Fu Rong, Interns Fang Weibo, Cheng Siyu

According to data from the China Passenger Car Association, domestic car sales continued to decline under pressure in July, while overseas markets maintained significant growth, especially the overseas sales of several top automakers have accounted for "half of their total sales". Car going global has leaped from a supplementary channel to the core engine for automakers to digest capacity and maintain growth.

From July data: Chery Holding total sales 276,800 units, exports 202,500 units, overseas share as high as 73%, nearly 3 times the domestic market; BYD total sales 419,200 units, exports 179,800 units, overseas share 42.8%; Geely Auto sales 250,200 units, exports 106,700 units, share 42.6%; SAIC Group sales 338,600 units, exports 141,700 units, share 41.9%. In comparison, sales of various automakers in the domestic market showed different degrees of decline, one rising and one falling, allowing the overseas market to leap from being a "minor player" in the past to become the pillar supporting performance growth for mainstream automakers.

According to data from the China Association of Automobile Manufacturers, domestic car sales in July were 1.541 million units, down 13.1% month-on-month and down 23.6% year-on-year. Data from the China Association of Auto Trade Dealers shows the auto dealer inventory warning index climbed to 61.1% that month, far exceeding the 50% threshold, with over 60% of dealers finding it hard to be optimistic about the market trend in the second half of the year, and industry inventory reduction pressure increased significantly.

In stark contrast, overseas markets continued to perform well during the same period. Mainstream automakers that implemented the going global strategy all saw significant growth in overseas sales. Data from the China Association of Automobile Manufacturers also shows: In July, China's car export volume reached 1.043 million units, surging 81.3% year-on-year, breaking the million-unit mark for two consecutive months. Among them, new energy vehicle exports reached 553,000 units, a surge of 145.5% year-on-year, with their share exceeding 50% for two consecutive months, becoming the absolute main force of exports. From January to July, China's cumulative car exports reached 6.14 million units, a 66.8% year-on-year increase, among which new energy vehicle exports increased 1.2 times year-on-year.

Behind this structural change lies the deep layout of global strategies by top automakers. The going global model of Chinese automakers is gradually shifting from "complete vehicle exports" to combining with "industrial rooting". BYD's factories in Brazil and Thailand have started production successively; Chery is advancing multi-base projects in Spain, Vietnam, etc.; Changan's factory in Brazil has also been completed and put into production. Top automakers are rooting deeply in global core markets through a "three-in-one" approach of building factories, laying out channels, and integrating supply chains. Europe, Southeast Asia, and South America have become the three major core pivots of Chinese automaker globalization. Looking forward, tariff barriers and local operational capabilities will become the watershed of competition. From satisfying domestic demand to driving the global market, a profound transformation from "Made in China" to "Chinese Globalization" is taking place.

[Car Insight Industry] Let's review the major events that occurred in the automotive sector on July 23, 2026.

Automotive Event One: Horse Power V6 Engine Prototype Successfully Ignited

Recently, the first prototype of Horse Power HORSE W30 successfully ignited. This model is expected to be paired with the Lotus sports car product line, further perfecting its full-spectrum product matrix from home efficient power to high-end performance power.

As a core product designed for the high-performance hybrid market, HORSE W30 balances ultimate performance, multi-scenario adaptation, and platform expansion capabilities. It can meet the demand for continuous power output in track scenarios and adapt to diverse scenarios such as complex terrain and daily commuting thanks to its flexible hybrid architecture, providing a new technical choice for high-performance hybrid vehicles.

Automotive Event Two: Tesla Releases Q2 Financial Report

 On July 23, Tesla released its Q2 2026 financial report. Tesla produced over 451,000 pure electric vehicles globally this quarter, a year-over-year increase of about 10%; deliveries exceeded 480,000, a year-over-year increase of about 25%. The Shanghai Super Factory delivered over 89,000 electric vehicles in June, up 24.4% year-over-year, setting a new high for the year; deliveries in the first half of the year totaled nearly 468,000, up 28.4% year-over-year. Tesla's total revenue for the second quarter increased by 26% year-over-year, reaching $28.2 billion.

As of the second quarter, Tesla's global paid assisted driving users have reached 1.48 million, with the assisted driving option rate in the North American market reaching a historic high, and over half of new vehicles subscribed to assisted driving upon delivery.

Automotive Event Three: The First iCAR V23 Officially Rolls Off the Line in Malaysia

 On July 22, ICAR Automotive officially announced that the first iCAR V23 in Malaysia officially rolled off the line, and the new car will arrive at dealerships by the end of July. According to previous reports, in November 2025, the sub-brand iCaur under Chery Automobile Group officially launched the iCaur V23 in Malaysia (domestically iCAR V23), launching a total of 2 models, priced at 119,800-132,800 Malaysian Ringgit (approximately 205,300-227,600 RMB).

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