BYD sells record half a million plug-in cars in October, outpaces Tesla Q3 sales

BYD, a Chinese automaker, reported a 24% increase in revenue in Q3, surpassing Tesla. The company achieved record sales in October, driven by strong demand for hybrids. BYD reached the half-million milestone earlier than expected, while Western manufacturers like Volkswagen are struggling in the Chinese market. BYD’s plug-in hybrids had strong demand, with some models offering impressive range. The company’s success is raising concerns about China’s potential dominance in the global auto market. Despite strong domestic sales, BYD’s overseas sales have stalled. Other Chinese automakers like Geely and Xpeng also reported record sales in October. BYD’s revenue in Q3 exceeded Tesla’s, and the company is on track to meet its annual sales target.