China NEV Leaders

New World Development's loss widened in its fiscal year ending June 2026. Core operating profit rose 28 percent, but the company withdrew from a Hong Kong airport development project to prioritize financial improvement and increased its credit facility to 4.9 billion Hong Kong dollars. On the Chinese mainland, Anhui Jianghuai Automobile Group signaled intent to collaborate with Huawei and Stellantis, Xinjiang Tianye plans to acquire four mining companies for 865 million yuan, and the controlling shareholder of Guangdong Dongyangguang Technology Holding is set to increase its stake by 600 million to 1.2 billion yuan. Nanjing Weier Pharmaceutical Group plans to buy back 50 million to 100 million yuan of its own shares, while the major shareholder of Shaanxi Beiyuan Chemical Group will sell up to 5.5 percent of its shares. In Hong Kong, Li Auto's September deliveries fell 6 percent, and 14 mainland-listed companies have shelved or postponed Hong Kong listings so far this year.

NIO has agreed to sell a 30% stake in its battery swapping and charging subsidiary, NIO Power, to a Geely unit in a roughly RMB16b deal. The transaction briefly lifted sentiment, but NIO shares have since fallen 22.2% over the past 30 days and are down 33.9% year to date, with a one year total shareholder return decline of 55.4%. NIO last closed at $3.40, while the most followed valuation narrative points to a fair value of about $6.38, a level that 278 investors see as 47% undervalued. Bulls view the Geely-backed battery unit valuation as a reality check suggesting NIO's energy assets may be worth more than the stock implies, while bears point to the heavy share price losses. The story could still break if sluggish vehicle demand in China persists and higher operating expenses keep profitability and analyst margin assumptions out of reach.

NIO agreed to sell a 30% stake in its NIO Power unit to Geely, forming a battery swapping joint venture. The partnership is aimed at sharing battery swapping and charging infrastructure across both groups' electric vehicle brands in China, and NIO Power's network is expected to be opened more widely to non NIO models under cooperation agreements between NIO and Geely. Geely's 30% stake in NIO Power reshapes how NIO may use its charging assets, with the deal seen as stress testing one of the core catalysts in NIO's investment case, which leans heavily on the Power Swap network as a differentiator supporting recurring services revenue and steadier margins. The next proof point is how quickly Geely branded and other non NIO models begin using the NIO Power network, with concrete indicators including new cooperation agreements, the number of third party vehicle models compatible with NIO Power swaps, and any disclosure of swap volumes or station utilisation from late 2026 updates and forthcoming earnings reports.

China's state-owned automaker FAW Group has announced it will expand cooperation with Guangzhou Automobile Industry Group, the controlling shareholder of GAC Group. According to a FAW statement, the two companies will explore a new model of strategic collaboration between state-owned automakers under the central and local governments, based on a strategic cooperation framework agreement signed on the 29th. GAC announced on the 28th that FAW is expected to become its second-largest shareholder through GAC's acquisition of a 50 percent stake in FAW Toyota. The industry association CAAM noted on the 29th that FAW and Guangzhou Automobile Industry Group should advance joint technology development and share management resources to boost competitiveness and supply chain resilience. It called for policy support to promote industry restructuring, saying cross-regional integration still faces obstacles such as the transfer of production capacity quotas, tax revenue sharing arrangements, and lengthy approval procedures. China has published a roadmap through 2030 aimed at strengthening its smart electric vehicle industry, planning to curb excessive investment, promote industry restructuring, and phase out inefficient production capacity.

Huawei Managing Director Yu Chengdong recently said the Maextro SUV developed with JAC Motors is expected to launch in early 2027. Boosted by the news, on September 30 the commercial vehicle concept rose 3.14% intraday, with JAC Motors up 9.98%, Dongfeng Corporation up 4.66%, Shuguang Corporation up 3.27%, Ankai Bus up 2.63%, and Hanma Technology up 2.46%. Southwest Securities research noted that in 2026 the commercial vehicle industry will see domestic sales supported by policy and overseas demand resonating, with large infrastructure projects in Vietnam, Thailand, and Saudi Arabia being released in concentrated fashion, providing sustained support for domestic heavy truck demand. Zheshang Securities research noted that new energy commercial vehicle penetration and battery capacity per vehicle are both rising, with 2025 sales reaching 950,000 units, up 64% year on year, and the sales share rising to 22%, with a projected compound growth rate of 51% from 2025 to 2030.

