China EV Demand Slowdown, Export Restrictions and Consolidation

XPENG reported October deliveries of 50,237, up 20% year on year, with overseas deliveries up 166% to 13,326; assess volume against margins and earnings quality. BYD’s October sales reportedly rose 11% for a sixth consecutive month, while NIO deliveries fell to 34,246 from 40,397 a year earlier. Weak demand and overcapacity concerns persist.