Chinese electric vehicle (EV) giant BYD has reported record quarterly revenue, surpassing Tesla for the first time.
BYD generated over 200 billion yuan ($28.2 billion, £21.8 billion) in revenue from July to September, marking a 24% increase from last year’s same period and edging out Tesla, which reported $25.2 billion in revenue.
While Tesla maintained higher overall EV sales in the third quarter, BYD’s sales momentum, fueled by strong government support for the EV industry, continues to grow. Chinese consumers are increasingly drawn to EVs and hybrids thanks to government incentives aimed at reducing petrol vehicle usage.
Read more: Shwapno introduces affordable beef, potato offer for customers’ convenience
In the last month of the quarter, BYD achieved a monthly sales record, solidifying its position as China’s top-selling automaker. However, as BYD and other Chinese carmakers expand internationally, they are facing increasing resistance abroad. This week, the European Union implemented tariffs of up to 45.3% on Chinese-made EVs, while the U.S. and Canada have already imposed a 100% tax on these imports. These measures respond to alleged unfair state subsidies supporting China’s EV sector.
Read more: Walton opens showroom in Ashulia
China has also launched a national subsidy program, offering $2,800 for each older vehicle traded in for a greener model, with over 1.57 million applications submitted to date. This is part of China’s broader strategy to bolster its economy through high-tech exports, with the EU as a key market. But as brands like BYD expand globally, European leaders are voicing concerns about competition, fearing local companies may struggle to match the competitive pricing of Chinese EVs.
Read more: All-new Hyundai STARGAZER – 7-seater family star, now in Bangladesh
