JPMorgan recently held a series of meetings with automakers like BYD COMPANY (01211.HK)  +0.800 (+0.693%)    Short selling $620.96M; Ratio 13.748%   , XPENG-W (09868.HK)  -0.300 (-0.419%)    Short selling $167.54M; Ratio 21.369%   , LEAPMOTOR (09863.HK)  -2.250 (-3.710%)    Short selling $153.97M; Ratio 12.636%   , GEELY AUTO (00175.HK)  -0.020 (-0.113%)    Short selling $165.95M; Ratio 19.328%   , GWMOTOR (02333.HK)  -0.120 (-0.935%)    Short selling $22.48M; Ratio 11.316%   , SAIC MOTOR(600104.SH)  +0.050 (+0.291%)   and GAC GROUP (02238.HK)  -0.040 (-1.258%)    Short selling $3.88M; Ratio 7.755%   , and discussed the outlook for the auto industry with more than 110 investors, according to JPMorgan's research report.

Although the price war in the industry put pressure on the profitability of most automakers in 2Q25, the RMB depreciation has also brought foreign exchange gains for the more export-oriented automakers, in the broker's view.

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Taking into account factors such as the balance between price and profitability, changes in subsidy policies, the impact of a potential demand slowdown in 2026, the development of new products and technologies and overseas expansion strategies, JPMorgan believed that big players such as LEAPMOTOR,LI AUTO-W (02015.HK)  -3.300 (-3.179%)    Short selling $753.94M; Ratio 29.187%   , BYD COMPANY and GEELY AUTO are poised for a stronger rebound in 4Q25 and 2026.

JPMorgan also added its target price for GAC GROUP from $1.3 to $1.8. Based on the recent positive profit alert announcement, the broker lowered its 2025/ 2026 adjusted EPS forecasts to RMB0.02-RMB0.13, with rating at Underweight.
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