Chinese giant BYD outpaces Tesla, achieving $100B revenue
A close-up of the BYD logo on a store sign in Shanghai, China, on March 2, 2024. (Adobe Stock Photo)
Chinese electric vehicle manufacturer BYD reported a sharp increase in revenue 20224, according to a stock exchange filing on Monday, crossing the $100 billion threshold and outpacing Tesla as it ramps up its global growth strategy.
BYD has emerged in recent years as the clear leader in China‘s highly competitive electric vehicle market, which is the largest in the world. The country’s automotive champion recorded 777.1 billion yuan ($107.2 billion) in revenue for 2024, eclipsing the $97.7 billion in revenue last year announced previously by Tesla.
BYD’s figure represented a 29% increase from 2023 and was higher than a Bloomberg forecast of 766 billion yuan. The firm’s net profit last year amounted to 40.3 billion yuan, up 34% from 2023 and reaching a record high.
Breakthrough battery tech
The firm’s stock price also reached an all-time peak this month, after it unveiled new battery technology that it said allows a vehicle to travel up to 470 kilometers (292 miles) after charging for just five minutes.
BYD says its newest battery and charging system boasts speeds of 1,000 kW, ahead of Tesla’s Superchargers, which currently offer speeds of 500 kW.
The Chinese electric giant is also preparing to open a manufacturing plant in Türkiye by 2026, with a $1 billion investment in the western province of Manisa.
