For the first time since the two companies have faced off in global sales of electric vehicles, BYD Co. surpassed Tesla Inc, announcing quarterly revenue that exceeded Elon Musk’s automaker. Despite falling short of projections, China’s top-selling carmaker’s revenue for the three months ending in September increased by 24% to 201.1 billion yuan ($28.2 billion), surpassing Tesla’s $25.2 billion in sales over the same time frame.
In the final month of the quarter, BYD also set a monthly sales record, indicating that the bestselling automaker in China is still gaining ground. However, the Chinese government’s support for indigenous automakers like BYD is facing increasing international criticism. European Union import taxes of up to 45.3% on Chinese-made electric vehicles went into effect throughout the EU earlier this week. The United States and Canada already imposed a 100% tax on Chinese EV manufacturers. The unjust state subsidies of China’s automobile sector are the reason for the levies.
Chinese EV Giant BYD beats Tesla in Quarterly
According to official figures, 1.57 million applications had been made as of last week for a $2,800 nationwide subsidy for each older car that was turned in for a more environmentally friendly one. Additionally, there are currently other government incentives in place.
The EU is the biggest foreign market for China’s electric vehicle industry, and the country has been depending on high-tech goods to help boost its faltering economy. Over the past 20 years, its domestic auto sector has expanded quickly, and its brands—like BYD—have started to enter foreign markets, raising concerns among countries like the EU that their own businesses won’t be able to compete with the lower pricing.
