The October report card for the automotive industry is out: Leapmotor and HarmonyOS break records again, Li Auto loses momentum, and four major trends are clear.
The arrival of November marked the end of the "Golden October" battle in 2025.
As the China Passenger Car Association and various automakers unveiled their sales results, the situation in the new energy vehicle market became clearer:
The overall market remained hot, but the fortunes of automakers varied. Leapmotor delivered 70,000 vehicles and emerged as the leader among new - energy vehicle startups. Both NIO and XPeng exceeded the 40,000 - vehicle mark.
On the other hand, Li Auto, once the "king of family cars," experienced a year - on - year decline of over 38%, adding a touch of chill to this "Golden October."
The landscape of the Chinese new energy vehicle market is becoming clearer than ever. Today, let's follow the sales rankings to see which companies are in sync with the market rhythm, which players are missing out on opportunities, and what changes the industry is facing?
"Golden October" Battle Report: Leapmotor Tops, Li Auto Loses Momentum
From a time perspective, October, as a crucial node in the last sales peak season of the year, tilted the balance of the annual competition.
Source: Photo taken by EV Connect
The top brands generally completed over 75% of their annual sales targets in the first 10 months, and some even exceeded 85%. With the traditional sales - boosting period from November to December approaching, the top - tier companies will further widen the gap. The pattern of "the strong getting stronger" for the whole year is basically set, and only a few second - tier brands may see minor adjustments in their rankings.
BYD's success is no longer news, but its sales of 441,706 vehicles in October refreshed the industry's perception of the monthly sales of a single brand. The Dynasty and Ocean series contributed a basic volume of 395,000 vehicles, and the three high - end brands, Fangchengbao, Denza, and Yangwang, delivered a total of 41,841 vehicles. Among them, the Yangwang U8, priced over 500,000 yuan, delivered 654 vehicles, continuously breaking through in the high - end market.
Source: BYD
More importantly, the overseas market boomed. The overseas sales of 83,524 vehicles soared by 155.5% year - on - year, and the channel establishment in the European and Southeast Asian markets has achieved results.
Geely is closely following BYD. Driven by the "One Geely" strategy this year, Geely's strategy of learning from BYD has indeed paid off. Its new energy vehicle sales reached 177,882 vehicles in October, ranking second. Among them, the sales of Geely Galaxy alone reached 120,000 vehicles.
The "reshuffle" among new - energy vehicle startups was the most unexpected plot in October. Leapmotor delivered 70,289 vehicles, not only exceeding the 70,000 - vehicle mark for the first time but also jumping to the top of the sales list among new - energy vehicle startups, with a year - on - year growth rate of 84.11%, far exceeding the industry average.
Source: Leapmotor
Leapmotor, which has maintained the top position among new - energy vehicle startups for eight months, is translating its advantages into long - term strategic layouts. Its cooperation with Stellantis has entered the implementation stage, and its channels are directly established in Europe, marking a new stage of large - scale "earning euros."
Meanwhile, Leapmotor is actively expanding its product moat. The new flagship SUV, Leapmotor D19, is entering the high - end market with an extended - range solution featuring an 80 - kWh battery. In addition, the Leapmotor Lafa5 is about to start pre - sales, and the new A10 series will be unveiled at the Guangzhou Auto Show. The dense product matrix demonstrates its strong follow - up momentum.
HarmonyOS Smart Mobility achieved a milestone breakthrough: It delivered 68,216 vehicles in October, with cumulative sales exceeding 1 million units. It has successfully set an example of "increasing both volume and price." Despite an average transaction price as high as 390,000 yuan, it still refreshed its sales record, and its brand value has been highly recognized in the high - end market. Currently, the problem lies in production capacity. How to speed up the delivery of popular models such as the Wenjie M7 and M8 is an urgent challenge to be solved.
Source: HarmonyOS Smart Mobility
XPeng Motors demonstrated its dual - line capabilities of "attacking the high - end and targeting the mass market." It delivered 42,013 vehicles in October, remaining above the 40,000 - vehicle mark for two consecutive months. The key to its success is that, on the one hand, the MONA M03 firmly captured the affordable market with monthly sales of over 15,000 vehicles, becoming a stable foundation. On the other hand, the company is still continuously making technological preparations, and the upcoming extended - range models will open up new possibilities for sales growth.
In contrast to the sales growth of Leapmotor, HarmonyOS Smart Mobility, and XPeng, Li Auto experienced a "temporary slowdown." With 31,767 vehicles delivered in October, it saw a decline both year - on - year and month - on - month, becoming the only brand among the top new - energy vehicle startups with negative growth.
Source: Li Auto
However, the market has not completely written off Li Auto. The orders for the new Li i6 have exceeded 70,000. The current sales fluctuations are mainly due to production capacity ramping up, and the recognition of its extended - range technology among family users still exists. However, it cannot be ignored that as brands such as Leapmotor and XPeng are increasing their efforts in the 150,000 - 250,000 - yuan family - vehicle market, Li Auto's former advantage of a "single blockbuster" is being diluted.
