← Great Wall Motor overview

Great Wall Motor vs Zhejiang Leapmotor Tech: why the prices moved differently

Weekly · monthly · quarterly news summaries, side by side in time

Great Wall Motor Co Ltd (601633.CG)

Q3 2026
▲2▼2

Profit Plunges on Overseas Tax and FX, but Overseas Sales and EV Demand Offer Support

  • First-Half Profit Warning: Net Profit to Drop ~60% Great Wall Motor warned that first-half 2026 net profit will fall 58.97% to 62.92% year-on-year, mainly because overseas tax subsidy gains were delayed and currency swings hurt results. This is a big drop in profit, which weighs on the stock price.

    This is the first concrete profit warning for the period and directly explains why the stock may be under pressure.

  • Half-Year Report Confirms 61% Profit Decline Despite Revenue Growth The actual half-year report showed revenue up 10.58% to 102.1 billion yuan, but net profit attributable to parent fell 61.11% to 2.465 billion yuan. The profit drop was due to delayed overseas tax subsidies and lower exchange gains. This confirms the earlier warning and keeps pressure on the stock.

    This is the official confirmation of the profit warning, making the negative earnings picture concrete for investors.

  • Overseas Sales Surge 45%, Now Over Half of Total Deliveries In the first half, overseas sales jumped 45.46% to 289,000 units, accounting for more than half of total sales, while domestic sales fell 22.53%. Overseas business is now the main growth engine, with production bases in Thailand and Brazil and over 1,600 sales channels abroad.

    This shows a strong offset to weak domestic sales and supports the long-term growth story.

  • Thailand EV Tax Restructuring and Record Australian BEV Sales Thailand plans to restructure EV excise taxes to boost exports, naming GWM among supported plants. Meanwhile, Australia's BEV sales hit a record 24.9% share in August, with GWM among the top 10 brands. These policy and demand tailwinds support overseas growth.

    These are new positive developments that could boost future overseas sales and sentiment.

August 2026
▲2▼2

Profit Plunges on Overseas Tax and FX, but Overseas Sales and EV Demand Offer Support

  • First-Half Profit Warning: Net Profit to Drop ~60% Great Wall Motor warned that first-half 2026 net profit will fall 58.97% to 62.92% year-on-year, mainly because overseas tax subsidy gains were delayed and currency swings hurt results. This is a big drop in profit, which weighs on the stock price.

    This is the first concrete profit warning for the period and directly explains why the stock may be under pressure.

  • Half-Year Report Confirms 61% Profit Decline Despite Revenue Growth The actual half-year report showed revenue up 10.58% to 102.1 billion yuan, but net profit attributable to parent fell 61.11% to 2.465 billion yuan. The profit drop was due to delayed overseas tax subsidies and lower exchange gains. This confirms the earlier warning and keeps pressure on the stock.

    This is the official confirmation of the profit warning, making the negative earnings picture concrete for investors.

  • Overseas Sales Surge 45%, Now Over Half of Total Deliveries In the first half, overseas sales jumped 45.46% to 289,000 units, accounting for more than half of total sales, while domestic sales fell 22.53%. Overseas business is now the main growth engine, with production bases in Thailand and Brazil and over 1,600 sales channels abroad.

    This shows a strong offset to weak domestic sales and supports the long-term growth story.

  • Thailand EV Tax Restructuring and Record Australian BEV Sales Thailand plans to restructure EV excise taxes to boost exports, naming GWM among supported plants. Meanwhile, Australia's BEV sales hit a record 24.9% share in August, with GWM among the top 10 brands. These policy and demand tailwinds support overseas growth.

    These are new positive developments that could boost future overseas sales and sentiment.

Latest
▲2▼2

Profit Plunges on Overseas Tax and FX, but Overseas Sales and EV Demand Offer Support

  • First-Half Profit Warning: Net Profit to Drop ~60% Great Wall Motor warned that first-half 2026 net profit will fall 58.97% to 62.92% year-on-year, mainly because overseas tax subsidy gains were delayed and currency swings hurt results. This is a big drop in profit, which weighs on the stock price.

