China's Auto Demand Expected to Remain Flat in 2026 -- Market Talk

Dow Jones

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0946 GMT - China's auto demand this year will likely remain broadly flat given front-loading in 2024 and softer momentum into late 2025, HSBC Global Research analysts write in a note. The trade-in subsidies are extended, but the support is scaled back as the amounts are capped relative to vehicle prices, reducing benefits for lower-priced models and making policy less directional than prior years, they say. The EV demand growth is set to moderate to around 15% this year, they add. Some late 2025 demand may roll into early 2026, but this is not enough to alter the normalization trend given weak consumption sentiment in general in China, they say. Among the Chinese automakers, HSBC Global Research favors BYD and XPeng. (jiahui.huang@wsj.com; @ivy_jiahuihuang)

(END) Dow Jones Newswires

January 20, 2026 04:46 ET (09:46 GMT)

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The trade-in subsidies are extended, but the support is scaled back as the amounts are capped relative to vehicle prices, reducing benefits for lower-priced models and making policy less directional than prior years, they say. The EV demand growth is set to moderate to around 15% this year, they add. Some late 2025 demand may roll into early 2026, but this is not enough to alter the normalization trend given weak consumption sentiment in general in China, they say. Among the Chinese automakers, HSBC Global Research favors <a href=\"https://laohu8.com/S/BYDDY\">BYD</a> and <a href=\"https://laohu8.com/S/XPEV\">XPeng</a>. (jiahui.huang@wsj.com; @ivy_jiahuihuang) \n</p>\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  January 20, 2026 04:46 ET (09:46 GMT)\n</p>\n<p>\n  Copyright (c) 2026 Dow Jones &amp; Company, Inc.\n</p>\n</font>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>China's Auto Demand Expected to Remain Flat in 2026 -- Market Talk</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nChina's Auto Demand Expected to Remain Flat in 2026 -- Market Talk\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2026-01-20 17:46</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n     0946 GMT - China's auto demand this year will likely remain broadly flat given front-loading in 2024 and softer momentum into late 2025, <a href=\"https://laohu8.com/S/HSBC\">HSBC</a> Global Research analysts write in a note. The trade-in subsidies are extended, but the support is scaled back as the amounts are capped relative to vehicle prices, reducing benefits for lower-priced models and making policy less directional than prior years, they say. The EV demand growth is set to moderate to around 15% this year, they add. Some late 2025 demand may roll into early 2026, but this is not enough to alter the normalization trend given weak consumption sentiment in general in China, they say. Among the Chinese automakers, HSBC Global Research favors <a href=\"https://laohu8.com/S/BYDDY\">BYD</a> and <a href=\"https://laohu8.com/S/XPEV\">XPeng</a>. (jiahui.huang@wsj.com; @ivy_jiahuihuang) \n</p>\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  January 20, 2026 04:46 ET (09:46 GMT)\n</p>\n<p>\n  Copyright (c) 2026 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0289961442.SGD","symbol_name":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"AX\" (SGD) ACC","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2604960231","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2604960231","pubTimestamp":1768902360,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"0946 GMT - China's auto demand this year will likely remain broadly flat given front-loading in 2024 and softer momentum into late 2025, HSBC Global Research analysts write in a note. The trade-in subsidies are extended, but the support is scaled back as the amounts are capped relative to vehicle prices, reducing benefits for lower-priced models and making policy less directional than prior years, they say. The EV demand growth is set to moderate to around 15% this year, they add. Some late 2025 demand may roll into early 2026, but this is not enough to alter the normalization trend given weak consumption sentiment in general in China, they say. Among the Chinese automakers, HSBC Global Research favors BYD and XPeng. 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ASIA ABSOLUTE ALPHA \"A\" (USD) ACC","LU0359202008.SGD":"Blackrock China Fund A2 SGD-H","SG9999002463.SGD":"LionGlobal China Growth SGD","LU0540923850.HKD":"ALLIANZ HONG KONG EQUITY \"A\" (HKD) INC","LU1880383440.USD":"AMUNDI FUNDS CHINA EQUITY \"A2\" (USD) INC","BK0264":"汽车制造","LU1808992512.USD":"AB ALL CHINA EQUITY PORTFOLIO \"A\" (USD) ACC","LU0634319403.HKD":"ALLIANZ HONG KONG EQUITY \"AT\" (HKD) ACC","BK4588":"碎股"},"translate_title":"2026年中国汽车需求预计将持平——市场讨论","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"81211":0.6,"01211":1.71,"002594":1.71,"09868":1.67,"HYDD.SI":0.6,"XPEV":1.67,"EVS.SI":0.6,"BYDDY":1.71,"HSBC":0.72},"content_text":"0946 GMT - China's auto demand this year will likely remain broadly flat given front-loading in 2024 and softer momentum into late 2025, HSBC Global Research analysts write in a note. The trade-in subsidies are extended, but the support is scaled back as the amounts are capped relative to vehicle prices, reducing benefits for lower-priced models and making policy less directional than prior years, they say. The EV demand growth is set to moderate to around 15% this year, they add. Some late 2025 demand may roll into early 2026, but this is not enough to alter the normalization trend given weak consumption sentiment in general in China, they say. Among the Chinese automakers, HSBC Global Research favors BYD and XPeng. (jiahui.huang@wsj.com; @ivy_jiahuihuang) \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  January 20, 2026 04:46 ET (09:46 GMT)\n\n\n  Copyright (c) 2026 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":true,"code":"91000000","status":"200"}}}