Chinese EV Giant BYD Outperforms Tesla

Chinese electric vehicle giant BYD has seen its quarterly revenues soar, beating Tesla’s for the first time.

BBC reports it posted more than $28.2 billion in revenues between July and September.

This is a 24% jump from the same period last year, and more than Elon Musk’s company whose quarterly revenue was $25.2 billion.

However, Tesla still sold more electric vehicle (EVs) than BYD in the third quarter.

It comes as EV sales in China have been getting a boost from government subsidies to encourage consumers to trade their petrol-powered cars for EVs or hybrids.

BYD also notched a monthly sales record in the last month of the quarter, in a sign that momentum continues to build for China’s bestselling car maker.