BYD, a Chinese electric vehicle (EV) manufacturer, has surpassed Tesla in revenue for the first time in a single quarter. In the third quarter, BYD reported a revenue of 201 billion yuan ($28.2 billion), exceeding Tesla’s revenue by $3 billion. The company sold 1.1 million vehicles, compared to Tesla’s 463,000 units. BYD’s success is attributed to its rapid growth in the EV sector, particularly in China, its largest market. However, the company faces new challenges, including increased tariffs on Chinese electric vehicles in the EU and US, as well as escalating competition. Despite this, analysts are optimistic about BYD’s future, predicting growth and improved margins. Morgan Stanley expects BYD’s luxury brands and international sales to drive volume growth, while Citibank estimates the company could sell half a million vehicles per month starting in November. As the EV market evolves, both BYD and Tesla must adapt to changing market conditions and consumer demands.
China’s electric vehicle giant outpaces Tesla in sales revenue, marking a significant milestone in the industry.
