Chinese electric automotive maker BYD’s doubled its profits to $1.3 billion in the primary quarter because it continues to surge past its key rival, Elon Musk’s Tesla.
The Shenzhen-based firm — whose annual revenue leapfrogged past Tesla’s last month to surpass the $100 billion mark — said quarterly revenue rose 36% to 170.36 billion yuan, or about $23.51 billion, for China’s top-selling automotive brand.
By comparison, Tesla — which has struggled from tougher competition in China, an aging vehicle lineup and public backlash from Musk’s work with the Department of Government Efficiency — earlier this week reported its quarterly profit plunged 71% to $409 million as revenue dropped 9% to $19.34 billion.
BYD’s total sales of electrical vehicles and plug-in hybrids rose 60% to almost 1 million in the primary quarter. Tesla vehicle shipments — an in depth proxy for sales — sank 13% to 336,681 over the identical period.
The corporate has said it desires to export 800,000 vehicles to international markets this yr as a part of a projected 5.5-million-unit sales.
As The Post has reported, BYD has emerged as a serious threat to US automakers, including Tesla and Detroit’s Big 3 of Ford, GM and Stellanis, thanks partly to its rapid expansion in key growth markets like Europe, Mexico and South America.
BYD has unveiled innovations resembling five-minute charging of its EVs and an autonomous driving system called “God’s Eye.” Nonetheless, Tesla remains to be thought to have an edge on its rival when it comes to software.
BYD doesn’t sell its vehicles within the US as a consequence of massive tariffs on Chinese-made EVs. Nonetheless, the corporate is understood to fabricate as much as 80% of its automotive components in-house, which has largely insulated it from escalating tit-for-tat tariffs imposed by the US and China.
Meanwhile, Musk – who has faced blowback from analysts over Tesla’s brand crisis – revealed earlier this week that he expects his “time allocation to DOGE will drop significantly” by the top of March.
The billionaire said he would dedicate the vast majority of his time to Tesla, though he’ll proceed to “spend a day or two per week on government matters for so long as the president would love me to accomplish that.”
Musk’s exit was already within the works as a consequence of federal rules that mandate special government employees (SGEs) can only remain at their post for 130 consecutive days. That might place his last day on May 30.
Chinese electric automotive maker BYD’s doubled its profits to $1.3 billion in the primary quarter because it continues to surge past its key rival, Elon Musk’s Tesla.
The Shenzhen-based firm — whose annual revenue leapfrogged past Tesla’s last month to surpass the $100 billion mark — said quarterly revenue rose 36% to 170.36 billion yuan, or about $23.51 billion, for China’s top-selling automotive brand.
By comparison, Tesla — which has struggled from tougher competition in China, an aging vehicle lineup and public backlash from Musk’s work with the Department of Government Efficiency — earlier this week reported its quarterly profit plunged 71% to $409 million as revenue dropped 9% to $19.34 billion.
BYD’s total sales of electrical vehicles and plug-in hybrids rose 60% to almost 1 million in the primary quarter. Tesla vehicle shipments — an in depth proxy for sales — sank 13% to 336,681 over the identical period.
The corporate has said it desires to export 800,000 vehicles to international markets this yr as a part of a projected 5.5-million-unit sales.
As The Post has reported, BYD has emerged as a serious threat to US automakers, including Tesla and Detroit’s Big 3 of Ford, GM and Stellanis, thanks partly to its rapid expansion in key growth markets like Europe, Mexico and South America.
BYD has unveiled innovations resembling five-minute charging of its EVs and an autonomous driving system called “God’s Eye.” Nonetheless, Tesla remains to be thought to have an edge on its rival when it comes to software.
BYD doesn’t sell its vehicles within the US as a consequence of massive tariffs on Chinese-made EVs. Nonetheless, the corporate is understood to fabricate as much as 80% of its automotive components in-house, which has largely insulated it from escalating tit-for-tat tariffs imposed by the US and China.
Meanwhile, Musk – who has faced blowback from analysts over Tesla’s brand crisis – revealed earlier this week that he expects his “time allocation to DOGE will drop significantly” by the top of March.
The billionaire said he would dedicate the vast majority of his time to Tesla, though he’ll proceed to “spend a day or two per week on government matters for so long as the president would love me to accomplish that.”
Musk’s exit was already within the works as a consequence of federal rules that mandate special government employees (SGEs) can only remain at their post for 130 consecutive days. That might place his last day on May 30.
