(The author is a Reuters Breakingviews columnist. The opinions expressed are her own.)
By Katrina Hamlin
HONG KONG, Oct 31 (Reuters Breakingviews) - The electric-car maker still lags Elon Musk's marque on profitability. But his Chinese rival's record $28 bln revenue last quarter handily bested Tesla's. With heftier R&D spending, new factories and models coming, BYD's sales will be hard to catch up with.
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CONTEXT NEWS Chinese electric-car maker BYD on Oct. 30 reported net profit grew 11.5% year-on-year to 11.6 billion yuan ($1.63 billion) in the three months to the end of September. Total revenue increased 24% to a record 201 billion yuan ($28.22 billion).
Tesla’s net profit in the same period was $2.2 billion, while total revenue was $25.2 billion, according to a filing on Oct. 23.
(Editing by Antony Currie and Ujjaini Dutta)
((For previous columns by the author, Reuters customers can click on katrina.hamlin@thomsonreuters.com; Reuters Messaging: katrina.hamlin.thomsonreuters.com@reuters.net))
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