Chinese automaker BYD reported a surge in revenue for 2024, surpassing the $100 billion milestone and outpacing Tesla as it accelerates its global expansion.
A stock filing on Monday revealed that BYD recorded 777.1 billion yuan ($107.2 billion) in revenue, surpassing Tesla’s $97.7 billion for the year. This marks a 29% year-on-year growth, exceeding Bloomberg’s forecast of 766 billion yuan.
The Shenzhen-based company, a dominant player in China’s competitive electric vehicle (EV) market, also reported a record-high net profit of 40.3 billion yuan, a 34% increase from the previous year.
BYD’s stock reached an all-time high this month following the unveiling of its groundbreaking battery technology, which allows EVs to travel up to 470 km (292 miles) on just a five-minute charge. The company’s latest battery and charging system boasts speeds of 1,000 kW, surpassing Tesla’s 500 kW Superchargers.
As BYD continues its aggressive expansion into international markets, its latest achievements further solidify its position as a global leader in the EV industry.
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