BYD's annual financial report for 2024

BYD Tops Tesla with 201.12B Yuan Q3 Revenue, Surpassing $25.18B Tesla Sales

Oct 30, 2024, 11:56 AM

Chinese electric vehicle maker BYD Co. has surpassed Tesla Inc. in quarterly revenue for the first time, reporting third-quarter revenue of 201.12 billion yuan ($28.24 billion) compared to Tesla's $25.18 billion (approximately 180 billion yuan). Although BYD's revenue fell short of the estimated 204.85 billion yuan, the company posted a net profit of 11.61 billion yuan ($1.6 billion), an 11.5% increase year-on-year and a 28.08% rise from the second quarter. BYD's gross margin rebounded to 21.89%. Revenue for the first three quarters totaled 502.25 billion yuan, up from 422.275 billion yuan in the same period last year. Investors are cutting back on short positions in BYD's shares amid the company's strong performance.