The Chinese domestic EV industry continues to struggle.

Thursday, Chinese electric-vehicle leader BYD reported September deliveries. It sold 456,713 passenger vehicles, including 273,143 all-electric cars. Total sales rose 16%. EV sales rose 33%. Not bad, but exports accounted for 39% of total sales. Domestic vehicle sales were about 276,000 units, down 22% year over year, the third consecutive month with declines of more than 20%.

The Chinese car market is mired in slowing demand growth and brutal price competition from dozens of auto makers. It's left BYD exporting more of its production to maintain growth.

Investors haven't been happy with the situation. Coming into Thursday trading, BYD stock was down 24% over the past 12 months. The Hong Kong stock market is closed today. BYD shares aren't trading.

NIO stock was up 0.4% in premarket trading, while S&P 500 and Dow Jones Industrial Average futures were up 0.3% and 0.1%, respectively.

It delivered 37,408 vehicles in September, up 8% year over year. That puts year-to-date deliveries at about 300,000 cars, up almost 50% year over year. Growth hasn't helped the stock, though. Coming into Thursday trading, NIO shares were down 55% over the past 12 months.

XPeng stock gained 0.5% in premarket trading after it delivered 41,256 vehicles, roughly flat year over year. XPeng has sold about 284,000 cars so far this year, down 9%.

Coming into Thursday trading, XPeng stock was down about 60%. Weak sales are only part of the issue. Competition is weighing on profitability. Wall Street expects XPeng to generate a 2026 operating loss of about $650 million, according to FactSet. A year ago, analysts expected a $230 million profit.

Li Auto stock was off 55% coming into Thursday trading. Shares were up 0.3% in premarket trading after it reported September deliveries of 31,817 vehicles, down 6% year over year.

Combined, the three EV start-ups-Li, NIO, and XPeng-delivered about 110,000 cars, flat year over year.

Flat isn't good enough for start-ups trying to generate consistent profits. Investors aren't happy with the situation as Chinese car makers battle for market share.