China's BYD surpasses Tesla's revenue for the first time
Chinese electric vehicle giant BYD saw its quarterly revenue rise, beating Tesla for the first time.
It posted revenue of more than 200 billion yuan ($28.2 billion, £21.8 billion) between July and September. That's a 24% jump from the same period last year, and more than Elon Musk's company, which had quarterly revenue of $25.2bn.
However, Tesla still sold more electric vehicles (EVs) than BYD in the third quarter.
It comes as EV sales in China are getting a boost from government subsidies to encourage consumers to trade in their gasoline-powered cars for EVs or hybrids.
BYD also posted a monthly sales record in the last month of the quarter, a sign that momentum continues to build for China's bestselling carmaker.
But there is a growing backlash overseas against the Chinese government's support for domestic automakers like BYD.
Earlier this week, EU tariffs of up to 45.3% on Chinese-made EV imports went into effect across the bloc.
Chinese EV manufacturers already faced 100% taxes from the US and Canada.
The tariffs are in response to alleged unfair state subsidies to China's car industry.
As of last week, government data showed 1.57 million applications were submitted for every $2,800 national subsidy for every old vehicle traded in for a green one.
This is on top of other government incentives already in place.
China is relying on high-tech products to help revive its flagging economy, and the EU is the country's biggest foreign market for its electric car industry.
Its domestic car industry has grown rapidly over the past two decades and its brands, such as BYD, have begun shifting to international markets, fearing from the likes of the EU that its own companies will be unable to compete with cheaper prices.