Tesla dethroned. There is a new leader of electricians

The Chinese manufacturer BYD has just published its financial report for the last quarter, in which it boasted revenues of USD 28.2 billion. This means a year-on-year increase of as much as 24%. This, in turn, allowed Tesla to beat Tesla’s result for the first time in history. Elon Musk’s company generated revenues of $25.2 billion in the same period.

Tesla tops the sales ranking

However, it is worth noting that this Tesla still leads the car sales ranking. BYD achieved a better financial result despite selling fewer cars. All thanks to continuous subsidizing of electric manufacturers by the Chinese government. According to information provided by the BBC, in the latest series of subsidies alone, there have already been over 1.5 million applications for funding for replacing a car with an electric one. The value of each application is $2,800.

In the third quarter of this year, Tesla produced 462,890 cars, while BYD boasted production of 443,426 cars.

It is therefore not surprising that, in addition to the record financial result, BYD also recorded record sales results in the last month of the quarter.

Despite great results, dark clouds are gathering over the Chinese manufacturer. All thanks to new customs duties introduced by the European Union, the USA and Canada.

Americans and Canadians a few months ago they doubled tariffs on Chinese electric cars. This week, new fees imposed by the European Union also came into force, which means an increase in customs duties by 45.3% on all cars imported from China to EU countries.

See: A Chinese manufacturer tricked the EU and does not have to pay customs duties on electric cars
See: Tesla on ice. 100 thousand Uber’s electric cars will be produced by its competitor