According to a post by Cui Dongshu, Secretary-General of the China Passenger Car Association, among the world's automotive整车 enterprises, those listed in the US stock market are the largest, reaching a scale of 12.9 trillion yuan in September 2026, a month-on-month decrease of 5% and a year-on-year decrease of 13% compared to September 2025. The market value of automotive整车 enterprises listed in Hong Kong also reached 0.87 trillion yuan, down 11% month-on-month and down 50% year-on-year. The domestic A-share market reached 1.4 trillion yuan, down 4% month-on-month and down 36% year-on-year. For companies listed in multiple locations across A-shares and Hong Kong stocks, market value is weighted according to the primary listing venue, with the core examples being BYD (002594.SZ), Great Wall (601633.SH), and GAC (601238.SH) treated as A-share companies. When aggregating the A-share and Hong Kong market values of Chinese automakers and parts companies, A-shares tend to support smaller upstream companies in the automotive supply chain, while Hong Kong stocks tend to support large整车 enterprises. The differences in domestic support are enormous.

The market value of listed automotive整车 companies is not only a pricing of a company's current operating results by the capital market, but also a "barometer" reflecting automotive industry trends, technological changes, and policy direction. Many整车 enterprises regard market value management as important work, so tracking market value changes is also an important area of industry research. The difficulty of整车 enterprises listing on A-shares leads to relatively poor competitiveness of A-shares compared to international stock markets. In September, market value changes among domestic and international automotive整车 enterprises were relatively large, and consumer-oriented整车 enterprises were extremely battered overall. Due to high subsidies, Chinese commercial vehicles, despite having the worst global competitiveness, saw a year-on-year market value decline of 7%, with a relatively strong market value position over the five years through September. Tesla's market value fell 11% year-on-year, while other international automakers' market values in September were generally at their lowest levels since the beginning of last year, reflecting a sluggish market. International automakers such as Toyota and General Motors saw market values fall 14% year-on-year, private automakers like Great Wall fell 31% year-on-year, state-owned整车 enterprises fell 37% year-on-year, and new forces automakers fell 58% year-on-year. Mobile phone-related automakers fell 59% year-on-year.

Analysis of Industry Profit Changes

In August, automotive industry profits recovered significantly on a month-on-month basis, but cumulative profits still declined 17% year-on-year, and profit pressure has not been fundamentally alleviated. The automotive industry is being squeezed from both ends: on one hand, prices of electronic components such as memory and chips are rising; on the other hand, costs of raw materials such as non-ferrous metals are climbing, continuously eroding automakers' profits. In comparison, the computer and communications industry benefits from the upward chip cycle, with explosive profit growth, while automobiles are downstream consumers of chips and non-ferrous metals, passively bearing cost pressures. Although August automotive profits rebounded in the short term, it was more of an improvement from the fading of temporary promotions rather than a fundamental reversal. Fluctuations in chip and non-ferrous metal prices, combined with industry price wars, remain the core factors constraining a sustained recovery in automotive industry profitability.

Automotive整车 Stock Market Value

Listed automotive整车 companies are mainly studied across three major markets: the US stock market, the Hong Kong stock market, and the domestic A-share market. The European market is not studied for now due to its relative fragmentation. Among the world's automotive整车 enterprises, those in the US stock market are the largest, reaching 12.9 trillion yuan in September 2026, down 5% month-on-month and down 13% year-on-year from September 2025. The market value of automotive整车 enterprises in Hong Kong stocks also reached 0.87 trillion yuan, down 11% month-on-month and down 50% year-on-year. The domestic A-share market reached 1.4 trillion yuan, down 4% month-on-month and down 36% year-on-year. For companies listed in multiple locations across A-shares and Hong Kong stocks, market value is weighted according to the primary listing venue, with the core examples being BYD, Great Wall, and GAC treated as A-share companies. Looking at the market value trends of automotive整车 enterprises across A-shares, Hong Kong stocks, and US stocks, Hong Kong stocks showed relatively strong performance in the first three quarters of 2026, with a more obvious upward trend compared to US stocks. Since the beginning of 2026, automotive整车 enterprises in A-shares and Hong Kong stocks have faced significant downward pressure on market value. Overall, in the domestic A-share market, there have been few new listings of整车 enterprises, and overall growth has been relatively flat. The US stock market, relying on the AI wave and Tesla's myth, has also seen relatively large growth. Since October 2025, with domestic retail growth declining, automotive整车 enterprises in Hong Kong and Shanghai-Shenzhen markets have performed poorly.

