{"id":120521,"date":"2024-10-31T17:48:51","date_gmt":"2024-10-31T10:48:51","guid":{"rendered":"https:\/\/hotvideos24.online\/?p=120521"},"modified":"2024-10-31T17:48:51","modified_gmt":"2024-10-31T10:48:51","slug":"chinese-ev-maker-byds-quarterly-sales-overtook-teslas-for-the-first-time","status":"publish","type":"post","link":"https:\/\/hotvideos24.online\/?p=120521","title":{"rendered":"Chinese EV maker BYD&#8217;s quarterly sales overtook Tesla&#8217;s for the first time"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<\/p>\n<div id=\"RegularArticle-ArticleBody-5\" data-module=\"ArticleBody\" data-test=\"articleBody-2\" data-analytics=\"RegularArticle-articleBody-5-2\"><span class=\"HighlightShare-hidden\" style=\"top:0;left:0\"\/><\/p>\n<div class=\"InlineImage-imageEmbed\" id=\"ArticleBody-InlineImage-108055345\" data-test=\"InlineImage\">\n<div class=\"InlineImage-wrapper\">\n<div>\n<p>New cars, among them new China-built electric vehicles of the company BYD, are seen parked in the port of Zeebrugge, Belgium, October 24, 2024.<\/p>\n<p>Yves Herman | Reuters<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"group\">\n<p>Chinese electric vehicle maker <span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-1\"><a href=\"https:\/\/www.cnbc.com\/quotes\/BYDDF\/\">BYD<\/a><span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"\/><\/button><\/span><\/span><\/span> reported third-quarter revenue that topped that of behemoth rival <span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-2\"><a href=\"https:\/\/www.cnbc.com\/quotes\/TSLA\/\">Tesla<\/a><span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"\/><\/button><\/span><\/span><\/span> for the first time.<\/p>\n<p>On Wednesday, BYD reported revenue for the <a href=\"https:\/\/www.bydglobal.com\/sitesresources\/common\/tools\/generic\/web\/viewer.html?file=%2Fsites%2FSatellite%2FBYD%20PDF%20Viewer%3Fblobcol%3Durldata%26blobheader%3Dapplication%252Fpdf%26blobkey%3Did%26blobtable%3DMungoBlobs%26blobwhere%3D1638928480008%26ssbinary%3Dtrue\" target=\"_blank\" rel=\"noopener\">three months ended Sept. 30<\/a> of 201.12 billion yuan ($28.24 billion), up 24% from a year ago. That exceeded <a href=\"https:\/\/www.cnbc.com\/2024\/10\/23\/tesla-tsla-q3-2024-earnings-report.html\">Tesla&#8217;s revenue of $25.18 billion<\/a> reported for the same period.<\/p>\n<p>It&#8217;s a first for the Beijing-based EV giant as its solid performance came despite the EV downtrend in mainland China. The company sold a record number of passenger vehicles in <a href=\"https:\/\/www.cnbc.com\/2024\/09\/02\/byd-sales-hit-a-record-in-august-despite-broader-china-ev-slowdown.html\">August<\/a>.<\/p>\n<p>At least half of BYD&#8217;s sales are hybrid vehicles, whereas Tesla&#8217;s vehicles are battery only.<\/p>\n<\/div>\n<div class=\"group\">\n<p>But in terms of net profit, Tesla still took the lead.<\/p>\n<p>The American carmaker saw net profit of $2.18 billion from July to September, up 16.2% from a year ago. Its Chinese counterpart, BYD, saw an increase in profit of 11.5% in the same period to 11.6 billion yuan.<\/p>\n<p>Likewise, Tesla remains on top in year-to-date sales, slightly edging out BYD&#8217;s roughly $70.53 billion total revenue at $71.98 billion.<\/p>\n<p>BYD is one of the most prominent EV makers in China, the world&#8217;s largest automotive market where it must contend with both domestic and global rivals for dominance.<\/p>\n<p>On BYD&#8217;s home turf, Elon Musk&#8217;s Tesla is one of its toughest competitors. The Model Y remained the best-selling battery-powered electric car in China in September, <a href=\"https:\/\/www.autohome.com.cn\/rank\/1#pvareaid=6863887\" target=\"_blank\" rel=\"noopener\">according to Chinese automotive website<\/a> Autohome. BYD&#8217;s Seagull trailed closely behind in second place.<\/p>\n<p>The competition will likely only get more cut-throat as European Union tariffs came into effect this week, despite China&#8217;s <a href=\"https:\/\/www.cnbc.com\/2024\/10\/30\/china-does-not-agree-or-accept-the-eus-ev-tariffs-says-negotiations-are-still-ongoing-.html\">disapproval<\/a>.