market elimination race.