8 January 2026 | 8:08AM JST Equity Research Tina Hou +86(21)2401-8694 | tina.hou@goldmansachs.cn Goldman Sachs (China) Securities Company Limited China auto sales likely to decline yoy in 2026, leading to an accelerated export drive. Chinese BEVs are structurally more than 30% lower in cost (primarily due to batteries and eAxles), and we expect that Chinese-made BEVs will rapidly penetrate regions with low tariff levels. China effectively controls the BEV supply chain (holding 72-98% of the global market sh ...