BYD revenue eclipses Tesla for first time as EV giants go head to head

BYD Co. outperformed Tesla Inc. in quarterly revenue for the first time, reporting a 24% increase to $28.2 billion. The Chinese automaker’s net income also reached an all-time high of $11.6 billion, driven by strong sales of electric and plug-in hybrid vehicles. BYD’s success is attributed to resurgent domestic demand in China, supported by government subsidies. The company’s focus on hybrid vehicles and vertically integrated supply chain has given it a competitive edge. Despite Tesla’s AI potential and longer lead in EV sales, BYD has emerged as a major player in the global electric vehicle market. Earnings prospects for BYD in the final quarter look promising, with a strong sales position in China and a revised annual sales target of 4 million vehicles.