Guangdong Hongtu has joined Toyota's gigacasting supply chain, adding a global automaker to a client list led by Xpeng. Yet the company's first nine months show revenue down 2.26 percent and net profit down 71.10 percent, exposing how cost cuts travel down the auto supply chain.
A wave of Chinese carmakers — Li Auto, Xiaomi, Leapmotor, Xpeng — now advertise self-developed batteries. The fight is not over who makes the cells, but over who controls the pack, the software and the margin.
October delivery figures reshuffle China's new-energy carmakers, with Leapmotor holding the 100,000-a-month lead while Xpeng and Xiaomi pass 50,000. Analysts say overseas sales, not domestic volume, now separate winners from the rest as former leaders slip.
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