Chinese EV giant BYD net profit up 11.5%, beats Tesla in quarterly revenue for first time

Quick Summary:

BEIJING: Chinese electric vehicle giant BYD reported surging sales on Wednesday (Oct 30), surpassing global rival Tesla in quarterly revenue for the first time as its push into overseas markets advances.

But the European Union has said that the extensive state support enjoyed by Chinese firms has led to unfair competition, with an investigation by the bloc finding that Beijing's subsidies were undercutting local competitors.

Tesla's profitability outlook had come under heightened scrutiny after slashing vehicle prices over the last year or so in response to increased offerings from other companies - including BYD - in the EV industry.

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Article Details

Category: EconomyBusiness

Markets: SingaporeCanadaChinaHong KongHungaryTurkeyUnited States

Topics: Revenue Trade Cent Year Sales Last Profit Electric Giant Chinese First

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-30 @ 21:36:00 (1 days ago)

News Timezone: GMT +8:00

News Source URL: channelnewsasia.com

Language: English

Article Length: 656 words

Reading Time: 4 minutes read

Sentences: 26 lines

Sentence Length: 26 words per sentence (average)

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Copyright Owner: © Channel News Asia

News ID: 23339226

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