Chinese EV giant BYD surpasses rival Tesla

Reports record revenue of over $100b for 2024

BEIJING:

Chinese carmaker BYD saw a surge in revenue last year, surpassing the $100 billion mark and beating rival Tesla as the electric vehicle giant accelerates its overseas expansion.

The Shenzhen-based firm has emerged in recent years as the clear leader in China's highly competitive EV market, which is the largest in the world. It is also increasingly seeking new growth channels abroad, vowing to conquer the European market with a new compact electric model and super-fast charging capabilities to rival continental brands.

The Chinese juggernaut's push into Europe comes at a challenging juncture for Tesla, whose sales in the continent have dropped following CEO Elon Musk's support for far-right political groups there.

BYD recorded 777.1 billion yuan ($107.2 billion) in revenue for 2024, a statement published on Monday evening at the Shenzhen stock exchange showed. That figure eclipsed the $97.7 billion in revenue last year announced previously by Tesla.

It also represented a 29% increase from the previous year and outperformed a Bloomberg forecast of 766 billion yuan. Meanwhile, BYD's net profit last year amounted to 40.3 billion yuan, up 34% from 2023 and reaching a record high.

BYD, which adopts the English slogan "Build Your Dreams" – has enjoyed a giddy few months of surging sales disclosures and soaring stock prices. It said in January that it sold nearly 4.3 million vehicles last year, up more than 40% from the previous year.