Chinese electric vehicle manufacturer BYD overtook Tesla in quarterly revenue for the first time as an Electric Vehicle (EV) maker on Wednesday.
In the third quarter of 2024, BYD posted revenue of 201.1 billion yuan ($28.24 billion), marking a 24% year-on-year growth. Meanwhile, according to its latest report, Tesla posted revenue of $25.2 billion, a 7.8% increase from the previous year.
BYD also recorded a net profit of 11.6 billion yuan ($1.63 billion), reflecting an 11.5% rise, marking strong performance buoyed by robust sales and government incentives.
