On October 30th, Tesla Inc (NASDAQ:TSLA) rival, BYD Company Limited (OTC:BYDDY), reported its highest ever quarterly profit for its third quarter. BYD shares are up 1.7% this month, outperforming Tesla whose stock took a 17% dive and declines in other peers as well. By reporting a growth slowdown, a warning was sent to all EV makers but BYD defied its trend with its latest quarter, showing it preserved its domestic market leadership despite softer demand and intensified competition in China. 

Li Auto (NASDAQ:LI) openly showed its intention to become the top-selling luxury brand in China. During the earnings call, Li Auto executives expressed their confidence of this EV startup challenging the automotive giants in China, including Mercedes-Benz Group AG (OTC:MBGYY)(OTC:MBGAF), BMW (OTC:BMWYY), and Audi, subsidiary of the Volkswagen Group (OTC:VWAGY). In August, Li Auto reported its sales rose 664% YoY to 34,914. In September, deliveries rose 213% YoY to 36,060. During the third quarter, Li Auto deliveries grew 296.3% to 105,108 vehicles. Moreover, during October, Li Auto delivered 40,422 vehicles, the first time its monthly deliveries surpassed 40,000 units and marking its seventh consecutive record high as monthly deliveries grew 302.1% YoY.

Volkswagen-backed XPeng Inc (NYSE:XPEV) deliveries reached another record in October after already delivering a record 15,310 EVs in September, translating to a 12% month-over-month rise and 81% YoY growth. In October, Xpeng stated it delivered 20,002 units, which translates to 31% increase from the month and a 292% YoY growth.Xpeng delivered 40,008 smart EVs during the third quarter which translates to a quarter-over-quarter increase of 72%. Last month, XPeng CEO met with Volkswagen executives in Germany, showing the deepening of this strategic EV partnership. Supported by Volkswagen, Europe’s biggest automaker, XPeng has what it takes to expand its footprint as it plans to conquer German, Britain and France next year.

Nio Inc (NYSE:NIO) also reported its deliveries improved in October, but not as much as of its peers. In October, Nio delivered 16,074 vehicles, translating to a 59.8% YoY growth and 2.77% improvement from September. Nio continues to be constrained by its sales capacity as back in June, it acknowledged it is lagging its EV peers on this front but it is still growing fast and getting ready to conquer Europe, just like XPeng. Nio is building a dealer network for its sub brand Firefly whose European deliveries are scheduled for late next year.