BYD surpassed Tesla’s quarterly earnings for the first time.

In the third quarter, BYD posted earnings of over 200 billion yuan (US$28.2 billion), marking a 24% increase from the same quarter last year.

Meanwhile, Tesla’s revenue totaled $25.2 billion during the same period.

Despite BYD’s revenue growth, Tesla outpaced BYD in electric vehicle sales during the quarter.

BYD’s revenue increase corresponded with a rise in EV sales in China. This rise was bolstered by government incentives promoting the transition from petrol to electric or hybrid vehicles.