Overview
- Xiaomi reported Q3 revenue of 113.1 billion yuan and said its auto and AI division posted a 700 million yuan operating profit with 108,796 vehicles delivered, and management expects the 350,000 annual delivery goal to be met this week.
- Xiaomi signaled potential margin pressure next year due to a planned cut to purchase-tax incentives and intensifying competition, echoing broader warnings of shakeout risk in the sector.
- Leapmotor posted Q3 revenue of 19.45 billion yuan and net profit of 150 million yuan, and disclosed its first FAW-linked overseas model is slated for mass production in the second half of next year.
- Zeekr recorded Q3 revenue of 31.562 billion yuan with 140,195 deliveries and a narrowed net loss of 307 million yuan year over year.
- Baidu’s Q3 revenue fell 7% to 31.2 billion yuan with a GAAP net loss, while newly disclosed AI business revenue rose over 50% year over year to about 10 billion yuan.