Overview
- Leapmotor reported Q3 revenue of RMB 19.45 billion, net profit of RMB 150 million, deliveries of 173,852 vehicles, operating cash flow of RMB 4.88 billion and free cash flow of RMB 3.84 billion.
- Xpeng posted Q3 revenue of RMB 20.38 billion and a net loss of RMB 380 million with 116,007 deliveries, a 20.1% gross margin, and guidance for Q4 deliveries of 125,000–132,000 and revenue of RMB 21.5–23.0 billion.
- Zeekr recorded Q3 revenue of RMB 31.56 billion with a 19.2% gross margin, a net loss of RMB 307 million, and total deliveries of 140,195 vehicles.
- Zeekr refreshed key models in October, launching the updated 001 from RMB 269,800 and the 7X with a 900V architecture plus standard NVIDIA Thor‑U and lidar from RMB 229,800.
- Geely executive Gui Shengyue cautioned that few new‑era EV makers are profitable and predicted a market shakeout that will reward companies with stronger earnings power, as Leapmotor accelerated exports to 17,397 units in Q3 and built 700+ overseas outlets.