China’s BYD surges ahead in EV market

China’s electric vehicle leader, BYD, reported a significant growth spurt in the third quarter of 2024. The company ramped up production by nearly 200,000 units from August to October, according to Executive Vice President He Zhiqi.

This production surge was accompanied by a massive hiring spree, with BYD adding close to 200,000 new employees in car manufacturing and components.

This growth coincides with a strong financial performance. BYD’s third-quarter net profit rose 11.5 per cent, reflecting continued healthy sales momentum. Revenue surged 24 per cent year-on-year, reaching 201.1 billion yuan.

This marks the first time BYD has surpassed Tesla in quarterly revenue since the Chinese automaker transitioned to fully electric vehicle production in 2022.

Attribution: Reuters