Kanit Srivachiraprapha, Chairman of the Advisory Board of King Gen Public Company Limited, or KGEN, disclosed that the company's third-quarter 2026 operating results are clearly improving over the second quarter of 2026, driven by higher car sales and by the Omoda & Jaecoo Manufacturing (Thailand) Company Limited, or OJMT, vehicle assembly plant, which has continued to expand production capacity, pushing profit margins higher. Cumulative output at the plant has now passed the 20,000-vehicle mark, and it is currently producing more than 4,000 vehicles a month. The company plans to hold a shareholders' meeting to raise 252 million baht in capital for Rayong Wire Industries Public Company Limited, or RWI, on 22 October, with the funds expected between 26 October 2026, and will use the money to increase its stake in the OJMT plant from 51% to 60%. As a result, in the fourth quarter of 2026 KGEN will fully consolidate the plant's sales and operating results into its financial statements, driving total revenue growth to jump sharply. This year output is expected at around 40,000 vehicles, while for 2027 the target is to run at full capacity of 80,000 vehicles a year. Most recently, the company launched the iCAUR V27 REEV, a hybrid model with a maximum driving range of 1,000 kilometres, starting at just 999,900 baht, with deliveries beginning on 1 October. It has drawn more than 3,000 bookings at the Big Motor Sale event.

KCE shares jumped 11.07% to 75.25 baht, up 7.50 baht, with trading value of 2.357 billion baht as of 10:50 a.m., from an opening price of 71.25 baht, a high of 75.25 baht and a low of 71.25 baht. This morning also saw a big lot of 150,000 KCE shares worth 11.89 million baht trade at an average price of 79.25 baht, above the board price. Kiatnakin Phatra Securities, together with BofA Global Research, initiated coverage of KCE Electronics with a buy rating and raised its target price to 104.00 baht, based on a target P/E of 38.1 times, from 67.75 baht previously. It expects net profit to recover 95% year on year to 1.529 billion baht in 2026, surge 110% year on year to 3.212 billion baht in 2027, 69% above market expectations, and reach 4.174 billion baht in 2028. The drivers include the recovery cycle in the PCB industry, the growing electronic content in electric vehicles and software-defined vehicles, indirect benefits from the AI wave that is tightening automotive PCB supply, LEO communications satellites whose revenue share is expected to rise to 16% in 2027 and 30% in 2028 of total PCB revenue, and humanoid robots, with management confirming it is in talks with Tesla, having passed some qualification tests and awaiting final design approval. BofA expects the global humanoid robot market to be worth 100 billion US dollars by 2033, with global shipments growing nearly fivefold from 290,000 units in 2027 to 1.2 million units by 2030. Meanwhile, Sureeporn Teewasuwet, assistant managing director of the securities analysis department at FSS International, sees second-half profit better than the first half after KCE raised PCB prices from the second quarter of 2026 on higher raw material prices such as copper and fiberglass, together with AI-driven PCB demand that is diverting supply. She recommends trading the stock, maintains a target price of 61.00 baht, and warns investors to be cautious in 2027 because new PCB supply will start to gradually come on stream in the second half of 2027.

On September 29, GAC Group's A-shares resumed trading, opening at the daily limit-up price with over 650 million yuan in sealed buy orders. The latest share price was 5.6 yuan per share, giving a total market capitalization of 57.1 billion yuan. Last night, GAC Group announced that it plans to acquire a 50% stake in FAW Toyota Motor Company through a share issuance, along with raising supporting funds, at an issuance price of 5.75 yuan per share. The target company is a joint venture between FAW Group and Toyota Motor, forming a north-south dual joint venture structure with GAC Toyota. Before this transaction, the listed company focuses on vehicle manufacturing as its core business, covering research and development, complete vehicles, auto parts, commerce and mobility, energy ecosystem, international operations, and investment and finance. It is one of the most complete automotive groups in China in terms of industrial chain and business layout. After the completion of this transaction, it is expected to make a positive contribution to the listed company's investment income, net profit, and other financial indicators, helping to further strengthen the company's sustainable operating capability.

