- Chinese auto giant BYD reported first-quarter earnings on Friday.
- The carmaker, one of Tesla's biggest rivals, saw its net profits double compared to last year.
- BYD's sales and profits have surged while Tesla fights falling sales and anger at CEO Elon Musk.
Tesla's biggest Chinese competitor reported bumper first-quarter earnings on Friday.
BYD said its net profit increased 100% since last year to 9.15 billion yuan, roughly $1.3 billion.
It means China's best-selling carmaker has overtaken Tesla on another key metric. Elon Musk's firm reported net income of $409 million for the same period, a drop of more than 70% compared to the same period in 2024.
Alongside surging profits, BYD said operating revenues increased 37% compared to the same period in 2024, reaching 170.4 billion yuan, roughly $23.3 billion.
BYD's earnings per share also surged in the first quarter, up 99% to 3.12 yuan per share, around $0.43.
Last year, BYD overtook Tesla on overall annual revenue, reporting $107 billion in revenue, compared to Tesla's $98 billion.
BYD has been aggressively expanding outside China in recent years. At the same time, Tesla has started 2025 battling falling sales and mass protests against CEO Musk over his close involvement with the Trump administration.
