BYD’s revenue beats Tesla for the first time – USD28.2 billion in Q3 2024; overseas sales at 94,477 units

BYD has announced a substantial increase in its quarterly revenue this year to beat Tesla for the first time, reports Reuters. Between July and September, the Chinese automaker posted over 200 billion yuan (USD28.2 billion) in revenues, which is 24% more than the same period in 2023, and eclipsing Tesla that saw a quarterly revenue of USD25.2 billion.

As for net profit, BYD recorded an increase to 11.6 billion yuan (USD1.63 billion) in Q3 2024, while the first nine months of this year has seen net profit go up by 18.1% to 25.2 billion yuan.

China’s “old-for-new” initiative, which offers buyers subsidies (up to 20,000 yuan or USD2.8k) to scrap their old car for a new energy vehicle (NEV) has been beneficial for carmakers in the country. As of late October, 1.57 million applicants had registered to take advantage of this programme.

Reuters also noted in its report that BYD achieved a monthly sales record in September and its quarterly sales also reached a new high in Q3 2024. The news outlet’s calculations suggest sales of the brand’s pure electric vehicles (EV) dipped by 2.7% to 443,426 units, which is less than the 462,890 units reported by Tesla.

In terms of overseas sales, BYD sold 94,477 cars overseas in the third quarter, up 32.6% from the year before. With additional tariffs being imposed on made-in-China EVs, it remains to be seen if BYD can keep the momentum going as we near the end of 2024.

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