Chinese electric car maker BYD’s doubled its profits to $1.3 billion in the first quarter as it continues to surge past its key rival, Elon Musk’s Tesla.
The Shenzhen-based firm — whose annual revenue leapfrogged past Tesla’s last month to surpass the $100 billion mark — said quarterly revenue rose 36% to 170.36 billion yuan, or about $23.51 billion, for China’s top-selling car brand.
By comparison, Tesla — which has struggled from tougher competition in China, an aging vehicle lineup and public backlash from Musk’s work with the Department of Government Efficiency — earlier this week reported its quarterly profit plunged 71% to $409 million as revenue dropped 9% to $19.34 billion.
BYD’s total sales of electric vehicles and plug-in hybrids rose 60% to nearly 1 million in the first quarter. Tesla vehicle shipments — a close proxy for sales — sank 13% to 336,681 over the same period.
The company has said it wants to export 800,000 vehicles to international markets this year as part of a projected 5.5-million-unit sales.
As The Post has reported, BYD has emerged as a major threat to US automakers, including Tesla and Detroit’s Big 3 of Ford, GM and Stellanis, thanks in part to its rapid expansion in key growth markets like Europe, Mexico and South America.
BYD has unveiled innovations such as five-minute charging of its EVs and an autonomous driving system called “God’s Eye.” However, Tesla is still thought to have an edge on its rival in terms of software.
BYD does not sell its vehicles in the US due to massive tariffs on Chinese-made EVs. However, the company is known to manufacture up to 80% of its car components in-house, which has largely insulated it from escalating tit-for-tat tariffs imposed by the US and China.
Meanwhile, Musk – who has faced blowback from analysts over Tesla’s brand crisis – revealed earlier this week that he expects his “time allocation to DOGE will drop significantly” by the end of March.
The billionaire said he would dedicate the majority of his time to Tesla, though he will continue to “spend a day or two per week on government matters for as long as the president would like me to do so.”
Musk’s exit was already in the works due to federal rules that mandate special government employees (SGEs) can only remain at their post for 130 consecutive days. That would place his last day on May 30.
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