BYD, Tesla's biggest rival in China, just doubled its profits

Tesla's biggest Chinese competitor reported bumper first-quarter earnings on Friday. BYD said its net profit increased 100% since last year to 9.15 billion yuan, roughly $1.3 billion.It means China's best-selling carmaker has overtaken Tesla on another key metric. Elon Musk's firm reported net income of$409 million for the same period, a drop of more than 70% compared to the same period in 2024. Alongside surging profits, BYD said operating revenues increased 37% compared to the same period in 2024, reac ...