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China's BYD overtakes Tesla revenue for first time
The electric vehicle giant saw its revenues jump 24% as government subsidies boost China's car industry.
As of last week, official data showed 1.57 million applications had been submitted for a national subsidy of $2,800 per each older vehicle traded in for a greener one. China has been counting on high-tech products to help revive its flagging economy, and the EU is the largest overseas market for the country's electric car industry. Its domestic car industry has grown rapidly over the past two decades and its brands, such as BYD, have begun moving into international markets, prompting fears from the likes of the EU that its own companies will be unable to compete with the cheaper prices.
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