22 September 2026 Chinese Autos and Asia Emerging Robotics Downturn Eunice Lee, CFA+852 2123 2606 eunice.lee@bernsteinsg.com Dien Wang, Ph.D.+852 2123 2622 dien.wang@bernsteinsg.com Over the past two weeks, we hosted our 1) inaugural China Humanoid Robotics & Auto Supply Chain Tour (Sep 9-11) and 2) 4th China EV & Battery Value Chain Tour (Sep 14-18), engaging with leading companies and industry experts across the ecosystem. This note highlights our key insights from management discussions, plant tours, and test rides. Looking into 2027, industry players generally hold a cautious view on China's domestic auto demand, citing weak consumer spending, limited policy support, and the possibility of flat to negative YoY growth. In contrast, sentiment on exports remains constructive, although most expect growth to moderate following the exceptionally strong expansion seen this year. Industry participants continue to expect EV penetration to reach 80-90% by 2030, supported by ongoing electrifi