China's BYD overtakes Tesla revenue for first time

Published On Oct 31, 2024, 12:21 AM

BYD, a Chinese electric vehicle manufacturer, has surpassed Tesla in quarterly revenues for the first time, reporting over 200 billion yuan ($28.2 billion) from July to September. This marks a 24% increase compared to the previous year. While BYD's revenue growth is attributed to government subsidies boosting EV sales in China, Tesla still leads in the number of vehicles sold. However, BYD faces challenges with emerging tariffs from the European Union and existing taxes from the US and Canada against Chinese imports, which may impact future revenue growth.