12 Listed Automakers' First Three Quarters: Overseas Sales Carry Half the Load, Annual Target Completion Rates All in Danger Zone

Nio (NIO) is outperforming in China's brutal auto price war, with Q2 2026 vehicle deliveries up 49.4% YoY and revenue up 80.1%. Higher-end SUVs like the ES8 and ES9 boosted margins. Nio's battery-swap network, initially costly, is turning profitable, with Geely investing $95M for a 30% stake in Nio Power, signaling long-term growth potential.

XPENG, a Chinese EV maker, has signed carbon credit agreements with Porsche and other automakers, expecting over $149M in transactions. XPENG aims to receive $74.5M from carbon-credit trading by 2026. The deals are driven by EU emissions rules, which create financial value for EV-heavy manufacturers. XPENG's growing EV sales, both domestically and internationally, contribute to its ability to generate these credits.

NIO reported a 4.4% month-over-month and 7.7% year-over-year increase in September deliveries, totaling 37,408 vehicles. For the first three quarters of 2026, deliveries rose 49% year-over-year to 300,301 vehicles. The company's All-New ES8 and ES9 models achieved significant milestones, reinforcing NIO's position in the premium electric SUV market.

Geely and Nio have formed a strategic partnership, with Geely acquiring a 30% stake in Nio Power and Nio taking a 10% stake in Geely's charging subsidiary. They will jointly develop battery-swapping systems, with Geely integrating the technology into its EVs and Nio Power building the infrastructure. This collaboration supports Nio's goal of 10,000 battery-swapping stations globally by 2030.

Li Auto's Hong Kong shares fell 4% to a record low of HK$43.02 after reporting a 6.3% year-on-year decline in September deliveries to 31,817 vehicles, despite launching new models. The company faces stiff competition and slowing domestic demand, prompting expansion into foreign markets. The broader Hong Kong market also declined.

Nio's battery swap subsidiary, NIO Power, is valued at $2.4B. Geely will take a 30% stake, contributing its battery swap business and $94M. Nio gains access to Geely's charging tech. The deal may accelerate NIO Power's profitability and expand its user base.