Chinese EV Makers Lean on Exports as Home Market Sinks

By Jiahui Huang

October was a mixed month for Chinese electric-vehicle makers' sales, and reinforced the view that the industry is leaning more on exports to drive growth amid a weak home market.

BYD sold 490,168 vehicles last month, rising 11% compared with the same period a year earlier, scoring its the best month this year. Exports more than doubled to 170,194 units.

XPeng delivered a record 50,237 vehicles, an increase of 20%. Overseas deliveries more than doubled to 13,326 units. Leapmotor reported total deliveries of 106,127 vehicles, up 51%, while Xiaomi said it delivered more than 50,000 units.

Geely's total vehicle sales rose 1% to 310,183 units while its exports more than doubled to 107,153 units.

Others struggled. NIO's deliveries dropped 15% to 34,246 units. Li Auto fell 9% to 29,025 units, though Nomura analysts wrote in a note that its new i6 is drawing strong early orders.

The sales figures came as China's auto industry faces a weak home market. Nomura estimates domestic sales fell around 25% last month and that demand has returned to 2014 levels.

"We think the China auto market is now entering a knockout stage, and only with more potential M&A, and cooperation in the industry, we might see an improvement in market sentiment going forward," Nomura analysts wrote in a note.

But even while Chinese automakers look to growth overseas growth, the industry faces potential headwinds as China plans to lower its value-added tax export rebate for new energy vehicles to 9% from 13% from April 1, 2027.

Write to Jiahui Huang at jiahui.huang@wsj.com

(END) Dow Jones Newswires

November 02, 2026 00:07 ET (05:07 GMT)