With some of the most affordable EVs on the market, BYD’s sales are surging. With record-breaking vehicle sales in Q3, BYD outpaced Tesla for the first time in quarterly revenue.
BYD posts record-breaking Q3 profits, revenue, and sales
BYD continued its impressive run in the third quarter. China’s EV leader outpaced the competition with record revenue, net income, and vehicle sales.
The company reported Q3 net income of $1.6 billion (RMB 11.6 billion), up 11.5% YOY, on revenue of $28.2 billion (RMB 201.1 billion), an increase of 28% from Q3 2023. Both were new quarterly records.
BYD’s record-breaking third quarter comes as vehicle sales continued surging. With nearly 1.1 million new energy vehicles (PHEVs and EVS) sold in Q3, BYD topped the 1 million sales mark for the first time in a quarter.
September marked BYD’s seventh consecutive month of record-breaking plug-in hybrid sales. Last month, BYD sold 252,647 PHEVs, up 88% year over year. Through September, the company has sold nearly 1.6 million PHEV models.
BYD’s EV sales are also picking up. With another 164,956 sold in September, the company sold a total of 443,426 EVs in the third quarter.
Although BYD topped Tesla for the first time in quarterly revenue in Q3, Tesla edged out China’s leading automaker with 462,890 EVs sold last quarter.
Tesla missed expectations, reporting $25.47 billion in Q3 revenue last week. Despite the miss, Tesla’s gross margins climbed to 19.8%. In comparison, BYD’s gross margins reached 21.9% in the third quarter, up from 18.7% in Q2.
Electrek’s Take
BYD continues to defy expectations as it expands the brand globally. After dominating in China, the world’s largest EV market, BYD is looking overseas to drive growth.
Not only that, but the company is rapidly expanding into new segments, with new models launching what seems like every week.
BYD unveiled its first pickup, the Shark PHEV, in Mexico earlier this year. It will challenge Ford’s Ranger and the Toyota Hilux, two top-selling trucks in key overseas markets. The plug-in hybrid pickup has since launched in Brazil, Panama, Cambodia, and, most recently, Australia.
With new luxury models, mid-size electric SUVs, and electric supercars hitting the market, BYD expects the momentum to continue.
Source: BYD, CnEVPost
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