Chinese electric vehicle giant BYD saw its quarterly turnover soar, beating that of Tesla for the first time.
It recorded more than 200 billion yuan ($28.2 billion, £21.8 billion) in revenue between July and September. This is a jump of 24% compared to the same period last year, and more than that of Elon Musk's company whose quarterly turnover amounted to 25.2 billion of dollars.
However, Tesla still sold more electric vehicles (EVs) than BYD in the third quarter.
It comes as electric vehicle sales in China have benefited from government subsidies aimed at encouraging consumers to swap their gasoline cars for electric or hybrid vehicles.
BYD also posted record monthly sales in the final month of the quarter, a sign that momentum continues to build for China's top-selling automaker.
But there is a growing backlash abroad against the Chinese government's support for domestic automakers like BYD.
Earlier this week, European Union tariffs of up to 45.3% on imports of Chinese-made electric vehicles took effect across the bloc.
Chinese electric vehicle manufacturers were already facing a 100% tax from the United States and Canada.
The tariffs are a response to alleged unfair state subsidies to China's auto industry.
Last week, official data showed 1.57 million applications had been submitted for a national grant of $2,800 for every older vehicle swapped for a greener one.
This is in addition to other government incentives already in place.
China is counting on high-tech products to help revive its flagging economy, and the EU is the largest foreign market for the country's electric auto industry.
Its domestic auto industry has grown rapidly over the past two decades and its brands, such as BYD, have begun to expand into international markets, sparking fears from countries like the EU that its own companies are not able to compete with lower prices.
