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On the evening of October 30, BYD released its results for the third quarter of 2024. According to the financial report, BYD's operating income in the third quarter of 2024 was 201.1 billion yuan, up 24.04% from the same period last year; the net profit from its mother was 11.607 billion yuan, up 11.47% from the same period last year; and the non-net profit from its mother was 10.878 billion yuan, up 12.67% from the same period last year. Gross profit margin was 21.9%, of which the gross profit margin of the automobile business rebounded to 25.6%.

Judging from the data, BYD's revenue in a single quarter has exceeded that of Tesla, and it is also the first time that BYD's revenue in a single quarter has exceeded 200 billion yuan, but its net profit is not as good as Tesla. By contrast, Tesla's third-quarter revenue rose 8 per cent year-on-year to $25.182 billion (about 179.3 billion yuan) and net profit was $2.167 billion (about 15.4 billion yuan).

The sharp increase in BYD's revenue is related to its strong performance in the car market. BYD sold 1.1349 million vehicles in the third quarter, the highest in a single quarter, according to official figures. For comparison, Tesla delivered a total of 462900 vehicles worldwide in the third quarter, an increase of 6.4% over the same period last year and also a record high for quarterly delivery in 2024.

Stretching the time to the first three quarters of this year, BYD also had a good performance. In the first three quarters of 2024, BYD achieved revenue of 502.251 billion yuan, an increase of 18.94 percent over the same period last year, net profit of 25.238 billion yuan, an increase of 18.12 percent, and non-net profit of 23.192 billion yuan, an increase of 19.86 percent.

In terms of sales, official figures show that BYD sold 2.7479 million new energy vehicles in the first three quarters of 2024, an increase of 32.13 percent over the same period last year, including 1.1696 million pure electric vehicles, up 11.56 percent from the same period last year, and 1.5668 million plug-in hybrid models, up 53.33 percent from the same period last year.

As the world's largest manufacturer of new energy vehicles, BYD currently owns four major brands: BYD, Teng Teng, equation Leopard and look up. The BYD brand is divided into Ocean Network and Dynasty Network. Ocean net sells models including dolphins, seagulls, seals, destroyers 05, frigates 07, etc., while Dynasty Network includes Han, Tang, Song, Yuan and Qin, these two brands are also the most important sales sources for BYD. Almost accounts for most of the sales.

During the year, BYD's new cars were listed intensively, and two major brands, Dynasty and Ocean, launched a number of glorious models one after another, and the price even dropped to 100000 yuan. the listing of these models also boosted BYD's sales. Retail data show that in the first three quarters of this year, the top five models sold by BYD were Qin PLUS New Energy, Seagull, Song PLUS New Energy, Yuan PLUS and Song Pro New Energy, with cumulative sales of 362700, 297300, 294800, 197100 and 173000 respectively. In addition, destroyers 05, Han, Qin L and dolphins also sold more than 100, 000 vehicles. Sales were 157600, 145500, 126300 and 111200 respectively.

According to the plan, BYD will also launch Tengli Z9 and the new dynasty IP "Xia" this year. Among them, BYD's new dynasty IP "Xia" will be launched in November. The new car is located in a large MPV, which is the sixth product line after Qin, Han, Tang, Song and Yuan, and is expected to sell for more than 300000 yuan.

The launch of more new cars will help BYD grab market share of joint venture fuel vehicles, and BYD is expected to hit a record high in the fourth quarter of each year, which is a key point for many car companies to hit sales.

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