OEM Trend
Geely Automobile Holdings Limited officially released its first-quarter 2026 earnings report on April 29. Revenue climbed to 83.8 billion yuan — a 15% year-on-year increase that marks a record high for the period, breaching the 80-billion-yuan threshold for the first time. Stripping out non-core items like foreign exchange gains, core net profit attributable to shareholders surged 31% to 4.56 billion yuan, signaling significantly improved profitability. On the sales front, Geely delivered 709,358 vehicles, retaining its crown as the top-selling Chinese independent brand. Exports were a standout performer, jumping 126% to 203,000 units, with new energy vehicles accounting for 125,000 of that total — a 572% spike that has become a key growth engine.
Volvo Car AB's chief executive said on April 29 that performance in China is poised to improve, citing the rollout of updated versions of locally developed models like the XC70 to capture broader market segments.
Dreame kicked off its four-day DREAME NEXT event in Silicon Valley. Addressing rumors of an automotive entry, Ma Junye, president of Dreame's Starry Sky Plan, told media during the event that the company's automotive team began quietly preparing between 2021 and 2022. That timeline puts Dreame's launch in the same phase as Xiaomi EV, Ma noted, emphasizing this isn't a rash move to follow the crowd. He confirmed that Dreame is adopting a "Huawei-style" approach: partnering with established automakers at home and abroad for joint development and manufacturing. By co-creating a new brand with these partners, Dreame can direct its capital and energy toward core R&D rather than building plants and factories.
The Wuhan Economic and Technological Development Zone Management Committee has signed a cooperation agreement with Yipai Technology. Yipai's production base project will settle in the zone, introducing several competitive new energy vehicle models. The facility is designed to be a smart benchmark factory integrating vehicle manufacturing, R&D and testing, parts supply, and ecosystem collaboration.
Chery Automobile Co. Ltd. recently released its unaudited financial report for the first quarter of 2026. Revenue hit 65.87 billion yuan, while gross profit reached 10.56 billion yuan — up 24.9% year-on-year. Gross margin expanded significantly to 16.04% from 12.39% a year earlier. However, net profit attributable to shareholders slipped to 4.17 billion yuan.
Media reports indicate Mercedes-Benz Group AG generated first-quarter operating profit of 1.9 billion euros, a 17% decline. Still, that figure beat market expectations; analysts surveyed by Visible Alpha had penciled in 1.6 billion euros. Shares rose 2.2% in pre-market trading. Mercedes believes the group will regain growth momentum in the second half as new models launch and cost controls take hold. Yet the current environment remains tough, with tariffs and fierce competition squeezing margins — particularly in the Chinese market.
SAIC Motor's MG brand plans to build an electric vehicle plant in Spain, a move that would help the Chinese automaker mitigate the impact of EU tariffs, according to people familiar with the matter. The decision isn't final yet; key details such as investment scale, capacity, and production timing are still under discussion and subject to change. Choosing Spain would mean Hungary, previously a backup option, is off the table.
Supply Chain News
The China Automotive Chip Industry Innovation Strategic Alliance announced on April 29 that its RISC-V Automotive Chip Committee was officially established during the "China Chip" exhibition area at the Beijing Auto Show. The committee brings together core players across the chain — automakers, electronics firms, chip designers, IP providers, software toolchains, manufacturers, and testers — with the goal of driving large-scale adoption of RISC-V architecture in intelligent vehicles. Initiated by the alliance, the committee was jointly launched by Dongfeng Motor, Great Wall Motor, GAC Group, FAW Group, BYD, Infineon, Suzhou National Core, Zijing Semiconductor, Binary Semiconductor, Shanghai Intelligent Automotive Software Park, Jingwei Hirain, Nuclei, Neusoft Reach, CAIC, Puhua Basic Software, and NCIC.
Tuopu Group announced on April 29 that first-quarter revenue reached 6.628 billion yuan, a 14.92% increase from a year earlier. Net profit attributable to shareholders slipped 2.42% to 552 million yuan, while basic earnings per share came in at 0.32 yuan.
On April 29, UNISOC announced a partnership with Unity China at the 2026 Beijing International Auto Show, unveiling a lightweight cockpit-driving integrated rendering solution based on UNISOC's A7870 and A8880 chip platforms. Leveraging deep optimization via Unity China's Tuanjie Engine, the solution — powered by UNISOC's flagship automotive-grade chips — successfully delivers high-definition multi-screen intelligent driving interaction and 3D visualization for vehicle control.
A wholly-owned subsidiary of BMW Brilliance, Lingyue Digital Information Technology Co., Ltd., signed a memorandum of understanding with Volcano Engine on April 29 to deepen their collaboration in China, particularly in artificial intelligence. The MoU outlines plans to further integrate AI across the entire process, including sales, marketing, and service.
ThunderSoft and Aispeech recently inked a comprehensive strategic partnership agreement at the Beijing International Auto Show. Centered on AI-native technology, the two companies plan to deepen full-stack technical integration and ecosystem collaboration. The goal is to merge ThunderSoft's Dripping Water AIOS with Aispeech's full-link voice interaction technology, pushing in-vehicle human-machine interaction toward a more natural and intelligent future.
Industrial Economy
Hong Kong stocks rallied at midday on April 29, with the Hang Seng Index gaining 1.23% and the Hang Seng Tech Index adding 1.07%. The new energy vehicle sector outperformed: NIO-SW surged more than 8%, while BYD Co. and Li Auto-W climbed over 2%, and XPENG Group-W rose more than 1%.
Data from the China Passenger Car Association (CPCA) showed that from April 1 to 26, nationwide passenger vehicle retail sales reached 1.004 million units — a 24% drop from the same period last year and a 19% decline from March. Year-to-date retail sales totaled 5.226 million units, down 19% from a year ago. On the wholesale side, automakers moved 1.268 million units during the same window, falling 15% year-on-year and 24% month-on-month. Cumulative wholesale volumes for the year hit 7.134 million units, an 8% annual decline.
Bebest Automotive Electronics Co., Ltd. announced on April 29 that it has closed a B+ financing round exceeding 700 million yuan. With this latest tranche, total Series B financing has surpassed 1 billion yuan, injecting strong capital momentum into the smart chassis sector. The funds will be channeled into three key areas: accelerating mass production and delivery of smart chassis XYZ-axis products, increasing investment in proprietary forward-looking technologies like three-axis and cross-domain fusion, and speeding up global expansion.
