October Split: BYD's Exports Offset China Weakness as Xpeng and Leapmotor Hit Records

October Split: BYD's Exports Offset China Weakness as Xpeng and Leapmotor Hit Records

BYD stretched its streak to six months on exports

BYD sold 490,168 vehicles in October, up 11% year-on-year, its sixth straight month of growth, cooling from a 17% gain in September. Overseas shipments surged 102.8% to 170,194 units. Passenger NEVs were 483,125 units, up 10.59% year-on-year, led by battery-electric passenger cars at 305,743 units, up 37.38% year-on-year for a third straight monthly record.

SAIC at 430,018 while Geely edged up

SAIC sold 430,018 vehicles. Geely Automobile Holdings sold 310,183 vehicles, up about 1% year-on-year, with BEVs up 43% to 140,758 units. Its core Geely brand including Galaxy sold 255,742 vehicles, up 4.17% year-on-year. Zeekr delivered 32,483 vehicles, up 51.63% year-on-year but down 12.72% month-on-month, ending six straight monthly records.

Leapmotor and Xpeng set monthly records

Leapmotor delivered a record 106,127 vehicles globally, up 50.99% year-on-year and 0.45% month-on-month, its fourth straight month above 100,000. January-October volume reached 772,666 units, 77.27% of its 1 million annual target. Xpeng delivered a record 50,237 vehicles, up 20% year-on-year and 22% month-on-month, its first month above 50,000, with overseas deliveries at a record 13,326 units, up 166% year-on-year. Xpeng launched the L05 in mainland China with deliveries from Nov. 1.

Xiaomi rebounded while Nio and Li Auto fell

Xiaomi Auto delivered more than 50,000 vehicles, its best month of 2026 and only its second month ever above 50,000 after 50,212 in December 2025, ending two straight year-on-year declines. Nio Inc delivered 34,246 vehicles: 18,125 from the Nio brand, 8,383 from Onvo and 7,738 from Firefly, bringing cumulative deliveries to 1,332,139. That was down 15.23% year-on-year, ending a 31-month growth streak; Onvo fell 51.66% year-on-year while Firefly rose 30.89% to a second straight monthly record. Li Auto delivered 29,025 vehicles for a cumulative 1,862,676, including over 3,000 units of the new Li MEGA. GWM sold 120,374 vehicles, down 15.87% year-on-year and up 4.72% month-on-month.

What the companies are saying

The official messages converge on exports and new models: BYD and Geely point to electrification and export mix; Xpeng cites record total and overseas volume plus the L05 launch; Leapmotor cites global scale and progress toward 1 million; Nio cites the All-New ES8 reaching its 160,000th delivery on Oct. 23 and ranking first in both large-SUV and RMB400,000-level retail from January to October; Li Auto cites its proprietary Lianshan battery and motor, warranty program, and start of 2026 Li i6 deliveries on Oct. 29.

Why it matters for buyers and rivals

The split shows exports now carry growth while domestic price competition bites, and model cycles decide winners. Record holders can push prices and utilization; decliners face longer waits for new-model ramp and heavier reliance on promotions.

What to watch into year-end

Watch three things: whether Leapmotor can average about 113,667 a month in November-December to hit 1 million; whether Xpeng can climb toward its 60,000 single-month Q4 goal; and whether BYD can sustain 170,000-plus monthly exports without margin losses from currency and price cuts.