Oil Prices Rise as Geopolitical Tensions and Supply Risks Intensify 
Asian Markets Stabilize as Wall Street Rebounds and Rate Concerns Ease 
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Oil Prices Slip as Russia-Ukraine Peace Hopes Fade and Oversupply Fears Grow 
Australia’s Economic Growth Slows in Q3 Despite Strong Investment Activity 
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Oil Prices Hold Steady as Ukraine Tensions and Fed Cut Expectations Support Market 
BOJ Faces Pressure for Clarity, but Neutral Rate Estimates Likely to Stay Vague 
China’s Services Sector Posts Slowest Growth in Five Months as Demand Softens 
Asian Markets Mixed as RBI Cuts Rates and BOJ Signals Possible Hike 
Oil Prices Rise as Ukraine Targets Russian Energy Infrastructure 
Trump and Lula Discuss Trade, Sanctions, and Security in “Productive” Phone Call 
South Korea Inflation Edges Up in November as Food and Service Costs Climb 
Gold Prices Steady as Markets Await Key U.S. Data and Expected Fed Rate Cut 
RBA Signals Possible Rate Implications as Inflation Proves More Persistent 
Dollar Holds Steady as Markets Shift Focus to 2026 Rate Cut Expectations 
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.
