On Nov. 1, several Chinese EV startups released their October 2026 delivery figures, reshuffling the top ranks once again. Leapmotor (09863.HK) posted monthly deliveries above 100,000 units for a fourth consecutive month, while Xiaomi Auto and XPeng Group (09868.HK/XPEV.US) both crossed the 50,000-unit threshold for the first time. In stark contrast to the pockets of strength on the delivery leaderboard, China’s nationwide passenger car retail sales have fallen more than 20% year-on-year for two straight months. The China Passenger Car Association (CPCA) forecasts full-year retail sales of 18.5 million units, down 22% year-on-year.
Leapmotor delivered 106,127 vehicles worldwide in October, up 51% year-on-year and 0.45% month-on-month. The company said its 2 millionth vehicle will roll off the line in November. Its overseas expansion is also accelerating: on Oct. 16, mass production of the Leapmotor B10 officially began at a plant in Zaragoza, Spain, where a battery factory is also planned; on Oct. 18, the new Leapmotor A10s went on sale. As of the end of October, Leapmotor’s cumulative global deliveries had exceeded 1.9 million units.
Xiaomi Auto delivered more than 50,000 vehicles in October, the first time its monthly deliveries have reached the 50,000 mark. Xiaomi Auto said its new Pengcheng series completed its first full delivery month after launch, lifting overall sales, and that deliveries could climb further as Pengcheng production capacity continues to ramp up in the fourth quarter.
XPeng Group delivered 50,237 vehicles in October, up 20% year-on-year and 22% month-on-month, a record high for monthly deliveries. Overseas markets accounted for 13,000 units, up 166% year-on-year and also a record for a single month overseas. On the product front, the XPeng MONA L05 launched on Oct. 29, with nationwide volume deliveries beginning Nov. 1. In the same month, XPeng unveiled “XPENG AI ENGINEERING,” its smart vehicle solutions business, opening a one-stop capability covering everything from vehicle R&D and production to after-sales service to global partners, alongside physical AI ecosystem solutions including humanoid robots, Robotaxi and flying cars. On Oct. 26, the company received approval for intelligent connected vehicle demonstration operations in Guangzhou, allowing it to conduct L4-level Robotaxi demonstration operations across the entire city.
In the second tier, NIO (09866.HK/NIO.US) delivered 34,246 vehicles in October, including 18,125 under the NIO brand, 8,383 under the Onvo brand and 7,738 under the Firefly brand. Cumulative deliveries for January-October reached 334,500 units, up 38.5% year-on-year and a record high, bringing lifetime deliveries to 1.332 million units. Harmony Intelligent Mobility Alliance delivered 33,537 vehicles in October, with an average transaction price above 400,000 yuan (approximately $60,000) across its lineup and cumulative deliveries exceeding 1.6 million units.
Zeekr delivered 32,483 vehicles in October, up 51.6% year-on-year but down 12.72% month-on-month. Cumulative deliveries for January-October exceeded 320,000 units, up 94.4% year-on-year, already surpassing its full-year target of 300,000 ahead of schedule. The 2027 Zeekr 7X will launch this month. Deepal sold 32,060 vehicles worldwide in October, down 11.39% year-on-year but up 8.01% month-on-month.
Li Auto (02015.HK/LI.US) delivered 29,025 vehicles in October, down 8.6% year-on-year and 8.78% month-on-month, with lifetime deliveries at 1.86 million units. The company unveiled its self-developed Lianshan battery and Lianshan electric motor in October and launched the Lianshan battery assurance program; the 2026 Li i6 went on sale Oct. 28, with orders in the first 72 hours far exceeding year-earlier levels.
Joint ventures and foreign brands remained under pressure. GAC Toyota sold 53,022 vehicles in October, down from 71,604 a year earlier. Dongfeng Honda’s October retail sales were 17,026 units, up 16.9% month-on-month but down from 28,896 a year earlier. Volkswagen Anhui delivered 1,597 vehicles in October, with cumulative sales up 52% year-on-year.
| Automaker | October 2026 deliveries/sales (units) | YoY | MoM |
|---|---|---|---|
| Leapmotor | 106,127 | +51% | +0.45% |
| Xiaomi Auto | Over 50,000 | — | — |
| XPeng Group | 50,237 | +20% | +22% |
| NIO | 34,246 | — | — |
| Harmony Intelligent Mobility Alliance | 33,537 | — | — |
| Zeekr | 32,483 | +51.6% | -12.72% |
| Deepal | 32,060 | -11.39% | +8.01% |
| Li Auto | 29,025 | -8.6% | -8.78% |
Note: Xiaomi Auto disclosed only that deliveries exceeded 50,000 units; NIO and Harmony Intelligent Mobility Alliance did not disclose year-on-year or month-on-month changes; Deepal figures are global sales.
The overall temperature of the end market is clearly cooler than the heat of the delivery leaderboard. CPCA data show that nationwide passenger car retail sales in September totaled 1.618 million units, down 28% year-on-year, while new energy vehicle retail sales were 1.084 million units, down 16.7% year-on-year, with a NEV retail penetration rate of 67%, up 9.1 percentage points year-on-year. From Oct. 1 to 25, nationwide passenger car retail sales were 1.145 million units, down 26% year-on-year, while NEV retail sales were 753,000 units, down 13%, with a penetration rate of 65.7%.
The CPCA summed up the market’s most prominent feature as a “bustling season without the bustle,” saying the traditional “golden September” fell far short. Under high oil prices, the winter peak sales season for fuel vehicles has sharply weakened, while most NEV brands lack hot-selling models. The association concluded that the deep slump in the 2026 auto market is the result of a combination of reversible short-term factors, including policy pull-forward, the oil price shock, spillover AI costs and weak consumer willingness to spend. Looking ahead to 2027, as short-term shocks reverse, cost pressures ease and supply-side product competitiveness improves, China’s domestic auto market is expected to bottom out and recover if policies and the broader environment do not change beyond expectations. It forecasts domestic retail growth of 0% to 5%, averaging 2%, with market divergence set to intensify.
Gui Sheng Yue, vice chairman of the board of Geely Auto (00175.HK), said at the company’s third-quarter earnings call that this year’s “golden September, silver October” phenomenon has essentially disappeared for the first time and may become the norm going forward.
From a delivery-structure perspective, this round of growth comes mainly from a small number of automakers with new model cycles and overseas channels. Leapmotor’s and XPeng’s gains are directly tied to new product launches and export volume growth, while Li Auto and Deepal posted year-on-year declines. For the supply chain, full-year retail sales falling 22% as expected means price competition and capacity utilization pressure will persist through the fourth quarter, and production scheduling at battery and component suppliers will diverge accordingly. For investors, the strength of the delivery leaderboard no longer represents the overall health of the industry; what is worth tracking going forward is each company’s order backlog, per-vehicle profitability and share of overseas deliveries.