    This is the first concrete profit warning for the period and directly explains why the stock may be under pressure.

  • Half-Year Report Confirms 61% Profit Decline Despite Revenue Growth The actual half-year report showed revenue up 10.58% to 102.1 billion yuan, but net profit attributable to parent fell 61.11% to 2.465 billion yuan. The profit drop was due to delayed overseas tax subsidies and lower exchange gains. This confirms the earlier warning and keeps pressure on the stock.

    This is the official confirmation of the profit warning, making the negative earnings picture concrete for investors.

  • Overseas Sales Surge 45%, Now Over Half of Total Deliveries In the first half, overseas sales jumped 45.46% to 289,000 units, accounting for more than half of total sales, while domestic sales fell 22.53%. Overseas business is now the main growth engine, with production bases in Thailand and Brazil and over 1,600 sales channels abroad.

    This shows a strong offset to weak domestic sales and supports the long-term growth story.

  • Thailand EV Tax Restructuring and Record Australian BEV Sales Thailand plans to restructure EV excise taxes to boost exports, naming GWM among supported plants. Meanwhile, Australia's BEV sales hit a record 24.9% share in August, with GWM among the top 10 brands. These policy and demand tailwinds support overseas growth.

    These are new positive developments that could boost future overseas sales and sentiment.

Zhejiang Leapmotor Tech Co (9863.HK)

Q3 2026
▲2▼2

Leapmotor's global expansion offset by profit cut and regulatory costs

  • EU registrations surge Leapmotor's EU registrations jumped 526.7% in the first half of 2026, showing rapid adoption in Europe and supporting its global expansion story.

    This is a key positive driver of the stock's performance during the period.

  • Stellantis partnership and possible Toronto plant The Stellantis partnership gives Leapmotor low-cost European production, and a possible Toronto plant could further expand its North American footprint.

    This strategic partnership is a major factor supporting the company's growth outlook.

  • Profit guidance cut Full-year profit guidance was cut from 5 billion to 3 billion yuan due to price wars and rising costs, directly pressuring the stock.

    This is a significant negative event that weighed on the stock during the period.

  • Regulatory costs and recall China's record 4.3-million-vehicle recall and new self-driving liability rules add compliance expenses, while rapid model launches risk inventory gluts.

    These regulatory and operational risks are key headwinds for the company.

September 2026
▲2▼2

Leapmotor cuts profit outlook but expands global reach

  • Profit forecast slashed on price war Leapmotor cut its full-year profit forecast to 3 billion yuan from 5 billion yuan, blaming price competition and higher costs. Even as it targets one million deliveries, thinner profit per vehicle pressures the stock because investors care about earnings, not just sales volume.

    Directly explains a key negative force on the stock this period.

  • China's new safety and self-driving rules raise costs China's largest-ever recall, covering 4.3 million vehicles including Leapmotor, plus a draft law making automakers liable for self-driving faults, adds compliance and repair costs. These rules can squeeze margins and create uncertainty, weighing on the share price.

    New regulatory burden is a real counterweight to the growth story.

  • Stellantis plant interest and Europe expansion Leapmotor International is eyeing a Stellantis plant near Toronto, and its existing Stellantis deal in Spain gives it European assembly capacity ahead of expected EU local-content rules. This supports overseas growth and reduces reliance on China, a positive for the stock.

    Shows concrete progress in global expansion, a key growth driver.

  • UBS sees Chinese automakers winning global share UBS expects Chinese brands to reach 37% global market share by 2030 and names Leapmotor among likely major overseas players. Rising consumer acceptance in Europe supports long-term volume growth, a positive for the stock's outlook.

    Analyst forecast highlights Leapmotor's long-term global opportunity.

Latest
▲2▼2

Leapmotor cuts profit outlook but expands global reach

  • Profit forecast slashed on price war Leapmotor cut its full-year profit forecast to 3 billion yuan from 5 billion yuan, blaming price competition and higher costs. Even as it targets one million deliveries, thinner profit per vehicle pressures the stock because investors care about earnings, not just sales volume.

