Chinese electric vehicle maker BYD posted a strong third-quarter performance with an 11.5% increase in net profit to 11.6 billion yuan ($1.63 billion) and a 24% rise in revenue to 201.1 billion yuan ($28.24 billion).
This revenue marked a milestone for BYD, as it outpaced Tesla’s quarterly revenue of $25.2 billion, though Tesla continued to lead in global EV sales volume over the same period.
The impressive results stem from BYD’s dominance in China’s EV market, accounting for over one-third of domestic EV and plug-in hybrid sales.
BYD’s quarterly performance was bolstered by government incentives encouraging trade-ins of older vehicles for greener models, with a national subsidy program allowing up to $2,800 per trade-in and additional local subsidies reaching 20,000 yuan (around $2,800) per EV purchase.
These measures, along with aggressive pricing strategies and technological advances, have given BYD and peers like Tesla a sales boost. September saw BYD reach a new monthly sales record, and the company achieved its highest quarterly sales on record in Q3.
BYD’s strongest growth was seen in its plug-in hybrid segment, with a 75.6% year-on-year jump to 685,830 units, thanks to innovations in fuel-saving hybrid technology.
In contrast, growth in pure EV sales slowed to 2.7%, totaling 443,426 units. The company still faces intense competition in China’s EV segment and aims to address this with a higher sales target and a revised overseas shipment goal of 450,000 vehicles for 2024, down from its initial target of 500,000.
BYD’s export push continues to gain traction, especially in Europe, despite facing new tariffs, with international sales up 32.6% year-on-year to 94,477 units for the quarter.
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