Chinese electric vehicle giant BYD reported a record-breaking quarterly revenue of over 200 billion yuan ($28.2 billion) between July and September, outpacing Tesla’s $25.2 billion.
While Tesla retained the lead in total EV sales, BYD’s performance highlights China’s booming EV market, fueled by government subsidies incentivizing the shift from petrol to electric and hybrid cars.
However, international backlash against these subsidies is mounting, with the European Union imposing tariffs of up to 45.3% on Chinese EV imports, and similar taxes already in place in the U.S. and Canada.
