Chinese electric vehicle maker BYD reported an 11.5% increase in net profit in the third quarter, driven by strong sales momentum supported by government-backed trade incentives. The company’s net profit reached 11.6 billion yuan ($1.63 billion) in the July-September period. Year-over-year, BYD's net profit rose 18.1% to 25.2 billion yuan.

In the third quarter, the company’s revenue grew 24% year-over-year to 201.1 billion yuan ($28.24 billion), marking the first time BYD outperformed Tesla in quarterly revenue since ceasing production of gasoline-powered vehicles in 2022.

BYD vehicles represented over one-third of total electric and plug-in hybrid vehicle sales in China this year.

With more than 90% of its sales within China, BYD is raising its annual sales target and aims to double exports to 450,000 vehicles. The company is also expanding into European markets, achieving a 32.6% increase in overseas sales in the third quarter.