Earnings and markets

Tesla: margins up, profit down

Tesla reported Q3 results on October 21. Revenue was flat at $28.05 billion, and non-GAAP EPS of $0.48 beat the consensus. Operating income, however, fell 56% as spending on AI and the Optimus robot rose. Total gross margin recovered to 19.6%, up from 18.0% a year earlier and 16.8% in Q2.

GM: record revenue, shrinking EV business

GM reported Q3 results on October 20, with record revenue of $50 billion. Adjusted EBIT rose 22% to $4.1 billion and adjusted EPS climbed to $3.70. The company also announced a new $20 billion share buyback. The EV side moved the other way: US electric sales dropped roughly 62% to about 25,500 units, now under 4% of GM's US volume compared with more than 9% a year ago. Even with the earnings beat, GM shares fell 7.5% on the day.

Volvo: EX60 momentum and a cheaper EV coming

In its Q3 report, Volvo said the EX60 has passed 50,000 orders in Europe. A second model on the SPA3 platform is next. According to Automotive News, it will be an electric crossover arriving by the end of 2027 at a starting price under $50,000.

New electric cars and SUVs

BYD Seagull, second generation

BYD has launched the new Seagull in China in five trims, priced from 65,900 to 99,900 yuan (about $9,810–$15,000). Flash charging takes the battery from 10% to 70% in about five minutes. The car is now 4,205 mm long, 425 mm longer than the outgoing model, which moves it from the A-segment into the B-segment. Abroad, the Seagull is sold as the Dolphin Surf.

Mercedes-AMG GT SUV

AMG revealed its first full-size SUV developed in-house on October 17. It is built on the AMG.EA platform, and the top GT 63 makes up to 1,153 hp from three axial-flux motors. It will reach US dealerships in summer 2027 in GT 63, GT 55 and GT 53 versions. Production is in Sindelfingen.

Omoda X

Chery's Omoda brand unveiled the X on October 24, a rugged-looking SUV for international markets that includes a thermal imaging camera. It will be sold as a full EV or a plug-in hybrid, with two-wheel or all-wheel drive.

Volkswagen ID. Aura T6

FAW-Volkswagen reported 33,022 orders in the first month of sales for its China-market electric SUV. Over 90% of buyers chose LiDAR-equipped versions, and almost 80% were buying a Volkswagen for the first time.

Hongqi Tiangong 07

FAW Hongqi has launched the Tiangong 07, a mid-to-large battery-electric sedan, expanding its electric lineup in China.

BMW iX5

Ahead of its 2027 launch, the electric iX5 has been measured charging at up to 464 kW on BMW's 800V architecture, faster than originally expected.

Mitsubishi ASX VR-e

Mitsubishi previewed the all-electric ASX VR-e SUV in Australia. It will be the fastest passenger car the brand has sold there, and it marks Mitsubishi's return to the EV market.

Li Auto heads for the UK

Li Auto confirmed it will launch in the UK in autumn 2027.

Technology and infrastructure

• GM fourth-generation EV platform: built around LMR (lithium manganese-rich) cells, which offer more range and density than LFP. Production starts at Ultium Cells in 2028.
• BYD Flash Charging in Malaysia: BYD signed an MoU with Gentari to bring the technology to the Malaysian market.
• Leapmotor in Spain: the B05 will be built at Stellantis' plant in Zaragoza.

Policy and other headlines

• EU 2035 rules: Germany and France's joint position from October 16 continued to shape the debate. It would require a 90% cut in fleet CO₂ by 2035 instead of 100%, with no obligation to offset the remainder. In exchange, public subsidies and contracts would go only to cars with 70% of their components (excluding batteries) made in Europe. It is a negotiating position, not law.
• Tesla Cybertruck: Tesla cancelled the Cybertruck for Australia and New Zealand, seven years after it began taking deposits.
• BYD in Japan: BYD cars have been banned from the US military's Kadena Air Base in Japan, citing security risks.

Bottom line

The legacy carmakers are funding their EV retreat with truck profits, while Chinese brands keep lowering the entry price and raising the tech level. A $10,000 Seagull that charges in five minutes and a 1,153 hp AMG SUV landed in the same week, showing how wide the EV market has become.