Overview
- Xiaomi reported its auto and AI segment’s first quarterly operating profit, delivering 108,796 vehicles in Q3 and lifting segment revenue to RMB 29.0 billion with a 25.5% gross margin.
- Leapmotor posted RMB 19.45 billion in Q3 revenue and RMB 150 million in net profit, delivering 173,852 vehicles and maintaining positive free cash flow as exports and overseas networks expanded.
- Xpeng’s revenue doubled year over year to RMB 20.38 billion with a RMB 380 million net loss and 116,007 deliveries, guiding Q4 shipments to 125,000–132,000 and planning 2026-end mass production for its IRON humanoid after in-store and campus pilots next year.
- Zeekr recorded RMB 31.56 billion in revenue and a RMB 307 million net loss, markedly narrowed from a year earlier, with 140,195 Q3 deliveries and refreshed 001 and 7X models launched in October.
- Geely’s CEO warned that only a few new entrants are making money and said an industry shakeout is likely next year without stronger profitability.