For the first time, Chinese electric vehicle (EV) manufacturer BYD has surpassed Tesla in quarterly revenue, generating $3 billion more in the July-September period, according to BBC reports.
During the third quarter of this year, BYD recorded revenue of $28.2 billion, while Tesla posted $25.18 billion. However, Tesla sold more vehicles than BYD in the same period.
BYD’s revenue increased by 24% year-on-year, with net profit rising by 11.5%. This growth is largely attributed to subsidies from the Chinese government, which incentivizes citizens to buy EVs. Last week alone, more than 1.5 million applications were filed for subsidies on new electric vehicles in exchange for old cars, further boosting BYD’s market position.
