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BYD's Impressive Q3 Performance
Chinese electric vehicle (EV) manufacturer BYD announced an 11.5% increase in net profit for the third quarter of 2024, fueled by strong sales and government trade-in incentives. The company reported a net profit of 11.6 billion yuan ($1.63 billion) for July to September, marking an 18.1% rise to 25.2 billion yuan for the first nine months of the year.
Revenue Growth and Competitive Landscape
BYD's revenue soared by 24% year-over-year to 201.1 billion yuan ($28.24 billion), surpassing Tesla's quarterly revenue of $25.2 billion for the same period. This achievement marked BYD's first significant revenue win over Tesla since it ceased gasoline vehicle production in 2022. Despite this, Tesla maintained a lead in global EV sales.
Record Sales Driven by Incentives
In the third quarter, BYD captured over one-third of total EV and plug-in hybrid sales in China, setting a new monthly sales record in September. The surge in sales has been supported by expanded old-for-new government stimulus measures, which incentivize the purchase of greener vehicles. As of late October, 1.57 million applicants had registered for national subsidies exceeding $2,800 for trading in older vehicles.
Future Outlook
To continue its growth trajectory, BYD has set a higher annual sales target for 2024 and plans to double exports to 450,000 vehicles. Despite facing increased competition in the EV segment, BYD's aggressive discounts and advancements in plug-in hybrid technology have positioned it well for continued success.
