🚨 BYD Revenue Eclipses $TSLA for First Time as EV Giants Go Head to Head
BYD Co. notched up another win over Tesla Inc., reporting quarterly revenue that beat Elon Musk’s carmaker for the first time since the pair have gone head-to-head in global electric vehicles sales.
Revenue for China’s best-selling automaker soared 24% year-on-year to 201.1 billion yuan ($28.2 billion) for the three months ending Sept. 30, falling short of estimates, but exceeding Tesla whose sales hit $25.2 billion in the same period.
Net income increased 11.5% to an all-time high of 11.6 billion yuan, surpassing consensus, after BYD sold an unprecedented 1.12 million electric and plug-in hybrid vehicles last quarter. It generated a gross margin of 21.9%. Its profit however is still overshadowed by the $2.2 billion Tesla earned$BYD Co., Ltd.(BYDDY)$
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