Chinese EV maker BYD’s quarterly sales overtook Tesla’s for the first time

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******** EV maker BYD’s quarterly sales overtook Tesla’s for the first time

New cars, among them new China-built electric vehicles of the company BYD, are seen parked in the port of Zeebrugge, Belgium, October 24, 2024.

Yves Herman | Reuters

******** electric vehicle maker BYD reported third-quarter revenue that topped that of behemoth rival Tesla for the first time.

On Wednesday, BYD reported revenue for the

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of 201.12 billion yuan ($28.24 billion), up 24% from a year ago. That exceeded Tesla’s revenue of $25.18 billion reported for the same *******.

It’s a first for the Beijing-based EV giant as its solid performance came despite the EV downtrend in mainland China. The company sold a record number of passenger vehicles in August.

At least half of BYD’s sales are hybrid vehicles, whereas Tesla’s vehicles are battery only.

But in terms of net profit, Tesla still took the lead.

The ********* carmaker saw net profit of $2.18 billion from July to September, up 16.2% from a year ago. Its ******** counterpart, BYD, saw an increase in profit of 11.5% in the same ******* to 11.6 billion yuan.

Likewise, Tesla ******** on top in year-to-date sales, slightly edging out BYD’s roughly $70.53 billion total revenue at $71.98 billion.

BYD is one of the most prominent EV makers in China, the world’s largest automotive market where it must contend with both domestic and global rivals for dominance.

On BYD’s home turf, Elon Musk’s Tesla is one of its toughest competitors. The Model Y remained the best-selling battery-powered electric car in China in September,

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Autohome. BYD’s Seagull trailed closely behind in second place.

The competition will likely only get more cut-throat as ********* Union tariffs came into effect this week, despite China’s disapproval.

On Wednesday, the EU

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it would implement tariff increases on ******** EVs, taking duties to as high as 45.3%.

The extra tariffs range from 7.8% for Tesla to 35.3% for SAIC Motors, which will stack on top of a 10% standard import duty on all electric vehicles.

While tariffs imposed on BYD and Tesla were

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, both automakers have taken steps to ramp up production in Europe which would help them work around the duties.

Reuters

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earlier this month that Tesla got the green light to double the capacity of its Berlin plant.

And BYD

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last year it would set up shop in Hungary. In July, the ******** automaker said it would invest

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, which has a customs union with the EU.

— CNBC’s Evelyn Cheng contributed to this report.

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