Carmakers' profit per car falls in first half of 2026, study finds

The average operating profit earned by 15 major carmakers per vehicle fell sharply in the first half of 2026, according to an analysis published on Tuesday by the Center of Automotive Management (CAM).

Average group earnings before interest and taxes (EBIT) per vehicle delivered fell to €1,187 ($1,370) from €1,409 a year earlier, the report showed.

Total operating profit at the companies fell 17.5% to €35.6 billion, far outpacing a 1.4% decline in revenue. The figures indicate that carmakers are struggling less with sales than with converting revenue into operating profit, the report said.

"The widening gap between revenue and earnings is the real warning signal," study director Stefan Bratzel said. "When EBIT falls 12 times as much as revenue, the industry is losing profitability, not market share."

The analysis was based on financial and quarterly reports published by August 6. It covered Toyota, Volkswagen Group, Hyundai including Kia, Stellantis including Leapmotor International, GM, Ford, Mercedes-Benz, BMW, Tesla, Honda, Nissan, Renault, Suzuki, Mazda and Mitsubishi. Major Chinese carmakers were excluded because comparable half-year data was not available.

CAM expects the pressure to continue in the second half of the year, citing US tariffs and intense price competition in China among the factors weighing on the industry.