Chinese electric vehicle giant BYD has significantly increased its production and workforce, adding nearly 200,000 units and hiring close to 200,000 new employees between August and October. This expansion was highlighted by Executive Vice President He Zhiqi on Weibo on Saturday.
In the third quarter, BYD reported an impressive 11.5% rise in net profit, driven by strong sales performance. The company’s revenue for the July-September period surged 24% year-over-year to 201.1 billion yuan ($28.24 billion), marking a major achievement. This is the first time BYD has outperformed Tesla in quarterly revenue since ceasing production of gasoline engine vehicles in 2022.
The milestone reflects BYD’s strategic focus on scaling up its electric vehicle production and components, which has paid off amid growing competition in the global EV market.