BYD, a Chinese electric vehicle (EV) manufacturer, has reported higher revenue than Tesla for the third quarter, marking the first time it has surpassed its American rival.

Revenue Comparison

BYD's revenue for the three months ending September 30 reached 201.12 billion yuan, a 24% increase from the previous year, while Tesla reported revenue of $25.18 billion for the same period.

Record Sales in August

Despite a downturn in the Chinese EV market, BYD managed to sell a record number of passenger vehicles in August.

Net Profit

While Tesla leads in net profit, reporting $2.18 billion for the quarter, BYD's net profit rose by 11.5% to 11.6 billion yuan.

Competition in China

Tesla's Model Y is the best-selling battery-powered electric vehicle in China, intensifying the competition between BYD and Tesla.

Challenges in Europe

Both companies are facing challenges from regulatory changes in Europe, with the European Union implementing tariff increases on Chinese EVs.

Expansion in Europe

BYD is establishing a manufacturing facility in Hungary and making investments in Turkey, while Tesla has received approval to double the capacity of its Berlin plant.

Continued Rivalry

The rivalry between BYD and Tesla is expected to continue as both companies innovate and expand their product offerings.