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Stephanie Turner
a year ago
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Chinese BYD's quarterly revenue surpasses Tesla for the first time
- Revenue at China's BYD rose 24% to $28.2 billion
- This is lower than forecast, but higher than Tesla (it was $25.2 bln)
- Net income reached a record $1.6 billion (+11.5%)
- BYD sold 1.12 million EV cars and hybrids in the quarter
- Tesla deliveries totaled 462.9k units (EV autos only)
- BYD's profit is second to Tesla ($1.6 billion vs. $2.2 billion)
- Hybrids are the main reason for BYD's revenue growth
- Also helps with in-house parts manufacturing, etc.
- That said, Tesla's current lineup of EV autos is already outdated
- Tesla is putting more focus on Cybertruck production
- BYD is expected to sell 4 million units by the end of 2024
- As of September, sales totaled 2.74 million units
- BYD may sell up to 500k units/month by November
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