BYD’s third-quarter revenue rose 11.5%, propelling it ahead of Tesla for the first time.
Transcript:
Conway Gittens: 12,000. That’s how many U.S. jobs were created in the month of October. Economists quickly point out that this number is skewed given the impact of two hurricanes and the Boeing strike. A more accurate read on the labor market is the unemployment rate, which held steady at 4.1 percent. And there’s good news for workers – average paychecks were 4 percent bigger than a year ago.
In corporate news, The competition is heating up between Elon Musk’s Tesla and China’s BYD. With third-quarter results in for both companies, BYD has edged out Tesla when it comes to the top EV seller in dollar terms. BYD raked in $28.24 billion in third-quarter sales, while Tesla brought in $25.2 billion. When it comes to sheer volume – Tesla is still the world’s number one.
BYD benefitted from Beijing’s trade-in incentives, which helped push quarterly sales 24 percent higher. BYD is so prolific that one in every three EVs or plug-ins sold in China is one of theirs. Tesla, by the way, is also eligible for the Chinese’s government incentives aimed at persuading drivers to switch over to newer, greener models.
China is the world’s largest EV market, followed by Europe, with the United States coming in third.
With only a few more weeks left in 2024, Tesla and BYD are now running neck-in-neck to see who claims the title as the world’s top EV seller of the year.
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