I got the wrong BEV/PHEV breakdown earlier: It's actually 305743 BEV & 177382 PHEV H/T痛快舒畅 for this chart showing BEV vs PHEV Since 2024 when DM5.0 shifted sales to PHEVs, BYD sales have rapidly shifted to BEVs as better battery, efficiency & charging tech became available

On the other end, you can see the decline of legacy JVs. SAIC group in total w/ 430k sales -5.28% YoY despite 162k in oversea sales Dongfeng Honda is down to 17k (~13k are CR-V & HR-V, compact SUV is a huge mkt in China) GAC Toyota sold 53k (even it claims NEVs & Hybrid are > 75% of the sales)

Among the new energy players: XPeng hit new high w/ 50237 deliveries. Xiaomi also hit high this yr w/ 50k+ deliveries NIO also continue to set record deliveries w/ 34246 HIMA sold 33537 & Li Auto was < 30k Amazing to see how dynamic changed among the brands chasing for higher end customers in China. HW & Li used to be on top & now have been surpassed by Xiaomi & NIO.

Geely reported 310k in sales (up 1% YoY) & Chery reported 282.5k (up 7% YoY). Both continued to show transition to NEVs & greater export. Geely had 214k in NEV sales & 107k in export. Chery had 132k in NEVs & 194.7k in export. Overall in 2026, Geely is up 3% YoY, Chery 10%

BYD reports on Oct sales of 490,168 vehicle including 436k Passenger vehicles. 222,559 BEV & 214,297 PHEVs. Export was 170,194 This is up from 456k in Sep & up 11% YoY Thru October, BYD had accumulated sales of 3.62m, -2.16% YoY It's on pace to surpass 2025 sales by Nov.

It's official. Apple Intelligence in China will use Qwen family of models & likely Alibaba Cloud infrastructure. Qwen is already integrated w/ Apple on a system level allowing for 'Compose with Qwen' & other functionalities.

CXMT also says its has reached LTAs w/ many downstream customers to support their AI goals. Helping to make CXMT the core memory producer of AI age. Its LPDDR6 product will also be adapted by cars & server market. Its 4F2/G6 platform will be on 1st gen DDR5 RDIMM product to be delivered to customers by end of this yr. CXMT is really making very fast progress here.

Healthy business don't have huge cash flow lying around. Anthropic & OpenAI need it bc they have bills to pay. When AI stack 5Y CDS rate looks like this from past 6 months, you can see why OpenAI need to raise money from new suckers. Softbank & Oracle already @ junk status. NVidia has to back up all the Neoclouds. So, the pool of ppl willing to pay what Sam wants is shrinking pretty rapidly.

Put things in perspective: China just doesn't pay that much for NG from anyone. It pays $300/bcm to Turkmenistan but other Central Asian countries get just $200/bcm. Even in LNG mkt, it pays under $425/bcm from all its major partners. This is called purchasing power.

DeepSeek Harness publishing their report on Super-Agent. This is honestly the kind of stuff the creeps me out about all AI labs. It's always about replacing the slow & stupid humans w/ smart AI agent that can do many sessions at once. Parallel task execution w/ proper feedback loop

BYD plans to have 100% Brazil made car by Dec w/ Atto 2 DM-i (150k BRL) to be the 1st such model. Goal of also acquiring Ford's port in Bahia to allow greater export from Brazil to rest of Latam region. They have now stated plan to double production capacity to 600k/yr in 2027.

I just recorded this quick take bc I do have a lot to say about the current state of AI industry. Huge crash the last wk. Let's see how bad things get. Overall economic pressure from high interest rates & energy px on AI + deepseek 1017 tphuang.substack.com/p/quick…

So, CXMT just started mass production of G5 platform (~D1b to D1c in bit-density) & it has already completed G6 engineering samples validation. This is quite fast. Looks like we might see 4F process enter mass production next yr.

Clearly, leaving 2 carriers in Persian Gulf region is very taxing on a military. It's not just the opex, but the abuse on the naval platforms & airwing that significantly reduces their service life. We saw this w/ GWOT. Big problem is all this effort hasn't solved the issue! we still get massive level of tanker destruction (in spite of Gulf bribery & willingness to tolerate higher transit cost) which will lead to tanker shortage that lasts for a while. Even if we get to 100 VLCC construction in a year, we cannot come close to making up for losing 2 to 4 tankers/day. So, the solution can only be going all in or get out of there. Staying at a holding pattern is not sustainable. Long drawn out w/ 2 to 3 carriers in Gulf region will destroy US military readiness for man yrs.

China's AI Cloud service mkt according to Sullivan. Alibaba Cloud leads w/ 42%. Ali here didn't show the other top competition, but I assume ByteDance/Volcano Engine, Tencent, HW & Baidu are other top ones.

Top auto import into China thru September. Lexus is far & away the top brand. Lexus ES, RX & NX are 3 of the top 4 models to be imported. China has imported > 100k Lexus, >56k Benz & ~32k BMW + ~20k of Landrover & Porsche each so far. Most of Benz & BMW sales in China are local production

CNNC Q3 report show it currently has 27 NPP in operation for 26.21GW & generating 153 TWh in power thru 3 quarters It also has 11GW wind & 24.7GW solar installed & 2.06GW in BESS, generating 33 TWh It got 4 more NPP approved on 7/31 + 2 more on 9/9. It has 22 under construction 25.63GW. It's always interesting for me to see that while China's nuclear energy company's main business lives in NPPs, they also diversify into new energy sources which get built faster.