For the first time ever, the Chinese brand BYD's turnover is more than its nearest competitor – American Tesla. However, BYD also counts on hybrid cars.
For the first time ever, the Chinese electric car manufacturer BYD overtakes Tesla in revenue. In the third quarter of 2024, BYD had a turnover of DKK 188 billion, while Tesla had a turnover of DKK 168 billion in the same period.
BYD sold 1.1 million cars during the third quarter. Sales were positively affected by a new round of government subsidies for the purchase of environmentally friendly cars in China, which includes both hybrid and electric cars.
Hybrid cars continue to make up a significant part of BYD's sales and have thus contributed significantly to surpassing Tesla's revenue. In the third quarter of 2024, BYD sold approximately 685,000 hybrid cars and 443,000 electric cars.
Bloomberg writes that.
Although BYD's turnover is at a record high, this is not reflected in the earnings, which landed at DKK 10.9 billion.
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BYD, like many other manufacturers, is experiencing pressure from competitors both in China and globally when it comes to car prices.
In order to meet the competition, BYD, like some of its competitors, has adjusted prices and offers to maintain strong car sales.
In recent months, instead of giving discounts, BYD has offered cars with longer range and more equipment at lower prices compared to previous versions of the same models. This strategy has enabled BYD to maintain its leading position in car sales. But it has also cost the Chinese pure earnings.
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