Chinese automakers GAC and JAC Group are bracing for their largest second-quarter losses ever as the auto sector struggles with overcapacity and a price war. GAC anticipates a loss between $153-265 million, its biggest since 2010, blaming weak sales of new EV models and increased competition. JAC’s net loss is expected to more than double from last year, with declining EV and plug-in sales. Both companies are feeling the impact of fierce competition in China, with state-owned firms like GAC suffering more than private peers. Arcfox, another EV unit, also expects a loss, extending a streak of quarterly losses since 2020.

Read more at Yahoo Finance: State-owned Chinese carmakers GAC and JAC forecast record Q2 losses