Chinese electric vehicle maker BYD has surpassed its American rival Tesla in terms of revenue for the first time, with its revenue exceeding 200 billion yuan ($28 billion) in the third quarter. This achievement was largely boosted by a trade-in scheme implemented in China, which incentivized consumers to swap out their older vehicles for electric ones.
The trade-in scheme proved to be a successful tactic for BYD, as it not only encouraged more consumers to purchase electric vehicles, but also helped to boost the company’s overall revenue. This financial milestone reflects the growing demand for electric vehicles in China, as more consumers look towards environmentally-friendly transportation options.
BYD’s success in the electric vehicle market is a testament to the company’s commitment to innovation and sustainability. With the continued growth of the electric vehicle industry, BYD is well-positioned to further solidify its position as a leading player in this rapidly expanding market.
Overall, BYD’s achievement in surpassing Tesla’s revenue for the first time highlights the company’s strong performance and the increasing popularity of electric vehicles in China. This milestone serves as a significant milestone in the company’s ongoing success and growth within the electric vehicle industry.
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Video “BYD revenue exceeds Tesla's for first time, boosted by Chinese trade-in scheme • FRANCE 24 English” was uploaded on 10/31/2024 to Youtube Channel FRANCE 24 English