Chinese company BYD’s record: Chinese automaker BYD posted a sharp rise in revenue last year, taking its total revenue to more than $100 billion, overtaking rival Tesla. The Shenzhen-based company is accelerating its global expansion.
BYD has emerged in recent years as a dominant player in China’s competitive electric vehicle market, the world’s largest, according to news agency AFP. The company reported revenue of 777.1 billion yuan ($107.2 billion) in 2024, up 29 percent from 2023. The figures are not only higher than Tesla’s reported revenue of $97.7 billion last year, but also better than Bloomberg’s estimate of 766 billion yuan. BYD reported a net profit of 40.3 billion yuan in 2024, up 34 percent from 2023 and a new record.
The company’s share price also hit an all-time high this month after it unveiled its new battery technology, which it said could give the car a range of 470 kilometers after just five minutes of charging. According to BYD, its new battery and charging system have reached a speed of 1,000 kilowatts, far exceeding Tesla’s Superchargers, which currently offer charging speeds of up to 500 kilowatts.