    Directly explains a key negative force on the stock this period.

  • China's new safety and self-driving rules raise costs China's largest-ever recall, covering 4.3 million vehicles including Leapmotor, plus a draft law making automakers liable for self-driving faults, adds compliance and repair costs. These rules can squeeze margins and create uncertainty, weighing on the share price.

    New regulatory burden is a real counterweight to the growth story.

  • Stellantis plant interest and Europe expansion Leapmotor International is eyeing a Stellantis plant near Toronto, and its existing Stellantis deal in Spain gives it European assembly capacity ahead of expected EU local-content rules. This supports overseas growth and reduces reliance on China, a positive for the stock.

    Shows concrete progress in global expansion, a key growth driver.

  • UBS sees Chinese automakers winning global share UBS expects Chinese brands to reach 37% global market share by 2030 and names Leapmotor among likely major overseas players. Rising consumer acceptance in Europe supports long-term volume growth, a positive for the stock's outlook.

    Analyst forecast highlights Leapmotor's long-term global opportunity.

July 2026
▲3▼1

Leapmotor's European Surge and Survivor Status Drive Upside

  • EU registrations skyrocket Leapmotor's EU registrations jumped 526.7% to 48,261 units in H1 2026, far outpacing the overall EV market. This shows its cars are winning real customers in Europe, a key growth engine that can lift future profits and the stock price.

    This is the strongest new evidence of demand for Leapmotor's vehicles, directly boosting revenue prospects.

  • Named likely survivor in China consolidation Analysts predict only 7-8 major EV players will remain in China by 2030, and Leapmotor is on the shortlist. That suggests it can gain share as weaker rivals fold, supporting long-term sales and pricing power even as the overall market shrinks.

    It gives a big-picture reason why Leapmotor could thrive despite a tough domestic market.

  • Stellantis partnership expands European production Stellantis swung to a profit and plans to use underused European plants to build Leapmotor vehicles. This gives Leapmotor a low-cost way to make and sell cars in Europe, sidestepping potential tariffs and boosting volume without heavy factory spending.

    It shows a concrete, capital-light path to European growth that supports future earnings.

  • Rapid model launches risk demand fade Leapmotor was among eight automakers holding launch events on July 16, part of a record 630 new models in H1. This breakneck pace can cause early sales to fizzle as capacity ramps up, leading to inventory gluts and profit-sapping discounts across the industry.

    It is a real counterweight: even a strong player faces margin pressure from industry-wide overcompetition.

▲3▼1

Leapmotor's European Surge and Survivor Status Drive Upside

  • EU registrations skyrocket Leapmotor's EU registrations jumped 526.7% to 48,261 units in H1 2026, far outpacing the overall EV market. This shows its cars are winning real customers in Europe, a key growth engine that can lift future profits and the stock price.

    This is the strongest new evidence of demand for Leapmotor's vehicles, directly boosting revenue prospects.

  • Named likely survivor in China consolidation Analysts predict only 7-8 major EV players will remain in China by 2030, and Leapmotor is on the shortlist. That suggests it can gain share as weaker rivals fold, supporting long-term sales and pricing power even as the overall market shrinks.

    It gives a big-picture reason why Leapmotor could thrive despite a tough domestic market.

  • Stellantis partnership expands European production Stellantis swung to a profit and plans to use underused European plants to build Leapmotor vehicles. This gives Leapmotor a low-cost way to make and sell cars in Europe, sidestepping potential tariffs and boosting volume without heavy factory spending.

    It shows a concrete, capital-light path to European growth that supports future earnings.

  • Rapid model launches risk demand fade Leapmotor was among eight automakers holding launch events on July 16, part of a record 630 new models in H1. This breakneck pace can cause early sales to fizzle as capacity ramps up, leading to inventory gluts and profit-sapping discounts across the industry.

    It is a real counterweight: even a strong player faces margin pressure from industry-wide overcompetition.

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