Chinese EV giant BYD Co Ltd (OTC:BYDDY) has made nearly a million new energy vehicles in less than two months, the company said in a post on social media X on Monday.
What Happened: "BYD celebrated its 30th anniversary with the roll-off of its 10 millionth NEV, marking a significant milestone in sustainable automotive innovation," the company wrote.
BYD celebrated its 30th anniversary with the roll-off of its 10 millionth NEV, marking a significant milestone in sustainable automotive innovation.
— BYD (@BYDCompany) November 18, 2024
Chairman and President Mr. Wang Chuanfu reflected on BYD's journey and commitment to technological advancement, emphasizing its... pic.twitter.com/4PvXF8Tare
NEV or new energy vehicles refers to both battery electric vehicles and plug-in hybrid vehicles.
BYD made its nine millionth NEV – a red Yangwang U9 – in late September, implying that the company made nearly a million vehicles in less than two months.
BYD Executive Vice President He Zhiqi said on Weibo earlier this month that the company hired over 200,000 people from August to October for car and components manufacturing and increased production by nearly 200,000 vehicles.
According to BYD, the company made over 1.3 million NEVs in the three months from August to October, compared to nearly 900,000 units that it manufactured in the corresponding period of last year.
Why It Matters: For the third quarter between July and September, BYD's operating revenue rose 24% to 201.12 billion yuan ($28.25 billion), the company said in a filing late last month.
BYD's American rival Tesla Inc. reported a total revenue of only $25.18 billion in the same quarter, making it the first time since 2022 that BYD has trumped Elon Musk's EV giant in quarterly revenue. BYD stopped making combustion engine vehicles in March 2022 to focus on electric vehicles.
Despite reporting higher revenue than Tesla in the third quarter, BYD's net profit continued to trail behind Tesla's net income of $2.167 billion. The company reported a diluted earnings per share of 4 yuan (56 cents) for the quarter, lower than Tesla's adjusted earnings per share of 72 cents.
BYD has sold over 3.25 million vehicles since the start of this year as of the end of October, marking a growth of about 36% from the corresponding period last year. In October alone, the company sold over half a million vehicles, marking a jump of about 36% from October 2023.
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