China’s biggest electric vehicle maker BYD has posted higher quarterly revenues than US rival Tesla for the first time, but a bruising price war in its domestic market dragged on its profitability.
BYD revenues for the third quarter reached Rmb201bn ($28.2bn), surpassing the $25.2bn sales that Tesla reported last week. The Warren Buffett-backed carmaker sold a record 1.1mn cars in the three-month period, boosted by a new round of Chinese government subsidies for EVs.