The BYD Ogre Takes Down the Tesla Titan for the First Time!

Welcome to a dimension where we talk about millions of vehicles sold per quarter and billions of dollars in revenue.

BYD recorded record revenue and net profit in the last quarter to outperform Tesla with vehicle sales reaching record levels. Here are some figures to grasp the extent of BYD’s performance. In the third quarter of 2024, the Chinese manufacturer achieved revenue of $28.2 billion, surpassing Tesla’s $25.18 billion which is already seen as exceptional! Since the end of 2023, this shift seemed inevitable.

The Chinese electric vehicle manufacturer announced a net profit of $1.63 billion, up 11.47% compared to the second quarter and 28.08% compared to the same period in 2023, according to financial results released today. An indicator of a company’s good health, BYD’s gross margin stood at 21.89% in the third quarter, compared to 18.69% in the second quarter.

Tesla is doing better than just keeping up with BYD

However, comparing the two brands is always sensitive, as Tesla offers only five vehicles, all 100% electric, while BYD has a very wide range of over 20 models that it can tailor to the needs and specifics of each market. In France, the brand currently offers seven 100% electric models and two hybrid models. We are therefore talking about electric vehicle sales for Tesla and new energy vehicles for BYD. During the third quarter, BYD sold a record number of 1,134,892 of these electrified cars, surpassing one million vehicles for the first time with a 15.02% increase compared to the second quarter.

Battery electric vehicles account for 443,426, and hybrids for 685,830 units. By comparison, Tesla delivered 462,890 units in the third quarter, but only 100% electric cars. Besides the striking illustration that Tesla’s margins are higher than BYD’s, this allows the American manufacturer to boast of being the world’s largest seller of electric cars, but for how much longer…

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