What major events shaped the global automotive industry this week?
GAC Group Sets 2026 Course: Returning to 2-Million-Unit Sales/Production, Targeting 200,000 Overseas Units
On February 26, GAC Group convened its 2026 High-Quality Development Conference at its Panyu headquarters. Chairman Feng Xingya reviewed the group's 2025 performance: full-year terminal sales reached 1.8135 million units, with self-owned brand exports nearing 130,000 units. A pilot line for all-solid-state batteries went into operation, and the HYPTEC GT Climber Edition—featuring 100% domestically produced chips—rolled off the assembly line. On the transformation front, the "2+3+X" structure was established, the IPD system was introduced, and the HYPTEC/Aion BU and Trumpchi BU began operating independently.
GAC Group Chairman Feng Xingya; Image Source: GAC Group
Looking ahead to 2026, GAC has set hard targets: returning production and sales to the 2 million-unit level, achieving positive growth in output value, and improving profitability. Feng defined this year as a pivotal moment connecting the past and future for the 15th Five-Year Plan and the "Panyu Action," outlining three main strategic pillars: stabilizing joint ventures, strengthening self-owned brands, and expanding the ecosystem.
The joint venture sector is seeking change: GAC Toyota continues to push for "intelligence parity between ICE and EVs," while GAC Honda aims to close the intelligence gap and cut costs through localized R&D. Self-owned brands are tasked with fighting "three major battles"—for user demand, product value, and service experience—centered on understanding the market and leveraging IPD to launch high-value hits. Overseas targets are clear: achieving an export scale of 200,000 units this year and accelerating the "Thousand Network Plan." The highly anticipated Huawei-backed brand "Qijing" has set the launch of its first model for June.
Systematically, GAC requires transformation projects like IPD and DSTE to shift from form to substance, connecting the data chain from R&D to marketing and driving reform across the entire group. Feng's confidence rests on three pillars: a "strong start" in January sales, a complete industrial chain foundation, and sustained support from local policies for auto consumption.
Gasgoo Commentary: GAC Group aims to break through the deadlock via reform in 2026 to restore scale. Behind the 2 million-unit target lies the expectation of a synergistic offensive and value re-evaluation across three fronts: self-owned brands, joint ventures, and overseas markets.
Pan Qing Promoted to Jaguar Land Rover Global Procurement Director, Retains Role as China President
Jaguar Land Rover China recently announced a senior executive reshuffle. Pan Qing, current President and CEO of JLR China, has been promoted to Global Procurement Director while continuing to serve as China President. The appointment is effective immediately. Concurrently, Tim Howard, current CFO of JLR China, will take over as CEO. Wu Chen, current Chief Commercial Officer (CCO) of China, and his team will report to Howard.
Pan Qing; Image Source: Jaguar Land Rover China
Pan has overseen JLR's operations in China since January 2017. With a tenure spanning nine years, he is the first local Chinese executive to join JLR's Global Board. During his term, he spearheaded the "China Upgrade Strategy 2020" and the "Reimagine" strategy, propelling the Chinese market to become a core node in JLR's global R&D and production network.
Notably, in 2024, Chery and JLR reached a cooperation agreement to relaunch the Freelander brand, planning to introduce new models developed on Chery's EV platform and produced in Changshu. This move aims to enter the new energy smart vehicle sector by combining Chinese manufacturing with British heritage. The first new model is expected to hit the market this year.
Furthermore, the Chinese R&D team has assumed partial global innovation responsibilities since 2025, sourcing over 2,500 types of components for global products through Chinese suppliers. Industry analysts believe this is likely a key driver behind Pan's appointment as Global Procurement Director: with China's auto supply chain in a phase of rapid development, having an executive familiar with this ecosystem oversee global procurement will help accelerate the integration and transformation of JLR's global supply chain.
Recently, foreign automakers like BMW and Mercedes-Benz have also replaced their China market heads, signaling that multinational companies are aggressively adjusting their personnel layouts amid intensifying competition in China. However, Pan's role shift holds unique significance—he will leverage Chinese supply chain resources to integrate more local suppliers into JLR's global system, thereby empowering both Chinese and global operations.
Gasgoo Commentary: Pan Qing's promotion to Global Procurement Director signals multinational automakers anchoring the value of China's supply chain, serving as a typical footnote to Chinese executives empowering global industrial layouts.
Bosch and NIO Sign Strategic Cooperation Agreement
On February 25, during German Chancellor Merz's first official visit to China, Bosch and NIO signed a strategic cooperation agreement.
Image Source: Bosch
According to the agreement, the collaboration will cover NIO's three major brands—NIO, ONVO, and FIREFLY—focusing on deep cooperation in core smart EV technologies. Areas of cooperation include core technologies such as steer-by-wire chassis and battery management, covering braking control, steering systems, drive systems, as well as body electronics and sensing modules.
As a leading global automotive supplier, Bosch possesses deep technical expertise in chassis steer-by-wire and intelligent sensing. NIO, a representative Chinese smart EV brand, holds advantages in electrification, intelligent vehicle R&D, and market layout. This partnership will fully leverage complementary technological and industrial chain strengths, deepen collaborative innovation in key smart EV technologies, and drive the integrated development and high-quality upgrading of the upstream and downstream supply chain.
Gasgoo Commentary: The partnership between Bosch and NIO is essentially a complementarity of the parts giant's technical accumulation and the Chinese new entrant's vehicle advantages, aiming for a synergistic breakthrough in core smart EV technologies.
CATL and BMW Sign Agreement to Jointly Promote Battery Passport Pilot
On February 25, CATL and BMW Group signed a Memorandum of Understanding (MoU) in Beijing. The two parties will focus on deep cooperation in two major areas: cross-border data pilots for battery passports and collaborative carbon reduction in supply chain carbon footprints. The signing coincides with German Chancellor Merz's visit to China with a delegation of German entrepreneurs and marks a significant industrial cooperation achievement during the China-Germany Chancellor's meeting.
