In a historic milestone for the electric vehicle (EV) industry, Chinese automaker BYD has overtaken Tesla in quarterly revenue for the first time. BYD reported record-breaking revenue of $28.2 billion for the third quarter of 2024, which ended in September. This figure represents a 24% increase compared to the previous quarter and marks a significant achievement for the company.
The impressive revenue surge allowed BYD to surpass Tesla, which recorded $25.2 billion in sales during the same period. This marks the first time Elon Musk’s automaker has been outpaced by its Chinese competitor regarding quarterly revenue.
Profitability and Sales Figures
While BYD’s revenue growth is noteworthy, Tesla still maintains an edge in profitability. According to data from Bloomberg, BYD’s net profit for the third quarter was $1.63 billion, reflecting a 12% increase year-over-year. This was driven by strong sales of 1.12 million electrified vehicles during the period.
However, Tesla remains more profitable overall, with a net profit of $2.2 billion for the same quarter. The higher profitability is attributed to Tesla’s larger profit margin per vehicle sold, which continues to give Musk’s company a financial advantage despite BYD’s growing market presence.
Stock Market Performance
BYD’s success has also been reflected on the Hong Kong Stock Exchange. Despite a slight decline of 0.7% on the last trading day of October, BYD shares have surged by 38% year-to-date. This performance far outpaces Tesla’s stock, which has delivered a more modest return of around 7% over the same period.
The strong appreciation in BYD’s stock price underscores growing investor confidence in the Chinese automaker as it continues expanding its domestic and international footprint.
A Growing Rivalry
The competition between BYD and Tesla is heating up as both companies vie for dominance in the rapidly expanding global EV market. While Tesla has long been considered the leader in electric vehicles, BYD’s recent achievements signal that it is quickly closing the gap.
As both companies continue to innovate and scale their operations, industry analysts are watching closely to see how this rivalry will shape the future of electric mobility.
BYD’s record-breaking quarter indicates that the global EV landscape is evolving rapidly, with new challengers emerging to compete with established giants like Tesla.
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