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Tesla just posted record deliveries while its margins cratered, and BYD keeps selling millions of cars to a stock market that barely notices. Only one of these EV giants is actually set up for a bigger move from here.

BYD, XPeng, NIO, and Li Auto reported August delivery numbers on Tuesday.

Chinese electric vehicle maker BYD , reported rising global sales for the ​fourth straight month, as robust exports continued to ‌cushion the impact of sluggish domestic demand.

BYD recently released its interim financial report for 2026's first half. The figures reported implied that the company earned $1.2 billion in the second quarter. BYD has long been the leading EV maker by deliveries. Now, it is also #1 by profit, beating Tesla's most recent earnings performance by about $100 million.

BYD Co. (BYDDY) has proven to be a strong competitor to Tesla (TSLA) in the Chinese EV market, as have Nio Inc. (NIO) and XPeng (XPEV). However, as Tu le explains, the Elon musk-led giant has picked up speed in its EV industry despite facing key headwinds to expand its road ahead.

BYD flagged sluggish domestic demand and fierce competition in China, while highlighting continued strength overseas. Second-quarter net profit rose 30% year on year to 8.2 billion yuan, according to Citi.

BYD reached a major profit milestone in the second-quarter thanks to its international expansion.