Guangzhou Automobile Group Co., Ltd. (GAC Group) reported mixed operating data for October 2026. Total vehicle sales retreated to 0.14 million units, down 15.84% year on year, while production was broadly flat at 0.15 million units, just 0.03% lower than a year earlier. Cumulative figures for the first ten months show production of 1.32 million vehicles (-5.37% Y/Y) and sales of 1.28 million units (-5.13% Y/Y).
Subsidiary performance remained divergent:
• GAC AION, the Group’s new-energy vehicle (NEV) arm, continued to power ahead with October production of 0.05 million units, up 92.27% Y/Y; sales grew 53.06% to 0.04 million units. Year-to-date (YTD) NEV output rose 51.18% to 0.34 million units, with sales advancing 55.96% to 0.33 million units.
• Joint-venture brands faced pronounced weakness. GAC Honda’s October sales plunged 56.90% Y/Y to 0.02 million units, taking YTD deliveries down 56.84% to 0.11 million units. GAC Toyota’s monthly sales slipped 21.99% Y/Y to 0.06 million units, and its YTD volume eased 7.93% to 0.57 million units.
• Self-branded GAC Motor recorded a 27.70% drop in October sales to 0.03 million units, though its YTD decline remained marginal at 0.71%, totaling 0.27 million units.
• Emerging subsidiary Qijing Intelligent Automobile shipped 3,208 units in October, bringing YTD sales to 8,341 units.
• Commercial vehicle unit GAC New Energy Commercial Vehicle increased October sales by 187.87% Y/Y to 0.001 million units; YTD deliveries more than doubled to 0.01 million units.
Product-mix dynamics:
• Passenger-vehicle production fell 0.41% Y/Y to 0.15 million units in October, while sales declined 16.20% to 0.14 million units.
• Within passenger cars, sedan sales contracted 24.71% Y/Y to 0.04 million units, and MPV sales dropped 42.43% to 0.01 million units. SUV sales were comparatively resilient, easing 4.33% to 0.09 million units, aided by a 17.38% rise in SUV production.
• October NEV output jumped 73.27% Y/Y to 0.08 million units, representing roughly half of total vehicles produced. Energy-efficient (traditional fuel-efficient) vehicle production was flat at 0.04 million units, with sales down 20.17% to 0.03 million units.
Overall, the sharp expansion in GAC Group’s NEV segment helped offset continued softness across its Japanese joint-venture brands, yet total sales momentum remained negative in October and on a year-to-date basis.
Comments