Image Source: CATL
According to the MoU, the parties will explore scenario-based applications for battery passports to enhance digital management and data interaction levels of power batteries in the global supply chain, strengthening the ability to collaboratively comply with relevant global regulations. Simultaneously, they will promote the compliance and smooth operation of power battery data chains, achieving carbon reduction goals through full supply chain collaboration, aiding in low-carbon green product development, and jointly promoting the demonstration and implementation of global battery information and data standards.
Records show that the strategic cooperation between CATL and BMW Group began in 2012. Over the years, the two have continued to cooperate in battery production, joint R&D, and technological innovation, forming a solid foundation. This collaboration represents a further expansion under the existing framework, extending cooperation to the digital and green management of the full lifecycle of power batteries.
Currently, digital tracing and carbon footprint management of power batteries have become important directions for the development of the new energy vehicle industry. As a crucial method for achieving battery information traceability and carbon emission accounting, the battery passport is becoming a key focus of industry exploration. This cooperation between CATL and BMW will drive collaborative exploration in the sustainable development of the power battery supply chain.
Gasgoo Commentary: CATL and BMW's joint battery passport pilot is not only an inevitable exploration of supply chain digitalization and decarbonization but also a concrete implementation of deep collaboration between the Chinese and German automotive industries.
NIO's Chip Subsidiary Secures Over 2.2 Billion Yuan in First-Round Funding, Valuation Near 10 Billion Yuan
On February 26, NIO officially announced that its chip subsidiary, Anhui Shenji Technology Co., Ltd., signed an agreement for its first round of equity financing. The amount raised exceeded 2.2 billion yuan, with a post-money valuation approaching 10 billion yuan.
The funds will primarily be used for the continuous R&D and marketing of Shenji's high-end chips, providing core support for NIO's long-term layout in areas such as autonomous driving and embodied intelligence.
Image Source: Weibo of William Li, NIO Founder, Chairman, and CEO
NIO stated that Anhui Shenji is the first company in China to develop a 5nm automotive-grade chip and the first to achieve mass commercialization. Its core product, the "Shenji NX9031" chip, boasts a performance of "one chip equals four," ranking first among domestic automotive chips. Since officially entering production in 2024, the chip has accumulated shipments exceeding 150,000 sets. It is now fully deployed across all NIO brand models, serving as the core support for NIO's intelligent assisted driving system.
According to the plan, following the completion of this financing, Anhui Shenji will accelerate the expansion of its chip product matrix. It plans not only to launch ultra-high-performance chips for next-generation intelligent driving but also to lay out multiple chip products in other fields, further enriching its product line.
It is understood that Shenji's early orders mainly came from within the NIO system. At this stage, it is actively exploring external markets, focusing on emerging business areas such as embodied robots and Agent reasoning, committed to providing complete chip and intelligent hardware solutions for various customers in the AGI era.
Gasgoo Commentary: Anhui Shenji's first-round financing exceeding 2.2 billion yuan and a post-money valuation near 10 billion yuan highlight the capital market's recognition of its automotive-grade chip commercialization capabilities, promising to add another key support for the self-controllable development of intelligent driving.
Bently Plans to Acquire Controlling Stake in Yubei Steering, Transaction Price Not Exceeding 1.121 Billion Yuan
On February 26, Bently (603596) announced that it plans to acquire 50.9727% of the shares in Yubei Steering System (Xinxiang) Co., Ltd. for a transaction price not exceeding 1.1214 billion yuan. Upon completion of the acquisition, Bently will become the controlling shareholder of Yubei Steering, and its actual controller will change to Yuan Yongbin.
Image Source: Screenshot of Bently Announcement
The announcement shows that this acquisition involves multiple transaction parties. Bently plans to sign share transfer agreements with relevant parties, who are shareholders of Yubei Steering System (Xinxiang) Co., Ltd., to acquire a total of 50.9727% of Yubei Steering's shares held by these parties.
The parties agreed that the valuation of Yubei Steering shall not exceed 2.2 billion yuan, and the transfer price for this transaction shall not exceed 1.1214 billion yuan. The transferors also committed that Yubei Steering's net assets attributable to shareholders at the end of 2025 will not be less than 930 million yuan, and R&D expenses will account for no less than 3% of operating revenue. It is reported that the audit work for Yubei Steering's 2025 fiscal year has not yet concluded, and the final pricing of this transaction will be determined upon completion of the audit.
The announcement indicates that Bently is dedicated to providing automotive chassis systems and body parts for global OEMs. Through independent technological innovation, it has achieved leading technical advantages in mechanical braking, electronic braking, intelligent driving, and lightweighting, possessing independent intellectual property rights and mature mass production capabilities.
Yubei Steering is a Tier 1 automotive supplier specializing in the R&D and production of automotive steering system products. It boasts good operational efficiency, a high-quality customer base, and solid technical foundations. Its main products—Electronic Power Steering (EPS), Hydraulic Power Steering (HPS), and steering system components—form significant synergies with the company's existing automotive steering products in terms of technology, market, and scale.
Bently stated in the announcement that this investment and cooperation will, on one hand, integrate the technological and resource strengths of both parties, enrich and perfect the company's product line in the automotive safety system field, and enhance customer service capabilities and market competitive advantages. On the other hand, this acquisition possesses good economic benefits and will further enhance the company's profitability.
Gasgoo Commentary: Bently's acquisition of Yubei Steering is fundamentally about resource integration to shore up its steering system capabilities, using synergies to strengthen market competitiveness in the chassis components sector.
