Revenue for China's best-selling carmaker soared 24 per cent to 201.1 billion yuan (S$37.3 billion) for the three months ended September, falling short of estimates but exceeding Tesla's US$25.2 billion (S$33.3 billion) in sales for the same period.
Net income increased 11.5 per cent to a record 11.6 billion yuan, beating estimates, as BYD sold an unprecedented 1.12 million electric and plug-in hybrid vehicles and generated a gross margin of 21.9 per cent.
Its profit, however, is still overshadowed by the US$2.2 billion Tesla earned.
In the first nine months, BYD had net income of 25.2 billion yuan on revenue of 502.3 billion yuan.
This story is from the November 01, 2024 edition of The Straits Times.
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This story is from the November 01, 2024 edition of The Straits Times.
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