OEM Trend
On March 31, Lynk & Co has officially named its first station wagon the "Lynk & Co 07 GT" following a user vote. Positioned as a "new travel category" with a focus on sporty shooting brake styling, the vehicle is set to launch in 2026. The 07 GT retains the family front face while optimizing the D-pillar and rear lines. It features a fastback shooting brake silhouette and a large spoiler, blending elegance with a sporty edge.
Toyota Motor Corp. is reportedly planning to join Cellcentric, the fuel cell joint venture formed by Daimler Truck and Volvo Group, as an equal shareholder, according to Cailian Press on March 31.
Polestar announced on March 31 that Volvo Cars has agreed to convert approximately $274 million of outstanding shareholder loans into equity in the EV maker. Following Geely Sweden Holding's completion of a previously announced roughly $300 million debt-for-equity swap, Volvo Cars is expected to execute a second conversion totaling around $65 million later in the second quarter. This move will keep Volvo Cars' stake in Polestar at roughly 19.9%. The maturity date for the remaining approximately $661 million in shareholder loans has been extended to December 2031.
Voyah recently announced that Dongfeng Asset Management, one of its controlling shareholders, plans to increase its holdings of the company's H-shares within the next 12 months. The initial phase of the buyback is capped at 250 million yuan.
SERES recently released its 2025 annual performance report. Revenue for the year hit 165.05 billion yuan — a 13.7% year-on-year increase and a record high. Net profit attributable to shareholders reached 5.96 billion yuan, marking the second consecutive year of profitability. In 2025, SERES sold 516,900 vehicles, up 3.99% from the previous year, with new energy vehicle sales climbing 10.63% to 472,300 units.
Supply Chain News
onsemi officially unveiled its China strategy on March 31, naming Shanghai as its Greater China headquarters. The company plans to appoint a China general manager who will also serve as head of systems engineering, aiming to bolster local leadership and decision-making efficiency.
Vbot signed a strategic partnership agreement with JD Retail's intelligent robot business on March 31, according to Gasgoo. Building on JD's "Intelligent Robot Industry Acceleration 2.0" plan, the two parties will collaborate deeply in the field of consumer-level embodied intelligence.
Hasco Automotive released its 2025 annual report on March 31. Financial data shows that on a consolidated basis, the company generated 183.999 billion yuan in revenue last year, an 8.49% increase from the previous year. Net profit attributable to listed shareholders rose 7.51% to 7.207 billion yuan. Excluding non-recurring items, net profit grew 10.67% to 6.387 billion yuan, signaling a steady improvement in earnings quality.
Black Sesame Technologies recently released its 2025 annual report. Revenue surged 73.4% to 822 million yuan, while gross margin held steady at 41.0%. The company reported a net loss of 1.425 billion yuan for the year. However, adjusted net loss — excluding share-based payments and changes in the fair value of preferred stock — narrowed 17.5% to 1.076 billion yuan.
Industrial Economy
Hong Kong stocks closed mixed on March 31, with the Hang Seng Index up 0.15% and the Hang Seng Tech Index down 0.86%. Semiconductor chip stocks weakened, with GigaDevice falling more than 8%, Montage Technology dropping over 6%, and Hua Hong Semiconductor sliding more than 4%.
The latest Vehicle Inventory Alert Index (VIA) survey from the China Automobile Dealers Association (CADA), released on March 31, shows the inventory alert index for Chinese auto dealers stood at 57.5% in March 2026. That represents a 2.9-percentage-point increase year-on-year and a 1.3-point rise month-on-month, keeping the indicator above the boom-or-bust line.
The Passenger Car Intelligence Index, jointly released by the CPCA and Anluqin on March 31, came in at 34.3 for February 2026. The smart cockpit sub-index was 36.1, while the smart driving index reached 37.2. The external intelligence index lagged at 21.6.
Shipping disruptions in the Strait of Hormuz have rippled through global logistics chains relying on UAE ports, stalling used car trade in several countries, CCTV Finance reported on March 31. Umar Ali, a used car dealer in Sri Lanka, primarily sources vehicles from Japan. Although Sri Lanka is geographically closer to Japan than the UAE, Japanese exports typically arrive in the UAE first to leverage Dubai's established re-export networks and logistics infrastructure for clearance and certification before moving on to final destinations in Europe, Africa, and other parts of Asia. Ali noted that due to the blockage, a significant number of Japanese used cars already shipped are currently stranded at sea.
Cui Dongshu, secretary-general of the China Passenger Car Association (CPCA), recently wrote that auto imports for the first two months of 2026 reached 70,000 units — a 25% year-on-year surge driven by a low base in January 2025. This marks a rare period of significant growth for the start of the year. However, imports in February 2026 totaled 32,000 units, slipping 12% from a year earlier and 17% from January, suggesting market growth is normalizing.
The National New Energy Vehicle Power Battery Traceability Information Platform — dubbed the "Information Platform" — has officially launched, with the China Automotive Technology and Research Center (CATARC) providing technical support. Gong Jinfeng, deputy general manager of CATARC, stated at the launch event that the platform marks a new phase of digital, full-chain management for power battery recycling in China.
