BYD sold 490,168 new energy vehicles in October, its highest monthly total of 2026 and up 10.97% from a year earlier, as exports more than doubled to 170,194 and offset a drop at home, according to figures the companies released on Nov. 1 and compiled by CnEVPost.

The split matters for investors holding Hong Kong-listed carmakers. China's largest automakers are now growing mainly abroad, in Europe, Southeast Asia and other markets where they compete with Japanese and Korean brands, while the domestic market shrinks and smaller players fight for share at home.

BYD's sales in China fell 10.57% from a year earlier to 319,974 vehicles, though they rose 13.12% from September. Its battery electric passenger cars topped 300,000 for the first time, at 305,743, while plug-in hybrid sales fell 17.23% to 177,382. For the first 10 months, BYD's sales were down 2.16% at 3.62 million, with exports up 93.75% to 1.51 million and domestic sales down 27.81%.

Xpeng, Leapmotor and Xiaomi Set Highs

Xpeng delivered 50,237 vehicles, a monthly record and its first month above 50,000, the company said in a statement. Deliveries rose 20% from a year earlier and 22% from September. Overseas deliveries hit a record 13,326, up 166%, or about a quarter of the total.

The Guangzhou-based company also said it received a license on Oct. 26 to run demonstration Level 4 robotaxi services in Guangzhou. Its new Mona L05 began nationwide deliveries on Nov. 1, according to CnEVPost. Chairman and Chief Executive He Xiaopeng said in August that the company aimed to sell more than 60,000 vehicles a month in the fourth quarter.

Leapmotor delivered a record 106,127 vehicles, up 50.99%, its fourth straight month above 100,000. Growth slowed from September, however, and CnEVPost calculated that the company must average 113,667 deliveries in November and December to reach its target of 1 million for the year.

Xiaomi said it delivered more than 50,000 vehicles, its best month of 2026, without giving an exact figure. It was only the second time the smartphone maker's car unit has passed that mark, after 50,212 in December 2025. CnEVPost credited the Sky Nomad series, Xiaomi's first extended-range models, launched in September.

Nio and Li Auto Slip at Home

The weaker side of the market showed up among premium startups. Nio delivered 34,246 vehicles, down 15.23% from a year earlier, ending a 31-month run of year-on-year growth. Its Onvo brand fell 51.66% to 8,383, while the lower-priced Firefly brand set a record of 7,738.

Li Auto delivered 29,025 vehicles, down 8.63% and its lowest month since February. The company updated its Li i6 electric SUV on Oct. 28 and plans to raise monthly capacity for the model to 20,000 in November, CnEVPost reported.

Huawei-backed HIMA saw deliveries fall more than 50% from a year earlier. GWM's sales in China dropped 33.06%, a 12th straight monthly decline, even as its overseas sales reached a record 62,862.

Exports Carry the Profit Story

Overseas sales are now showing up in earnings. BYD's third-quarter net profit rose 28% to 10 billion yuan on revenue of 221.5 billion yuan, and Geely Auto's rose 28% to 4.8 billion yuan, which the South China Morning Post linked to surging sales abroad.

Geely sold 310,183 vehicles in October, with exports up 157.78% to 107,153 and domestic sales down 23.55%. Chery Group exported 200,618 vehicles, about 68% of its monthly total. The shift away from fuel cars is also visible at the pump, where state refiners have reported falling fuel sales in China.

Trade rules are the next test. Several Chinese automakers have gone to Beijing to seek allocations under a planned quota for hybrid exports to the European Union, CnEVPost reported on Nov. 2, citing Chinese outlet Cailian. Bloomberg reported in October that a proposal would set China's quota at 350,000 vehicles in the first year, possibly starting as early as Dec. 1.

Xpeng reports third-quarter results before the U.S. market opens on Nov. 16, the first of the startups to show whether record volumes are lifting margins. Its vehicle margin was 12.1% in the second quarter, down from 14.3% a year earlier.