On October 24, 2024, new cars were parked at the Port of Zeebrugge in Belgium, including BYD’s new Chinese-made electric cars.
Yves Herman | Reuters
Chinese electric vehicle manufacturer BYD Reports third-quarter revenue that tops behemoth rivals Tesla first.
On Wednesday, BYD released its revenue report. For the three months ended September 30 201.12 billion yuan (US$28.24 billion), an increase of 24% over the same period last year. this exceeds Tesla revenue $25.18 billion Reported at the same time.
It’s a first for the Beijing-based EV giant, as it posted a solid performance despite a downward trend in electric vehicles in mainland China. The company’s passenger car sales hit a record high August.
At least half of BYD’s sales are hybrids, while Tesla’s cars are battery-only.
But from a net profit perspective, Tesla still leads.
The U.S. automaker’s net profit from July to September was US$2.18 billion, an annual increase of 16.2%. Chinese peer BYD’s profit increased 11.5% to 11.6 billion yuan during the same period.
Likewise, Tesla remains at the top of the list in year-to-date sales, with BYD’s total revenue at approximately $70.53 billion at $71.98 billion.
BYD is one of the best-known electric vehicle makers in China, the world’s largest auto market, where it must compete with domestic and global rivals for dominance.
On BYD’s home turf, Elon Musk’s Tesla is one of its strongest competitors. Model Y remains China’s best-selling electric car in September According to China Automotive Network car home. BYD’s Seagull followed closely behind, ranking second.
With EU tariffs taking effect this week, competition may only get fiercer, despite China Disapprove.
On Wednesday, the E.U. declare It will increase tariffs on Chinese electric vehicles, with tariffs as high as 45.3%.
Additional tariffs range from 7.8% for Tesla to 35.3% for Tesla SAIC Motorwhich will be stacked on top of the standard 10% import tax on all electric vehicles.
Despite tariffs on BYD and Tesla Reduced from previous proposalBoth automakers have taken steps to increase production in Europe that will help them avoid tariffs.
Reuters report Earlier this month, Tesla received approval to double production capacity at its Berlin factory.
And BYD declare Last year it opened a store in Hungary. In July, the Chinese automaker said it would invest $1 billion invested in Turkish factorywhich has a customs union with the European Union.
—CNBC’s Evelyn Cheng contributed to this report.
