Chinese BYD surpassed “Tesla” in revenue for the first time in Q3

BYD Co., a leading Chinese manufacturer of new energy vehicles (NEV), reported record net profit and revenue in the third quarter. From July to September 2024, the company’s net profit rose by 11.5% to an all-time high of $1.63 billion. Revenue increased by 24% to $28.24 billion.

During this period, BYD surpassed American “Tesla” in quarterly revenue for the first time, with “Tesla” earning $25.2 billion.

In July-September, BYD sold approximately 1.135 million electric and hybrid vehicles, a 37.7% increase from the previous year. This marked the first time sales exceeded 1 million units in a quarter.

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