[Alpha Biz= Reporter Kim Jisun] Chinese automaker BYD outpaced Tesla in revenue for the first time in Q3 (July-September), marking a major milestone as the company’s revenue exceeded that of Tesla, the world’s largest EV manufacturer.

BYD announced on the 30th that its Q3 revenue reached $28.2 billion, a 24% increase year-on-year, surpassing Tesla's $25.2 billion, which was reported a week earlier, by $3 billion.

BYD’s net profit for Q3 also rose by 11.5% year-on-year to $1.63 billion. Analysts attribute this performance largely to BYD’s strong sales of plug-in hybrid electric vehicles (PHEVs). Unlike Tesla, which exclusively produces battery electric vehicles (BEVs), BYD develops both BEVs and PHEVs, which combine electric and gasoline power.

Amid a challenging EV market, the appeal of PHEVs, which reduce charging burdens, has boosted BYD’s sales in China and other global markets. BYD’s success is also driven by the vast Chinese domestic market, supported by government incentives for EV purchases. Bloomberg noted that with this favorable market environment, BYD's Q4 earnings are also expected to be strong.

 

 

 

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