Comparison of Market Value Changes Among整车 Enterprises

When aggregating the A-share and Hong Kong market values of Chinese automakers and parts companies, the supply chain advantage is evident. In September, automotive parts accounted for 21.8% of stock market value (21.7% in 2025), performing relatively well, while整车 enterprises accounted for 69.1% (69.2% in the same period), declining rapidly. Despite the addition of Chery, the market value share still declined significantly.

Changes in Market Value of Major Stocks in September

In September 2026, the global automotive整车 sector's market value showed significant divergence. Tesla was listed separately with a scale of 9.4 trillion yuan, benefiting from AI and FSD progress, with a relatively large year-on-year increase, but its tech stock attributes make its valuation logic entirely different from traditional automakers. Among US automakers, General Motors' electrification transformation has shown results, with outstanding stock performance, while Toyota is at its lowest point in two years, reflecting pressure on Japanese automakers' transformation. Chinese automakers overall outperformed their international peers. BYD and Xiaomi were also at阶段性 lows, while Voyah Automotive achieved a massive increase in market value. NIO, Foton Motor, and Sinotruk performed relatively well, mainly driven directly by strong non-consumer performance. The core driver of the current market value landscape remains the impact of weak demand, with a general view that passenger vehicles, representing consumption, cannot be lifted. Strong heavy truck subsidies and the trade-in policy boosted commercial vehicle demand, supporting the market value performance of related automakers. The commercial vehicle sector was generally stable, with better cyclical resilience than passenger vehicles. Leading enterprises such as BYD and Great Wall are at two-year lows, indicating excessive pricing by the market of intensifying industry competition, with potential for subsequent valuation repair. Overall, sales volume and transformation effectiveness are becoming the core pricing logic in an era of divergence.

Market Value Performance of Various Types of整车 Stocks

In September, market value changes among international automotive整车 enterprises were relatively large and overall extremely brutal. Tesla's market value fell 11% year-on-year, while other international automakers' market values in September were generally at their lowest levels since 2025, reflecting a sluggish market. International automakers such as Toyota and General Motors saw market values fall 14% year-on-year, private automakers like Great Wall fell 31% year-on-year, and mobile phone-related automakers fell 59% year-on-year. State-owned整车 enterprises fell 37% year-on-year, and new forces automakers fell 58% year-on-year. Commercial vehicles, due to high subsidies, fell 7% year-on-year. In September, Japanese automakers performed relatively strongly compared to August, and the market value improvement of other second-tier automakers was mainly due to the growth effect of commercial vehicles. Despite overall valuation pressure, sales growth in the two major segments of new energy and exports remained strong, significantly higher than traditional fuel vehicles. This means the market is not applying a "one-size-fits-all" approach to all automotive stocks, but maintains relatively higher tolerance for sub-sectors with clear incremental logic, such as new energy and overseas markets. The divergence between growth and valuation precisely indicates that growth in these areas has not yet been fully reflected in stock prices. The valuation changes of automotive stocks in 2026 are essentially the market's concern about consumption. In September, domestic sales-oriented automakers faced relatively greater pressure, commercial vehicles performed better due to exceptionally favorable subsidy policies, exports are the core growth driver for new energy vehicles, and companies with strong exports performed somewhat better.

Analysis of Market Value and Operating Status of Listed整车 Companies

From a comprehensive perspective of P/E and P/B ratios, automotive整车 companies such as Tesla have relatively high P/E ratios. In particular, Tesla's 9.4 trillion yuan scale corresponds to a P/E ratio of 367 times, while companies like Li Auto also have relatively high P/E ratios typical of the early new energy vehicle stage. The lowest P/E ratios are mainly for slowly developing international companies, represented by Toyota, Honda, General Motors, Ford, and Stellantis, all at P/E levels of 5 to 9 times. Next, relatively strong domestic traditional automakers like Chery Automobile and Geely Automobile are at P/E levels of around 10 times. In terms of P/B ratios, some companies have seen their P/B ratios fall to a significant extent, such as Stellantis at only 0.2 and Honda at only 0.5, while General Motors and Ford are at 1.1 and 1.5. Overall, the valuations of traditional international automakers are at relatively low levels, while the valuations of new forces enterprises and international companies like Tesla are favored by investors.

Core Non-整车 Listed Companies in the Domestic Automotive Supply Chain

There is a huge problem in the valuation system of the automotive industry: the stock market valuation of整车 enterprises is far lower than that of parts companies. This is not because the market is more correct, but because A-shares have more distinctive characteristics. The situation of listed companies in the automotive supply chain is relatively complex. Mining companies have performed particularly well, with upstream speculation on price increases bringing enormous pressure to the industry. Battery and parts companies are relatively better, while dealer groups face greater pressure.