Reported 27 days ago
Chinese electric vehicle manufacturer BYD announced an 11.5% increase in net profit for the third quarter, reaching 11.6 billion yuan ($1.63 billion), driven by strong sales bolstered by government incentives. The company achieved a 24% year-on-year revenue increase, marking its first quarterly revenue lead over Tesla since ceasing gasoline vehicle production in 2022. Although BYD's sales of plug-in hybrids surged by 75.6%, pure EV sales growth slowed to 2.7%, indicating increased competition in the EV market. BYD also plans to double its exports amid expanding operations in Europe.
Source: YAHOO