BYD Surpasses Tesla in Q3 Revenue

Chinese electric vehicle manufacturer BYD has reported significant growth in sales, surpassing Tesla in quarterly revenue for the first time, with operating revenue reaching 201.1 billion yuan ($28.2 billion) in Q3 2024, a 24% increase year-on-year. This achievement comes amid BYD's expansion into overseas markets, although its growth may be challenged by trade tensions between China and the West. Tesla reported a third-quarter revenue of $25.2 billion and a profit of $2.2 billion, but its profitability is under scrutiny following price cuts to compete with rising offerings from competitors like BYD. The European Union has also announced plans to impose tariffs of up to 35.3% on Chinese EVs, citing unfair competition due to state subsidies. Analysts suggest that BYD's future growth will depend on the performance of its premium brands and international sales. The recent news has led to a decline in short positions against BYD's stock, indicating growing investor confidence.