Chinese EV Makers Report October Sales; Leapmotor Hits 100k for 4th Month
SingTao · 4 SOURCES1 day ago2 MIN
Summary
Multiple Chinese electric vehicle manufacturers released their October delivery data on Sunday, painting a mixed picture for the industry. Leapmotor continued its streak of breaking the 100,000-unit monthly barrier, while Xiaomi Auto and XPeng both achieved record-breaking single-month deliveries for the first time in 2026. However, Li Auto faced headwinds with declining sales for the month.
Key Points
- Leapmotor (9863) delivered 106,127 vehicles in October, representing 51% year-on-year growth and marking its fourth consecutive month exceeding 100,000 units, with cumulative deliveries exceeding 1.9 million as of October 31 .
- Xiaomi Auto, a subsidiary of Xiaomi Group (1810), surpassed 50,000 deliveries in October for the first time this year, driven by strong demand for its Pengcheng series launched in September which accumulated 70,000 orders within a month .
- XPeng (9868) reported record October deliveries of 50,237 units, up 20% year-on-year and 22% month-on-month, with overseas deliveries reaching 13,326 units, a 166% increase from the same period last year .
- Li Auto (2015) delivered 29,025 vehicles in October, down 8.6% year-on-year and 8.8% month-on-month, though its new-generation MEGA maintained leadership in the MPV segment priced above 500,000 yuan for the second consecutive month .
- NIO (9866) delivered 34,246 vehicles in October, with its three brands NIO, Onvo, and Firefly contributing 18,125, 8,383, and 7,738 units respectively, while cumulative deliveries from January to October reached 334,547 units, a historical high .
Why It Matters
The October delivery data highlights the intensifying competition in China's EV market, where Xiaomi Auto's rapid scaling and XPeng's strong overseas expansion pose challenges to established players like Li Auto. For Hong Kong investors, these figures underscore the need to reassess valuations for EV stocks listed on the Hong Kong Stock Exchange, particularly given the divergent performance trajectories among manufacturers .
The October delivery data highlights the intensifying competition in China's EV market, where Xiaomi Auto's rapid scaling and XPeng's strong overseas expansion pose challenges to established players like Li Auto. For Hong Kong investors, these figures underscore the need to reassess valuations for EV stocks listed on the Hong Kong Stock Exchange, particularly given the divergent performance trajectories among manufacturers .