BYD continued its impressive run in the third quarter. China’s EV leader outpaced the competition with record revenue, net income, and vehicle sales.
The company reported Q3 net income of $1.6 billion (RMB 11.6 billion), up 11.5% YOY, on revenue of $28.2 billion (RMB 201.1 billion), an increase of 28% from Q3 2023. Both were new quarterly records.
BYD’s record-breaking third quarter comes as vehicle sales continued surging. With nearly 1.1 million new energy vehicles (PHEVs and EVS) sold in Q3, BYD topped the 1 million sales mark for the first time in a quarter.
Although BYD topped Tesla for the first time in quarterly revenue in Q3, Tesla edged out China’s leading automaker with 462,890 EVs sold last quarter.