Q3 Sales: BYD 39 Trillion KRW, Tesla 35 Trillion KRW
"Chinese Government's New EV Subsidy Policy Implementation Boost"
China's largest electric vehicle manufacturer BYD has surpassed the US-based Tesla in quarterly sales for the first time.
According to major foreign media including Bloomberg on the 30th (local time), BYD's third-quarter sales increased by 24% year-on-year to 201 billion yuan (approximately 39 trillion won), exceeding Tesla's sales of $25.2 billion (about 35 trillion won) during the same period. While BYD has previously surpassed Tesla in quarterly electric vehicle sales volume, this is the first time it has exceeded Tesla in quarterly revenue.
Bloomberg reported that the surge in BYD's hybrid vehicle sales was a key factor in surpassing Tesla's revenue. Some of BYD's hybrid models offer a long driving range of over 2,000 km.
Bloomberg also noted that BYD's success in vertical integration?developing batteries, semiconductors, and components in-house?has enabled it to produce cars more affordably. Additionally, the Chinese government promoted domestic electric vehicle sales by implementing new subsidy policies.
However, as of the third quarter, Tesla still held the advantage in electric vehicle sales volume and net profit. BYD's net profit and sales volume were recorded at $1.6 billion and 440,000 units respectively, while Tesla's figures reached $2.2 billion and 460,000 units.
Experts view overseas expansion as the key to BYD's future growth amid the spread of Western protectionism. On the 30th, the European Union (EU) imposed tariffs of up to 45% on Chinese electric vehicles. In the United States, BYD has yet to sell electric vehicles due to high tariffs.
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