BYD — 3Q 2024 Revenue = USD 28.2 Bln, Record Quarterly Revenue

For the first time in history, China's BYD surpassed Tesla (TSLA) in revenue ($28.2 bln in 3Q vs. $25.18 bln for Tesla, respectively). According to a sensational and certainly impactful Bloomberg article, revenue for China’s largest E-automaker soared 24% YoY to 201.1 billion yuan (~$28.2 billion) over the past quarter, falling short of estimates, but exceeding Tesla whose sales hit $25.2 billion over the same period.

BYD net income rose 11.5% to 11.6 billion yuan (~$1.6 billion), slightly exceeding consensus. Heading into the Q3 earnings report, investors expected BYD to generate $35.71 billion in revenue. If that happens, that would hit $105.938 billion for 2024, up from $83.324 billion in 2023 and $33.258 billion in 2021.