China

The company has made progress in Brazil and Mexico, though its international business remains in the red.

Many domestic makers are receiving greater support following the changes, widening the disparity.

The Chinese startup has filed for a listing on Shanghai’s STAR Market.

Lower costs and higher utilization are improving unit economics, but not enough to bring the company out of the red.

Higher-margin services adjacent to its car business boosted overall results.

Heavy spending on commerce weighed on its margins and cash flow.

Strong results were offset by higher expenses and a warning of increased spending in 2026.

NEV growth and an improved product mix supported the carmaker’s earnings, but profit expansion remained uneven.