BYD Surpasses Tesla in Q3 2024 Revenue with 201.1 Billion Yuan

Oct 30, 2024, 12:10 PM

Chinese electric vehicle (EV) giant BYD has surpassed Tesla in quarterly revenue for the first time. In the third quarter of 2024, BYD reported a revenue of 201.1 billion yuan ($28.2 billion), compared to Tesla's $25.18 billion. This milestone marks a significant achievement for BYD as it continues to expand its presence in the global EV market. BYD's net profit for the quarter rose 11.5% year-on-year to 11.6 billion yuan ($1.6 billion), driven by strong sales and government incentives. The company's performance is bolstered by a broader push into overseas markets and a diversified product portfolio, including mobile endpoints, new energy vehicles, and smart home devices. For the first three quarters of 2024, BYD's revenue reached 502.25 billion yuan, with investors cutting back on short interest in the stock.