BYD Co. is rapidly closing in on Tesla Inc. as the world’s biggest seller of pure electric vehicles, with surging profits underscoring its sales clout despite intensifying competition at home.
Shares of the Hong Kong-listed Chinese electric-vehicle firm are up about 1% this month, outperforming Tesla’s 17% plunge and declines in other peers as well. While shares of Elon Musk’s firm are still up by more than double the rise in BYD this year, signs are pointing to further gains for the latter.
