Chinese EV maker BYD’s revenue beats Tesla for first time
CNN
Chinese electric vehicle maker BYD posted an 11.5% rise in third-quarter net profit on Wednesday as it maintained strong sales momentum helped by government trade-in incentives.
Beijing (Reuters) — Chinese electric vehicle maker BYD posted an 11.5% rise in third-quarter net profit on Wednesday as it maintained strong sales momentum helped by government trade-in incentives. Net profit rose to 11.6 billion yuan ($1.63 billion) in the July-September quarter, the company said in a stock exchange filing. For the first nine months, net profit was up 18.1% to 25.2 billion yuan. With third-quarter revenue up 24% on year to 201.1 billion yuan ($28.24 billion), BYD’s quarterly revenue for the first time outpaced Tesla, whose revenue for the July-September quarter reached $25.2 billion. Tesla still beat BYD in terms of EV sales globally during July to September. BYD, whose cars accounted for more than one-third of the total sales of EVs and plug-in hybrids in China this year, smashed monthly sales record in September and its quarterly sales also scaled a fresh high in the third quarter. The local champion and its peers such as Tesla have enjoyed a tailwind from expanded old-for-new stimulus measures favoring greener cars. Last month, China’s car sales snapped a five-month decline on the subsidy boost, industry data showed.
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