The story has been much the same in Europe, where high prices, economic uncertainty and inadequate infrastructure , with hybrid vehicles contributing a significant proportion of its sales. Nevertheless, Tesla remains on top when it comes to profit, reporting a net profit of $2.18 billion from July to September, an increase of 16.2 percent from the same period in 2023. BYD, meanwhile, saw an increase in profits of 11.5 percent. Tesla has also posted high sales figures for the year to date, at around $71.98 billion, compared to BYD’s roughly $70.53 billion in sales. However, considering BYD was little known just a few years ago, its profit increase and the growing international awareness of the brand are impressive. Sales of EVs from China’s Zeekr also rose significantly in the third quarter of the year, with deliveries increasing by 92 percent in October this year, compared to 2023, at 25,049 vehicles. So far this year, Zeekr has delivered a reported 168,000 vehicles. It expects to increase this figure to 230,000 cars by the end of the year. The automaker commenced deliveries of its new five-seat SUV Zeekr in October, which it expects to help boost sales over the next two months. Meanwhile, China’s Xpeng saw record vehicle deliveries of 23,917 in October ; the premium EV brand Nio delivered 20,976 cars; and Li Auto delivered 51,443 cars. Xiaomi, which launched its first car – the SU7 – in late March, expects to deliver 100,000 EVs by the end of November, having delivered over 75,000 cars by October. While China’s EV companies have grown rapidly to rival several well-known international EV makers, the introduction of tariffs on Chinese car imports by the U.S. and EU could stifle sales in the coming years. In late October, the EU announced it would implement tariff increases on Chinese EVs, increasing duties to as much as 45.3 percent. China’s EV market has grown extraordinarily rapidly over the last decade, with Chinese companies now rivalling the U.S. EV star Tesla and several other well-known automakers. While the U.S. and EU are contending with less-than-positive EV sales figures this year, China is experiencing an EV boom, with several companies reporting record sales. However, this could all change if the U.S. and EU – two of the world’s largest EV markets, introduce new tariffs on Chinese EVs. By Felicity Bradstock for Oilprice.com More Top Reads From Oilprice.com