China’s biggest electric vehicle maker BYD has posted higher quarterly revenues than US rival Tesla for the first time, but a bruising price war in its domestic market dragged on its profitability.
BYD revenues for the third quarter reached Rmb201bn ($28.2bn), surpassing the $25.2bn sales that Tesla reported last week. The Warren Buffett-backed carmaker sold a record 1.1mn cars in the three-month period, boosted by a new round of Chinese government subsidies for EVs.
However, the 24 per cent increase in sales reported on Wednesday came at the expense of BYD’s gross margins, which slipped from 22.1 per cent last year to 21.9 per cent. Net income was Rmb11.6bn, rising 11.5 per cent from a year earlier.
您已阅读28%（709字），剩余72%（1835字）包含更多重要信息，订阅以继续探索完整内容，并享受更多专属服务。