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China’s Services Sector Posts Slowest Growth in Five Months as Demand Softens 
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Oil Prices Hold Steady as Ukraine Tensions and Fed Cut Expectations Support Market 
Japan’s Nikkei Drops as Markets Await Key U.S. Inflation Data 
Gold Prices Steady as Markets Await Key U.S. Data and Expected Fed Rate Cut 
Germany’s Economic Recovery Slows as Trade Tensions and Rising Costs Weigh on Growth 
Citi Sets Bullish 2026 Target for STOXX 600 as Fiscal Support and Monetary Easing Boost Outlook 
Dollar Holds Steady as Markets Shift Focus to 2026 Rate Cut Expectations 
RBI Cuts Repo Rate to 5.25% as Inflation Cools and Growth Outlook Strengthens 
Spain’s Industrial Output Records Steady Growth in October Amid Revised September Figures 
Asian Currencies Edge Higher as Markets Look to Fed Rate Cut; Rupee Steadies Near Record Lows 
Asian Markets Stabilize as Wall Street Rebounds and Rate Concerns Ease 
U.S. Futures Steady as Rate-Cut Bets Rise on Soft Labor Data 
Chinese electric vehicle (EV) stocks slipped on Thursday, mirroring losses in Tesla Inc (NASDAQ:TSLA) after the U.S. automaker posted disappointing third-quarter earnings and warned of significantly higher expenses in the coming year.
Shares of Tesla’s Chinese rivals fell in tandem, with BYD Co (HK:1211) dropping 0.9%, while NIO Inc (HK:9866), Li Auto Inc (HK:2015), Zhejiang Leapmotor Technology Co Ltd (HK:9863), and Xpeng Inc (HK:9868) declined between 0.9% and 2.5%. The downturn followed Tesla’s nearly 4% post-market drop, after its Q3 profit missed forecasts despite achieving record-high revenue.
Tesla’s revenue surge, driven by record vehicle deliveries, was offset by rising costs tied to trade tariffs and artificial intelligence development. The company also cautioned that its capital expenditures would rise sharply in 2026 as it accelerates its shift from electric vehicles toward AI and robotics.
While Tesla’s Q3 delivery boom benefited from the expiration of U.S. EV tax credits, this demand spike may not be sustainable. Outside the U.S., Tesla continues to face slower sales in Europe and Asia, where competition from Chinese automakers is intensifying.
Industry analysts warn that increasing competition and weaker global demand could trigger more price cuts from Tesla, putting additional pressure on Chinese EV makers. Earlier in October, Tesla launched cheaper versions of its Model 3 and Model Y vehicles, intensifying the ongoing price war in China’s EV market.
The Chinese EV sector remains locked in fierce competition as established players and newcomers like Xiaomi Corp (HK:1810) race to capture market share. Tesla’s aggressive price reductions in China have further strained profit margins across the industry, fueling volatility for investors in both U.S. and Hong Kong-listed EV stocks.
