BYD Surpasses Tesla in Q3 Revenue

Chinese electric vehicle manufacturer BYD has surpassed Tesla in quarterly revenue for the first time, reporting 201.12 billion yuan ($28.2 billion) for the third quarter, a 24% increase from the previous year. This growth is largely attributed to government subsidies encouraging the trade-in of petrol vehicles for electric and hybrid models, with BYD's strong hybrid offerings providing a competitive edge. In contrast, Tesla's revenue for the same period was $25.2 billion, marking a significant moment in the ongoing rivalry between the two companies. Despite BYD's revenue success, Tesla still leads in net income with $2.17 billion compared to BYD's $1.63 billion. Analysts suggest that Tesla faces challenges in the Chinese market and may need to adjust pricing or introduce new models to sustain growth. The results indicate a shifting landscape in the EV market, with BYD's diverse vehicle lineup positioning it favorably against Tesla.