On the evening of October 30th, the esteemed Chinese electric vehicle behemoth BYD (01211.HK) unveiled its financial dossier for the third quarter of 2024. According to the intricate financial metrics, BYD achieved a monumental milestone as its quarterly revenue eclipsed that of the eminent global electric vehicle frontrunner, Tesla, for the first time. This fiscal triumph not only underscores BYD's paramount status in the worldwide electric vehicle sector but also mirrors the swift advancement and international competitiveness of China's burgeoning new energy vehicle domain.

Precise Financial Figures

As delineated in BYD's financial proclamation, the corporation achieved an operating income of 201.125 billion yuan in the third quarter of 2024, marking a year-on-year escalation of 24.04%. The net profit attributable to the parent company stood at 11.607 billion yuan, symbolizing an 11.47% year-on-year upsurge.

While the net profit exhibited a deceleration compared to the preceding year, the groundbreaking moment arrived when BYD outstripped Tesla in Q3 revenue for the first time. Tesla's financial disclosure revealed revenue of 25.18 billion US dollars, approximately 179.35 billion yuan, emphasizing BYD's remarkable performance driven by robust sales of new energy vehicles. BYD's sales of 1.1349 million vehicles in the third quarter of 2024 saw a 37.7% surge year-on-year, surpassing market expectations of 1.1 million vehicles. The cumulative sales for the initial three quarters totaled 2.748 million vehicles, marking a 32.1% year-on-year expansion.

Furthermore, BYD reported cumulative revenue of 502.251 billion yuan in the initial three quarters of 2024, reflecting an 18.94% year-on-year progression. The cumulative net profit attributable to the parent company amounted to 25.238 billion yuan, an 18.12% increase. The net cash flow from operational activities approximated 56.273 billion yuan, denoting a 42.50% decline compared to the previous year's corresponding period.

BYD's Ascension on the Global Stage and Market Acclaim

While Tesla remains a leader in net profit, BYD's revenue supremacy signifies the ascendancy of Chinese electric vehicle manufacturers internationally. BYD's success can be attributed to its robust hybrid vehicle lineup and vertically integrated supply chain, providing a competitive edge in terms of cost and scale.

The market's response to BYD's accomplishments is evident in its stock valuation. Since the beginning of 2024, BYD's stock prices have shown significant growth. The Hong Kong stock price surged from a low in February to reach 295 Hong Kong dollars on October 30th, a rise of over 75%. The A-share price also increased from the February low to close at 305.55 yuan on October 30th, showing an increase of over 87%. Several brokerage entities have raised their performance predictions and target stock prices for BYD.

BYD's achievement is seen as a representation of the rapid penetration of the Chinese new energy vehicle market. With the nation's support for new energy vehicles and increasing consumer demand for eco-friendly cars, Chinese brands like BYD are expanding their market share rapidly. According to data from the China Automobile Dealers Association, in September 2024, the retail sales volume of new energy passenger cars rose by 50.9% year-on-year, while that of fuel passenger cars declined by 22.7%.

Moreover, BYD is actively expanding into international markets, with its new energy vehicles operating in over 90 countries and territories worldwide. With a global focus on reducing carbon emissions and improving energy efficiency, the export market for new energy vehicles is expected to continue growing, especially in regions with strong policy support and established infrastructure.

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