BYD Reports Record Sales Amid EU Tariffs

BYD Co. reported record monthly sales of 500,526 units in October, marking a 66% increase from the previous year, with demand for plug-in hybrids driving sales at 310,912 units. This performance is notable as it coincides with a peak season for auto purchases in China, even as the company faces challenges in expanding overseas due to punitive tariffs imposed by the European Union. Despite BYD's success, its international sales remain limited, with only 31,192 units, or 6.2%, delivered abroad. Other Chinese automakers also reported strong sales, including Geely and Xpeng, indicating a trend of domestic growth amidst struggles faced by Western manufacturers like Volkswagen. BYD's growth continues to stoke concerns about China's potential dominance in the global auto market, particularly as it aims to expand internationally. Additionally, BYD achieved record revenues and net income in Q3, outperforming Tesla for the first time in quarterly revenue, further establishing its position in the EV sector.