BYD Surpasses Tesla In Fortune Global 500 List Amid Sales Slump For Elon Musk's EV Giant
BYD Co. Ltd. has surpassed Tesla Inc. on the Fortune Global 500 list, ranking #92 compared to Tesla's #102. This shift comes amid Tesla's declining sales, with a 23% drop in Europe and a 12.6% decline in the U.S. Meanwhile, BYD is expanding its global strategy, including the launch of its luxury Yangwang brand in Europe, despite facing accusations of inflating sales figures in China and an 8% drop in domestic sales due to a competitive EV market.
BYD Co. Ltd. BYDDY BYDDF has surpassed Tesla Inc. TSLA on the Fortune Global 500 list.
What Happened: BYD jumped 52 spots in the list and currently stands at #92 in the list, Fortune said in a report published on Tuesday. In contrast, Tesla currently holds the #102 spot.
The Global 500 list, published two months after the Fortune 500 list, includes companies that generated "$41.7 trillion in revenue last year, with $2.98 trillion in profit," the report said.
Elsewhere, the artificial intelligence component giant Nvidia Corp NVDA jumped 106 spots in the list and currently holds the #66 spot.
Why It Matters: The news comes as Tesla has been experiencing dwindling sales in multiple markets across the globe, with the company's European sales down by over 23%.
This decline also coincides with Tesla's poor performance in the U.S., as the company experienced a 12.6% decline in domestic sales and a sharp 21% drop in the state of California.
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On the other hand, BYD has been experiencing growth in its global strategy, with the company announcing the arrival of its luxury-focused Yangwang brand into the European market next year.
However, BYD has also been accused of allegedly inflating sales figures in the Chinese domestic market by pre-insuring vehicles before they are sold to customers in a bid to meet sales targets. BYD's domestic sales are also down 8% amid the fiercely competitive EV price war.
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