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BYD Revenue Eclipses Tesla for First Time as EV Giants Go Head to Head

Revenue hits record but short of estimates, net income beats
Record quarterly sales and strong China demand boosts earnings

WATCH: China’s BYD reported revenue that beat Tesla for the first time since the pair have gone head-to-head in global EV sales. Minmin Low reports.Source: Bloomberg

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By Danny Lee

October 30, 2024 at 11:40 AM UTC

Updated on

October 30, 2024 at 12:04 PM UTC

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BYD Co. notched up another win over Tesla Inc. on Wednesday, reporting quarterly revenue that beat Elon Musk’s carmaker for the first time since the pair have gone head-to-head in global electric vehicles sales.

Revenue for China’s best-selling automaker soared 24% to 201.1 billion yuan ($28.2 billion) for the three months that ended in September, falling short of estimates but exceeding Tesla’s $25.2 billion in sales for the same period.