BYD reports double-digit Q3 revenue jump

TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and how BYD bested Tesla for the first time.

Transcript

00:00I'm Conway Gittins reporting from the New York Stock Exchange. Here's what we're watching

00:03on the street today. Twelve thousand. That's how many U.S. jobs were created in the month

00:09of October. Economists quickly point out that this number is skewed given the impact of

00:14two hurricanes and the Boeing strike. A more accurate read on the labor market is the unemployment

00:20rate, which held steady at 4.1 percent. And there's good news for workers. Average paychecks

00:26were 4 percent bigger than a year ago. In corporate news, the competition is heating

00:32up between Elon Musk's Tesla and China's BYD. With third-quarter results in for both companies,

00:39BYD has edged out Tesla when it comes to the top EV seller in dollar terms. BYD raked in

00:45$28.24 billion in third-quarter sales, while Tesla brought in $25.2 billion. When it comes

00:53to sheer volume, Tesla is still the world's No. 1. BYD benefited from Beijing's trade-in

00:59incentives, which helped push quarterly sales 24 percent higher. BYD is so prolific that

01:05one in every three EVs or plug-ins sold in China is one of theirs. Tesla, by the way,

01:11is also eligible for Chinese government incentives aimed at persuading drivers to switch over

01:16to newer, greener models. China is the world's largest EV market, followed by Europe with

01:21the United States coming in third. With only a few more weeks left in 2024, Tesla and BYD

01:27are now running neck-and-neck to see who claims the title as the world's top EV seller of

01:32the year. That'll do it for your daily briefing from the New York Stock Exchange. I'm Conway

01:37Gittins with The Street.