In a historic milestone, Chinese electric vehicle manufacturer BYD has reported quarterly revenue of $28.24 billion for the third quarter of 2023, surpassing Tesla's $25.2 billion.
This achievement marks the first time BYD has outpaced Tesla in revenue, highlighting the rapid growth of the electric vehicle market.
BYD's impressive revenue figures were bolstered by strong sales momentum, driven by government incentives and aggressive discounting strategies, particularly for its popular plug-in hybrid models.
While Tesla continues to lead in global electric vehicle sales, BYD has firmly established its dominance in the Chinese market, which accounts for over 90% of its sales.
Furthermore, the company is expanding its footprint in Europe, positioning itself as a formidable competitor in the global EV landscape.