Q3

Xpeng reported revenue of RMB 10.1 billion in the third quarter, with a record gross margin of 15.3 percent, beating analysts' expectations.

In the third quarter, Xiaomi's innovative business, which includes EVs, had a gross margin of 17.1 percent and an average vehicle sales price of RMB 238,650.

Zeekr saw its net loss decrease by 37.0 percent in the third quarter, while lower battery pack sales dragged down revenue.

Leapmotor said it expects to exceed its full-year sales target of 250,000 units this year, with gross margin lifting further and net losses narrowing in the fourth quarter.

Nio delivered a record 61,855 vehicles in the third quarter, within the guidance range of 61,000 to 63,000 vehicles.

Li Auto reported record revenue of RMB 42.9 billion in the third quarter, beating analysts' expectations as it delivered a record number of vehicles.

In dollar terms, BYD posted revenue of $28.2 billion in the third quarter, significantly outpacing Tesla's $25.18 billion, after being essentially tied in the fourth quarter of 2023.

During the third quarter, Xpeng delivered 46,533 vehicles, exceeding the upper end of its guidance range of 41,000 to 45,000 units.

Tesla said it expects to achieve slight growth in vehicle deliveries in 2024 despite ongoing macroeconomic conditions.

Zeekr delivered a record 55,003 vehicles in the third quarter, up 51.13 percent year-on-year and up 0.35 percent from the second quarter.