In dollar terms, BYD posted revenue of $28.2 billion in the third quarter, significantly outpacing Tesla’s $25.18 billion, after being essentially tied in the fourth quarter of 2023.
BYD (HKG: 1211, OTCMKTS: BYDDY) saw record revenue as well as net income last quarter, with revenue significantly higher than Tesla (NASDAQ: TSLA), as its vehicle sales hit record high.
The Chinese new energy-vehicle (NEV) maker reported net income of RMB 11.61 billion ($1.63 billion) in the third quarter, up 11.47 percent year-on-year and up 28.08 percent from the second quarter, according to financial results released today.
It reported revenue of RMB 201.12 billion in the third quarter, up 24.04 percent year-on-year and up 14.16 percent from the second quarter.
In US dollar terms, BYD saw revenue of $28.2 billion in the third quarter, significantly outpacing Tesla’s $25.18 billion. In the fourth quarter of 2023, the two were essentially tied at about $25 billion.
BYD’s gross margin was 21.89 percent in the third quarter, up from 18.69 percent in the second quarter and higher than the 18.96 percent in the third quarter last year.
During the third quarter, BYD sold a record 1,134,892 NEVs, marking the first time the company has surpassed 1 million units in a single quarter.
This represents a 37.73 percent year-on-year increase and a 15.02 percent increase from the second quarter.
BYD’s passenger battery electric vehicles (BEVs) sold 443,426 units in the third quarter, up 2.74 percent year-on-year and up 4.08 percent from the second quarter.
Its passenger PHEVs sold 685,830 units in the third quarter, up 75.63 percent year-on-year and 23.19 percent from the second quarter.
For comparison, Tesla delivered 462,890 units in the third quarter, up 6.4 percent year-on-year and 4.26 percent from the second quarter.
Global BEV deliveries in third quarter by Tesla, which only produces BEVs, were still higher than BYD’s BEV sales, but significantly lower than BYD’s sales of all vehicles, including PHEVs.
($1 = RMB 7.1390)
Tesla delivers 462,890 cars globally in Q3, higher than BYD’s BEV sales
