BYD: Q3 2024, New Model Momentum And Supportive Policies Driving Growth

Core Insights - BYD reported a net profit increase of 11% to RMB 11.6 billion, marking the highest quarterly net profit since its inception [1] - The company's topline revenue reached RMB 201 billion, reflecting a year-over-year growth of 24%, which surpassed Tesla's revenue [1] Financial Performance - Net profit for 3Q24 was RMB 11.6 billion, an 11% increase compared to the previous year [1] - Revenue for the same quarter was RMB 201 billion, growing by 24% year-over-year [1] Competitive Position - BYD's revenue growth outpaced that of Tesla, indicating a strong competitive position in the electric vehicle market [1]