Qianli Technology announced on September 29 that its controlling subsidiary Qianli Intelligent Driving plans to sign an Asset Transfer Agreement with Zhejiang Zeekr Automobile Research and Development Co., Ltd., to purchase electronic equipment and equipment installation works related to intelligent driving business R&D from Zhejiang Zeekr, with a transaction price of 34.4388 million yuan including VAT. The announcement said that after the transaction is completed, the company will further improve its R&D infrastructure layout and enhance the efficiency of full-life-cycle asset management.

The Trump administration is planning to cut back on the Biden-era fuel economy standards that would have required automakers to raise fleet gas mileage to 50 miles per gallon by 2031, lowering the target to 34.5 miles per gallon. The White House had teased the move back in December and was expected to make it official. The rollback means automakers can build fewer fuel-efficient cars and will not need as many EVs on the road to bring down their fleet fuel economy averages, allowing them to sell more high-priced, high-profit trucks and gas-powered cars. Automakers had invested heavily in EVs during the green wave, and the change leaves those investments largely stranded as sunk costs. Industry watchers note that a future administration could reverse the standards again, forcing companies such as Ford and GM to hedge their bets across both gas and electric lineups.

Geely agreed to acquire a 30% stake in NIO's battery-swapping business in a deal valuing the unit at roughly $2.4B, sending NIO shares up 2%. Zhejiang Geely Holding Group will contribute its commercial-vehicle battery-swapping business and pay 640M yuan, or $95M, in cash, and the two companies are discussing Geely's adoption of NIO's battery-swapping technology for its passenger and commercial vehicles while opening the charging and swapping collaboration to other industry participants. Gold Fields shares plunged 13% after Northern Star Resources rejected its $27B takeover proposal, saying the offer materially undervalued the Australian gold miner. Gold Fields proposed acquiring Northern Star through a combination of 0.3125 Gold Fields shares and A$7.25 in cash for each Northern Star share, initially valuing the target at A$38.7B, a 22% premium to its Sept. 11 closing price, though based on Gold Fields' Sept. 25 closing price the implied value had fallen to A$36.1B. Northern Star's board unanimously rejected the proposal, calling it highly opportunistic. Kodiak Sciences shares rose 7% ahead of the company's planned release of topline results from the DAYBREAK Phase 3 study evaluating Zenkuda, also known as tarcocimab tedromer, and KSI-501, also known as tabirafusp alfa tedromer, in patients with wet age-related macular degeneration, with results scheduled to be reported today at 8:30 AM Eastern Time.

The Office of the Insurance Commission, or OIC, has held discussions with the Thai General Insurance Association and the insurance sector to prepare measures to support and assist people affected by the flood situation, instructing insurance companies to accelerate surveys and damage assessments for vehicles, homes, and property, and to prepare sufficient personnel, loss adjusters, claim notification channels, and repair shop networks. Adisorn Pipatworapong, Deputy Secretary-General for Legal and Inspection Affairs at the OIC, said that in cases where damage can be clearly examined and proven, insurance companies are ready to pay compensation within no more than 7 days, including for damage in the Bangkok area. For vehicles that meet the criteria for total loss, companies must expedite the preparation and collection of documents alongside the damage assessment. The OIC will coordinate with the Thai Bankers' Association and relevant agencies to reduce the steps and time required for forwarding documents in cases of vehicles still under hire-purchase agreements. The meeting also discussed approaches for assessing flood damage to vehicles, separating internal combustion engine vehicles, which will use the OIC's five-level A to E damage assessment framework as supporting information, from electric vehicles, or EVs, which will be assessed for both battery and vehicle damage. In particular, where batteries have been submerged in water, it must be determined whether they can be restored or repaired to a safe usable condition. If they cannot be restored, the case is then considered for classification as a total loss. The requirements of each EV brand and model must also be taken into account. As for measures to assist policyholders, insurance companies may extend the grace period for life insurance premium payments by an additional 60 days from the original grace period expiry date, while motor insurance premiums may be deferred for collection and acceptance for up to 180 days from the date the insurance contract takes effect, for all types of vehicles except vehicles in group 1 and group 2. For other types of insurance, the premium collection period may be extended by 90 days. For damaged homes, microinsurance fire insurance policies for residences for retail customers should be considered for preliminary claim payments under natural disaster coverage up to the full sum insured of 10,000 baht. For residential fire insurance policies, preliminary payments should be made up to the full sum insured of 20,000 baht, and if additional flood coverage was purchased, a further preliminary payment of 10,000 baht should be made. Meanwhile, shops that hold fire insurance or property risk insurance and purchased additional flood coverage should be considered for preliminary claim payments of 30,000 baht. If the damage exceeds these amounts, policyholders must submit additional documents and evidence, and claim payments will be made in accordance with the coverage limits specified in the policy.