<\/p>\n<p>On Wednesday, the EU <a href=\"https:\/\/eur-lex.europa.eu\/legal-content\/EN\/TXT\/?uri=OJ:L_202402754#ntr5-L_202402754EN.000101-E0005\" target=\"_blank\" rel=\"noopener\">announced<\/a> it would implement tariff increases on Chinese EVs, taking duties to as high as 45.3%.<\/p>\n<p>The extra tariffs range from 7.8% for Tesla to 35.3% for <span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-9\"><a href=\"https:\/\/www.cnbc.com\/quotes\/104-SZ\/\">SAIC Motors<\/a><span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"\/><\/button><\/span><\/span><\/span>, which will stack on top of a 10% standard import duty on all electric vehicles.<\/p>\n<\/div>\n<div role=\"region\" aria-labelledby=\"Placeholder-ArticleBody-Video-108054623\">\n<div role=\"button\" tabindex=\"0\" id=\"Placeholder-ArticleBody-Video-108054623\" class=\"PlaceHolder-wrapper\" data-vilynx-id=\"7000356318\" data-test=\"VideoPlaceHolder\">\n<div class=\"InlineVideo-videoEmbed\" id=\"InlineVideo-0\" data-test=\"InlineVideo\">\n<div class=\"InlineVideo-wrapper\">\n<div class=\"InlineVideo-inlineThumbnailContainer\"><img decoding=\"async\" class=\"InlineVideo-videoThumbnail\" src=\"https:\/\/image.cnbcfm.com\/api\/v1\/image\/108054624-17302660891730266086-36896326982-1080pnbcnews.jpg?v=1730266088&amp;w=750&amp;h=422&amp;vtcrop=y\" alt=\"Trump's proposed tariffs is a gift to China: Analyst\"\/><span class=\"InlineVideo-videoButton\"\/><span\/><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"group\">\n<p>While tariffs imposed on BYD and Tesla were <a href=\"https:\/\/ec.europa.eu\/commission\/presscorner\/detail\/en\/ip_24_3630\" target=\"_blank\" rel=\"noopener\">reduced from an earlier proposal<\/a>, both automakers have taken steps to ramp up production in Europe which would help them work around the duties.<\/p>\n<p>Reuters <a href=\"https:\/\/www.reuters.com\/business\/autos-transportation\/tesla-gets-green-light-german-authorities-first-stage-plant-expansion-2024-10-15\/\" target=\"_blank\" rel=\"noopener\">reported<\/a> earlier this month that Tesla got the green light to double the capacity of its Berlin plant.<\/p>\n<p>And BYD <a href=\"https:\/\/www.byd.com\/eu\/news-list\/BYD_to_Build_A_New_Energy_Passenger_Vehicle_Factory_in_Hungary_for_Localised_Production_in_Europe.html\" target=\"_blank\" rel=\"noopener\">announced<\/a> last year it would set up shop in Hungary. In July, the Chinese automaker said it would invest <a href=\"https:\/\/www.invest.gov.tr\/en\/news\/news-from-turkey\/pages\/byd-announces-landmark-usd-1-billion-ev-plant-investment-turkiye.aspx\" target=\"_blank\" rel=\"noopener\">$1 billion into a plant in Turkey<\/a>, which has a customs union with the EU.<\/p>\n<\/div>\n<div class=\"group\">\n<p><em>\u2014 CNBC&#8217;s Evelyn Cheng contributed to this report.<\/em><\/p>\n<\/div>\n<\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<br \/><div data-type=\"_mgwidget\" data-widget-id=\"1660802\">\r\n<\/div>\r\n<script>(function(w,q){w[q]=w[q]||[];w[q].push([\"_mgc.load\"])})(window,\"_mgq\");\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/www.cnbc.com\/2024\/10\/31\/chinese-ev-maker-byds-quarterly-sales-overtook-teslas-for-the-first-time.html\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>New cars, among them new China-built electric vehicles of the company BYD, are seen parked in the port of Zeebrugge, Belgium, October 24, 2024. Yves Herman | Reuters Chinese electric &hellip; <a href=\"https:\/\/hotvideos24.online\/?p=120521\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-120521","post","type-post","status-publish","format-standard","hentry","category-business","entry"],"_links":{"self":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/120521","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=120521"}],"version-history":[{"count":0,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/120521\/revisions"}],"wp:attachment":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=120521"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=120521"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=120521"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}