BYD Surpasses Tesla in Revenue: Hiring Spree Fuels Massive Production Growth
Chinese electric vehicle (EV) giant BYD Co Ltd (BYDDY, BYDDF) is on a roll, reporting a staggering increase in production and revenue, even outperforming its American rival, Tesla, in quarterly sales. This remarkable growth comes on the heels of an aggressive hiring strategy that saw BYD add over 200,000 employees from August to October. The company’s Executive Vice President He Zhiqi revealed these figures on Weibo, showcasing the impressive scale of BYD’s expansion.
During the three months between August and October, BYD manufactured over 1.3 million new energy vehicles (NEVs), nearly double the 900,000 units produced during the same period last year. This impressive production boost is fueled by a strong focus on plug-in hybrid vehicles (PHEVs), which accounted for the majority of the vehicles produced. BYD manufactured over 800,000 PHEVs, while battery-electric vehicle (BEV) production reached almost 500,000 units.
This surge in production has translated into significant revenue growth for BYD. In the third quarter (July-September), the company reported a 24% increase in operating revenue, reaching 201.12 billion yuan ($28.25 billion). This milestone marks the first time since 2022 that BYD has outpaced Tesla in quarterly revenue. Tesla Inc. (TSLA), reported a total revenue of $25.18 billion for the same quarter.
BYD’s strategic shift away from combustion engine vehicles, which it completely stopped producing in March 2022, has proven to be a successful move. The company’s dedication to EVs has positioned it for substantial growth in the rapidly evolving global automotive market.
While BYD celebrates its revenue triumph over Tesla, it’s important to note that Tesla’s net income still surpasses BYD’s. Tesla reported a net income of $2.167 billion, while BYD’s diluted earnings per share for the quarter stood at 4 yuan (56 cents). However, BYD’s aggressive growth strategy and focus on the rapidly expanding NEV market suggest a strong future for the company in the global EV landscape.
