BYD is a Chinese automaker that has made significant progress in international markets, despite facing resistance from the EU and the US.
The company is expanding its manufacturing footprint with new factories in Hungary, Thailand, Turkey, and Brazil.
BYD's exports currently account for about 10 percent of its sales in 2024. In August, BYD sold more cars abroad than it exported, indicating the growing impact of overseas production on its overall performance.
Tesla leads in certain metrics, with its Shanghai factory achieving record low costs per vehicle and contributing to a net profit of $2.2 billion in the third quarter.
Legacy automakers like Ford are facing challenges as Chinese manufacturers expand their reach across Southeast Asia, Europe, and Latin America.
Nissan, Volkswagen, and Stellantis are also experiencing difficulties, including shrinking profits and excess capacity.
BYD's growth trajectory remains unimpeded, and industry experts believe it has no equal in the automotive sector.
BYD's market capitalization has seen impressive growth, surpassing the combined value of Ford, GM, and Stellantis.
The company operates in over 70 countries, a feat that legacy automakers have yet to match.
BYD reported revenue that exceeded Tesla's for the first time, with a quarterly revenue increase of 24 percent to $28.2 billion.
BYD's net income also rose by 11.5 percent to a record $1.6 billion.
The company achieved unprecedented sales of 1.12 million electric and plug-in hybrid vehicles, generating a gross margin of 21.9%.
BYD has managed to maintain its momentum in the electric vehicle market, thanks to its diverse lineup of plug-in hybrid vehicles.
Looking ahead, BYD's founder, Wang Chuanfu, is committing substantial resources to research and development, with investments projected to reach $6.5 billion in 2024.
BYD's ability to adapt to consumer preferences and leverage its vertically integrated supply chain provides it with a significant cost advantage over competitors.