BYD Surpasses Tesla In Fortune Global 500 List Amid Sales Slump For Elon Musk's EV Giant

BYD Co. Ltd. (OTC:BYDDY) (OTC:BYDDF) has surpassed Tesla Inc. (NASDAQ: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 (NASDAQ: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.

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.

Check out more of Benzinga’s Future Of Mobility coverage by following this link.

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