Stellantis CEO Antonio Filosa told an analyst conference on September 10, 2026 that the global auto industry has split into two distinct markets, saying, "We see clearly the world divided into two things: one is the United States, and then we have the rest of the world." Under the strategy, Stellantis relies fully on domestic engineering and development for its U.S. vehicles and does not plan to use its Leapmotor or Dongfeng partnerships for U.S. models. Outside the United States, including in Europe, the company is partnering with Chinese automakers Leapmotor and Dongfeng to localize production and share purchasing costs. The split comes as Washington scrutinizes automakers' ties with Chinese companies, and the Trump administration has criticized Ford over its European joint venture with China's Geely. Hedge fund count for Stellantis fell to 26 in the second quarter from 32 in the first, with position value nearly halving to $195.4 million from $423.6 million, while Ford's holders held steady at 50 with position value slipping to $1.02 billion from $1.12 billion.

King Gen Public Company Limited, or KGEN, is pushing ahead with a major strategic shift into an EV ecosystem, spearheaded by the OMODA & JAECOO electric vehicle assembly plant, or OJMT, and is preparing to add the commercial electric vehicle brand FARIZON as a new S-Curve. The OJMT plant will begin full commercial production in 2026, and is currently ramping up capacity by adding a second shift, lifting output from roughly 5,000 vehicles per month to about 8,000 vehicles per month, an increase of approximately 60%. Trinity Securities estimates OJMT sales of about 40,000 vehicles in 2026, rising to 50,000 in 2027 and 60,000 thereafter. FARIZON, meanwhile, targets sales of about 2,000 vehicles in 2026, rising to 3,000 and then 4,000 thereafter. For the second half of 2026, the company targets electric vehicle sales of about 20,000 units through the JAECOO, OMODA, LEPAS and CHERY brands, at an average price of about 500,000 to 700,000 baht per vehicle, supported by a network of more than 200 partner showrooms. On the transport side, Montri Transport has a backlog of nearly 1,000 vehicles from private-sector B2B customers, worth a combined total of more than 1 billion baht. Trinity expects KGEN to stage a clear turnaround in 2026, with revenue rising to 24.96 billion baht from 718 million baht in 2025, before climbing to 33.06 billion baht in 2027, or growth of about 32% year on year, and net profit swinging from a loss of 136 million baht in 2025 to a profit of 504 million baht in 2026 and 692 million baht in 2027, or growth of about 37% year on year. It also sets a 2026 fair value of 2.90 baht, based on a price-to-earnings ratio of 12 times and 2026 earnings per share of 0.24 baht, and if all warrants are exercised and dilution occurs, the fair value would be 2.38 baht.

A newly formed freight coalition, ZET SCALE, has chosen Tesla to lead a 2,500-truck purchase of electric Class 8 vehicles, an order that if fully delivered would roughly double the number of battery-electric heavy trucks now running in the United States. Tesla is the lead supplier but shares the supplier list with PACCAR's Kenworth, RIDE and Volvo Group's Volvo, so the Semi will make up only part of the 2,500 units, though its share would likely still set a record and exceed earlier orders such as Einride's 500 trucks in August and WattEV's 370 in May. Deliveries are planned over several years and will serve 10 regional hubs, including Los Angeles, Houston, Chicago, Atlanta and the New York-Newark area. Tesla's new Semi factory in Nevada opens formally today beside the 4680 battery cell lines at Gigafactory Nevada, a 1.7-million-square-foot facility built to produce up to 50,000 trucks a year. The order is a genuine win, but execution risks remain high: Tesla has a record of missed production timelines, battery availability is a constraint, and BYD unveiled the ETT 44, a 44-tonne electric tractor with up to 1,000 horsepower and roughly 372 miles of range, at Europe's IAA Transportation show, where Tesla plans to bring the Semi late next year in standard-range form only.