Annual Ranking: BYD's Championship is Set, Mid - Tier Brands Struggle to Stay in the Game
Based on the public targets of various automakers and their sales performance in the first 10 months, EV Connect analyzed the annual performance of top brands.
In terms of the progress of target completion, the top brands are highly likely to achieve their annual goals. BYD sold approximately 3.65 million vehicles in the first 10 months, completing 79% of the predicted target. Considering the year - end sales boost and the 155.5% year - on - year growth in the overseas market, although it needs to sell an average of 500,000 vehicles in the next two months, which is a challenge, it still has a high chance of achieving the goal with its full - industry - chain advantages.
Source: Fangchengbao
Geely's new energy vehicle sales reached 1.34 million in the first 10 months. It has completed 89% of the 1.5 - million - vehicle target. With a remaining target of 200,000 vehicles, it only needs to sell an average of 100,000 vehicles per month. Considering its sales base of 110,000 vehicles in October, it is not difficult to achieve the annual goal.
In terms of the industry landscape, BYD will most likely secure the championship with an absolute advantage, and Geely's new energy vehicles will basically hold the second place. Chery New Energy and HarmonyOS Smart Mobility will compete for the third place. The gap between them in the first 10 months was only 100,000 vehicles. If HarmonyOS Smart Mobility can leverage the high - end market, it may have a chance to overtake.
Among new - energy vehicle startups, HarmonyOS Smart Mobility and Leapmotor stood out. Leapmotor sold 520,000 vehicles in the first 10 months, widening the gap with NIO (240,000 vehicles) and XPeng (350,000 vehicles), and is likely to secure the annual sales championship among new - energy vehicle startups. The competition for the second place between NIO and XPeng will continue until the end of the year. Affected by production capacity in October, Li Auto's cumulative sales temporarily ranked fourth. If the production capacity of the Li i6 ramps up smoothly, it may overtake XPeng.
Source: Leapmotor
The rankings of NIO, XPeng, and Li Auto from second to fourth are still uncertain. The key depends on the delivery progress of the Li i6 and the market performance of the XPeng X9 Super Extended - Range Edition. Among the tail - end brands, some small and medium - sized brands in the top 20 with a completion rate of less than 30% may face pressure from channel contraction or mergers and acquisitions at the end of the year.
Overall, in 2025, the new energy vehicle industry will show a trend of "top - tier brands over - achieving, mid - tier brands struggling to stay in the game, and tail - end brands being phased out." The completion rate of sales targets is closely related to the R & D investment and channel coverage of enterprises. For example, BYD's R & D investment in the first three quarters reached 43.75 billion yuan, and Geely's county - level channel coverage rate reached 75%. These core advantages form the underlying support for the "strong getting stronger."
Of course, the industry differentiation is not only reflected in sales but also in the comprehensive strength of technology, supply chain, and brand, which means that the "elimination round" has entered a critical stage.
Ultra - forward - looking for 2026: Four Trends in the Auto Industry are Clear
After the "Golden October," the new energy vehicle chapter of 2025 will come to an end. The industry's focus is shifting from who wins the present to who can stand firm in the future. The elimination round has entered a critical stage, which means that behind the apparent sales differentiation, the whistle for a new round of competition has blown, and the outline of the 2026 battlefield is becoming clearer.
Regarding the upcoming 2026, EV Connect summarized 4 trends:
1. Intelligentization is no longer a pipe dream. Urban NOA will become a standard feature from a future promise.
Currently, intelligent driving is still a "future promise" for many brands. However, by 2026, urban NOA will change from a high - end configuration to a "standard" feature for mid - range models. Users will pay more attention to "usability, safety, and coverage." This means that the brands whose intelligent driving systems can cover more scenarios, stably handle complex road conditions such as "sudden appearances," and effectively reduce the dependence on high - precision maps will gain the initiative in the next vehicle replacement wave.
The technological implementation progress and user experience of XPeng, HarmonyOS Smart Mobility, Li Auto, etc., in intelligent driving will be the key to determining their market positions. Meanwhile, reports show that the rapid growth of safety - related features such as active safety and sentry mode also reflects that while the industry is pursuing technological advancement, safety assurance is becoming the cornerstone of user experience.
2. The integration of extended - range and pure - electric technologies. Multiple energy routes will become the mainstream.
The sales in October sent an important signal: the "sectarian views" on technological routes are being replaced by pragmatism. XPeng is about to launch extended - range models, and Leapmotor is continuously increasing its investment in large - battery extended - range technology, indicating that the "multiple energy routes" strategy has become the consensus of top players.
In the future, automakers will no longer be restricted to a single technological route. Instead, they will flexibly offer multiple options such as pure - electric, extended - range/hybrid vehicles according to diverse market demands, aiming to cover