BEIJING: Chinese electric vehicle giant BYD reported surging sales on Wednesday, surpassing global rival Tesla in quarterly revenue for the first time as its push into overseas markets advances. The Shenzhen-based firm posted operating revenue of 201.1 billion yuan ($28.2 billion) during the third quarter, a filing at the Hong Kong Stock Exchange showed, up 24 percent from the same period last year.

The company’s quarterly revenue figure for the first time exceeded that of American EV powerhouse Tesla, which last week posted $25.2 billion in third-quarter revenue. BYD’s net profit during the period came in at 11.6 billion yuan ($1.6 billion), the filing showed, up 11.5 percent from the third quarter last year.

Tesla’s profitability outlook had come under heightened scrutiny after slashing vehicle prices over the last year or so in response to increased offerings from other companies — including BYD — in the EV industry. But Elon Musk’s firm reported last week a third-quarter profit of $2.2 billion, up 17 percent from the same period last year. BYD — which adopts the English slogan “Build Your Dreams” — is the most prominent EV manufacturer in China, the world’s largest automotive market. — AFP

The European Union announced Tuesday that it would levy extra tariffs of up to 35.3 percent on Chinese EVs after a probe by the bloc found that state subsidies from Beijing were undercutting local competitors. – AFP