Chinese EV maker BYD’s quarterly sales overtook Tesla’s for the first time
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 vehicle maker BYD reported third-quarter revenue that topped that of behemoth rival Tesla for the first time.
On Wednesday, BYD reported revenue for the three months ended Sept. 30 of 201.12 billion yuan ($28.24 billion), up 24% from a year ago. That exceeded Tesla’s revenue of $25.18 billion reported for the same period.
It’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 August.
At least half of BYD’s sales are hybrid vehicles, whereas Tesla’s vehicles are battery only.
But in terms of net profit, Tesla still took the lead.
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.
Likewise, Tesla remains on top in year-to-date sales, slightly edging out BYD’s roughly $70.53 billion total revenue at $71.98 billion.
BYD is one of the most prominent EV makers in China, the world’s largest automotive market where it must contend with both domestic and global rivals for dominance.
On BYD’s home turf, Elon Musk’s Tesla is one of its toughest competitors. The Model Y remained the best-selling battery-powered electric car in China in September, according to Chinese automotive website Autohome. BYD’s Seagull trailed closely behind in second place.
The competition will likely only get more cut-throat as European Union tariffs came into effect this week, despite China’s disapproval.
On Wednesday, the EU announced it would implement tariff increases on Chinese EVs, taking duties to as high as 45.3%.
The extra tariffs range from 7.8% for Tesla to 35.3% for SAIC Motors, which will stack on top of a 10% standard import duty on all electric vehicles.
While tariffs imposed on BYD and Tesla were reduced from an earlier proposal, both automakers have taken steps to ramp up production in Europe which would help them work around the duties.
Reuters reported earlier this month that Tesla got the green light to double the capacity of its Berlin plant.
And BYD announced last year it would set up shop in Hungary. In July, the Chinese automaker said it would invest $1 billion into a plant in Turkey, which has a customs union with the EU.
— CNBC’s Evelyn Cheng contributed to this report.
Hyundai is about to launch a new electric SUV in China. With its big debut coming up, Hyundai just dropped a sneak peek, and it looks like it could be the IONIQ 4. Check it out for yourself in the video below.
Is Hyundai teasing the IONIQ 4?
We caught our first glimpse of the new EV model last month after Beijing Hyundai released a few official “spy” photos.
Despite the camouflage, you can see a few design elements, like a light bar across the front, slim LED headlights, and a closed-off grille. At first, it almost looks like a smaller version of the IONIQ 9, Hyundai’s first three-row electric SUV, but with a much sportier, shaped profile.
Beijing Hyundai released a new teaser for the upcoming electric SUV this week. The video shows “a wave of high-end operations” as the vehicle dances across the snow.
The video highlights features like real-time torque control, high-speed cornering, and the SUV’s impressive body control while driving around cones.
Hyundai’s new electric SUV is being called “OE” internally, according to The Korean Car Blog, suggesting it could be an IONIQ model.
All other Hyundai IONIQ EV models were also codenamed with an “E” internally, which is raising speculation that this could be the IONIQ 4.
Like most global OEMs, Hyundai is fighting to compete in an intense Chinese EV market, which is dominated by domestic automakers like BYD.
Hyundai opened its first overseas R&D center last year in China to spearhead its comeback. It will work with local suppliers and tech companies to develop EVs designed for Chinese buyers. The new electric SUV is expected to launch in China later this year, followed by three new energy vehicles, including EVs and EREVs.
Beijing Hyundai will release more information on April 16, with the electric SUV set to “challenge the limit of driving performance.”
What do you think of Hyundai’s new electric SUV? Is this the IONIQ 4? Let us know your thoughts in the comments.
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Charge point provider char.gy has secured a £130 million contract to install 6,000 curbside EV chargers for Brighton and Hove City Council (BHCC) – the UK’s largest installation of its kind.
London-based char.gy has also been awarded a 15-year contract to operate and maintain the charging network.
Installing Level 2 chargers curbside, where most drivers in the UK park, will enable more people to take advantage of cheaper charging rates while juicing up their EVs overnight. (charg.gy’s pay as you go night tariff, between midnight and 7 am, is £0.39/kWh, compared to its £0.59/kWh day tariff.)
John Lewis, chief executive of char.gy, said the project is “a huge moment for the UK and its EV ambitions. This partnership alone will empower thousands of residents to confidently make the switch to electric vehicles, knowing they have easy access to chargers.”
Brighton and Hove City Council is among the first to tap into the government’s Local EV Infrastructure (LEVI) Fund, designed to help English local authorities roll out charging solutions for residents without off-street parking. Future of Roads Minister Lilian Greenwood said making EV charging as accessible as possible is “crucial to making the switch to electric a success.”
The UK now has over 75,000 public EV chargers, according to the Department for Transport—and it looks like the country’s on pace to hit its 2030 target. Back in December, the National Audit Office said the rollout is “on track” to meet the DfT’s estimate that at least 300,000 chargers will be needed by the end of the decade.
Read more: Meet the UK’s largest solar + storage EV charging ‘Superhub’
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