Daily Archive: November 3, 2025

Support CleanTechnica's work through a Substack subscription or on Stripe. There will be no surprise here. People in the US rushed to buy electric cars in the 3rd quarter before the $7,500 US EV tax credit was disappeared, and that means there were a lot fewer people on the market ... [continued]

Support CleanTechnica's work through a Substack subscription or on Stripe. TOKYO — The 2025 Japan Mobility Show this year felt like a crucial turning point for the Japanese automotive industry. There was a strong presence from BYD, which started in 2023 with the introduction and sales of the BYD Atto ... [continued]

BYD announced its 3Q results at the end of October. Revenue was down 3%, while net profit was down 32.6%. Overall, that does not look good compared to their recent growth and fell short of expectations. But it gets more interesting when you get into the details.Not only did R&D expenses go up 31%, but development capital expenditures went up a whopping 519.65% YoY “Mainly due to the increase in in-house R&D investments.” Most of their research and development is still accounted for as expenses (43.75 billion RMB versus 3.15 billion RMB), but that is clearly a significant increase. In combination, R&D was roughly twice net profits, and net profit would have gone up if R&D was flat.Inventory was up 31.83%, due mainly “to the augmentation of automobile business.” In other words, updated product that has not yet been delivered.“Contract liabilities” went up by 40.29% YoY, “mainly due to the increase in advance receipts of the automobile business.” In other words, deposits taken on vehicles that have not yet been delivered. Having obligations to deliver vehicles that have already received deposits is overall a good kind of liability.Non-current assets were up 50.36%, while long-term receivables were up 54.90%, mainly due to increases in leasing. This foreshadows future revenue.The balance sheet overall saw a significant improvement, with assets up 15.14% and shareholder equity (assets minus liabilities) up 32.53%. Construction in progress was up 144.15%, with several global factories being built, as well as the world’s largest R&D center. However, borrowing is up while payables are down, with shifts on the balance sheet likely reflecting shorter payment terms in vendor contracts.

Support CleanTechnica's work through a Substack subscription or on Stripe. XPENG had another great month in October, finishing with a new vehicle delivery record. The company scored 42,013 vehicle deliveries, up slightly (1%) from September, its previous record delivery month. The 42,013 vehicles delivered in October 2025 were an increase ... [continued]

Support CleanTechnica's work through a Substack subscription or on Stripe. NIO achieved record monthly deliveries, barely, in August 2025. Then it increased that significantly in September for a new monthly record. And now we have news that the company crushed that September record with a much higher delivery total in ... [continued]