BYD Overtakes Tesla in Quarterly Revenue, Signaling a New Era in EV Rivalry
1min read In a significant milestone for the electric vehicle (EV) industry, BYD has reported its quarterly revenue surpassing that of Tesla for the first time. BYD announced a revenue of 2011.25 billion yuan for the third quarter, marking a 24.04% increase year-on-year. Meanwhile, Tesla’s revenue for the same period amounted to $25.182 billion, approximately 1800 billion yuan, representing an 8% growth.
According to BYD's financial disclosures, the company also achieved a net profit of 116.07 billion yuan for the third quarter, reflecting an 11.47% growth compared to the previous year. For the first nine months of the year, BYD's revenue reached 5022.5 billion yuan with a net profit of 252.4 billion yuan, showing an 18.1% increase year-on-year.
This performance highlights BYD's robust expansion in the EV sector, underscoring its strategic advancements and competitive positioning in the market. The company’s increased revenue can primarily be attributed to its sustained growth in production and sales of electric vehicles, which has seen a rising demand both domestically and internationally.
Tesla, by contrast, reported a third-quarter net profit of $2.167 billion (approximately 154.7 billion yuan), indicating a 17% growth. Despite the revenue growth, Tesla's figures reveal a slower pace compared to BYD, challenging the long-standing market perception of Tesla as the dominant player in the EV sector.
As BYD continues to strengthen its operations, the EV landscape is poised for further competition. This shift indicates a broader trend towards increased diversification and competition within the industry, prompting key players to innovate and adapt rapidly.
