Chinese electric car maker BYD’s doubled its profits to $1.3 billion in the first quarter as it continues to surge past its key rival, Elon Musk’s Tesla.
The Shenzhen-based firm — whose annual revenue leapfrogged past Tesla’s last month to surpass the $100 billion mark — said quarterly revenue rose 36% to 170.36 billion yuan, or about $23.51 billion, for China’s top-selling car brand.
By comparison, Tesla — which has struggled from tougher competition in China, an aging vehicle lineup and public backlash from Musk’s work with the Department of Government Efficiency — earlier this week reported its quarterly profit plunged 71% to $409 million as revenue dropped 9% to $19.34 billion.
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