Chinese language electrical automobile maker BYD reported third-quarter income that topped that of behemoth rival Tesla for the primary time.

On Wednesday, BYD reported income for the three months ended Sept. 30 of 201.12 billion yuan ($28.24 billion), up 24% from a 12 months in the past. That exceeded Tesla’s income of $25.18 billion reported for a similar interval.

It is a first for the Beijing-based EV large as its stable efficiency got here regardless of the EV downtrend in mainland China. The corporate offered a file variety of passenger automobiles in August.

At the least half of BYD’s gross sales are hybrid automobiles, whereas Tesla’s automobiles are battery solely.

However by way of web revenue, Tesla nonetheless took the lead.

The American carmaker noticed web revenue of $2.18 billion from July to September, up 16.2% from a 12 months in the past. Its Chinese language counterpart, BYD, noticed a rise in revenue of 11.5% in the identical interval to 11.6 billion yuan.

Likewise, Tesla stays on prime in year-to-date gross sales, barely edging out BYD’s roughly $70.53 billion whole income at $71.98 billion.

BYD is among the most outstanding EV makers in China, the world’s largest automotive market the place it should cope with each home and world rivals for dominance.

On BYD’s dwelling turf, Elon Musk’s Tesla is one in every of its hardest rivals. The Mannequin Y remained the best-selling battery-powered electrical automotive in China in September, in keeping with Chinese language automotive web site Autohome. BYD’s Seagull trailed intently behind in second place.

The competitors will doubtless solely get extra cut-throat as European Union tariffs got here into impact this week, regardless of China’s disapproval.

On Wednesday, the EU introduced it could implement tariff will increase on Chinese language EVs, taking duties to as excessive as 45.3%.

The additional tariffs vary from 7.8% for Tesla to 35.3% for SAIC Motors, which can stack on prime of a ten% normal import obligation on all electrical automobiles.

Whereas tariffs imposed on BYD and Tesla had been decreased from an earlier proposal, each automakers have taken steps to ramp up manufacturing in Europe which might assist them work across the duties.

Reuters reported earlier this month that Tesla bought the inexperienced mild to double the capability of its Berlin plant.

And BYD introduced final 12 months it could arrange store in Hungary. In July, the Chinese language automaker stated it could make investments $1 billion right into a plant in Turkey, which has a customs union with the EU.

— CNBC’s Evelyn Cheng contributed to this report.