BYD has outperformed Tesla in quarterly revenue for the first time as an electric vehicle company. For the first three quarters of 2024, BYD reported revenue of 502.25 billion yuan, up from 422.275 billion yuan in the same period last year. In the third quarter, they had a net income of 11.61 billion yuan and revenue of 201.12 billion yuan, which was below the expected 204.85 billion yuan.
BYD has achieved a major milestone in the electric vehicle (EV) industry, reporting quarterly revenue that, for the first time, surpasses Tesla’s. For the third quarter, BYD reported 2011.25 billion yuan in revenue, a 24.04% increase from the same time last year. Tesla, meanwhile, earned $25.182 billion, or around 1800 billion yuan, marking an 8% growth.
In its financial report, BYD revealed a third-quarter net profit of 116.07 billion yuan, reflecting an 11.47% growth from the previous year. For the first nine months of the year, BYD’s total revenue reached 5022.5 billion yuan, with a net profit of 252.4 billion yuan, an 18.1% increase year-over-year. This growth reflects BYD’s rapid expansion in the EV market and strong strategic moves that have boosted its position.
BYD’s revenue growth is largely due to its continued success in producing and selling electric vehicles, with demand growing both in China and internationally.
In comparison, Tesla’s third-quarter net profit was $2.167 billion (about 154.7 billion yuan), up by 17%. While Tesla saw revenue growth, its rate was slower than BYD’s, suggesting a shift in the EV market where Tesla’s dominance may now be challenged by BYD’s momentum.
