Annual financial reports from BYD and Tesla for 2024

BYD Surpasses Tesla in Q3 Revenue with $28.1B, Net Profit Up 11.5%

Oct 30, 2024, 11:45 AM

Chinese electric vehicle manufacturer BYD Co. has surpassed Tesla Inc. in quarterly revenue for the first time, reporting 201.12 billion yuan ($28.1 billion) in the third quarter of 2024, compared to Tesla's $25.18 billion. This milestone highlights BYD's rapid growth in the global EV market. Despite falling slightly short of analysts' estimates of 204.85 billion yuan, BYD's revenue represents a significant year-over-year increase, boosted by strong sales and government incentives. The company reported a net income of 11.61 billion yuan for the quarter, marking an 11.5% rise in net profit. For the first three quarters of 2024, BYD's cumulative revenue reached 502.25 billion yuan, up from 422.275 billion yuan in the same period of 2023.