Strategic partnerships have become routine in China's car industry, from supply-chain coordination to overseas distribution and shared platforms.

Changan Automobile's first-quarter results looked alarming at first glance. Revenue fell 4.26% year on year to about $4.554 billion, while net profit attributable to shareholders dropped 74.09% to roughly $49 million, the weakest first-quarter showing in five years. For some investors, the numbers appeared to point to a deepening earnings crisis.