Chinese EV maker BYD tops 2024 Tesla sales with revenue over $100B

BYD’s net profit last year was about 40 billion Yuan ($5.6 billion), up 34 per cent from the year before

Chinese electric vehicle maker BYD logged a record 777.1 billion Yuan ($107 billion) in revenue last year as its sales of battery electric and hybrid vehicles jumped 40 per cent. The report late Monday coincided with BYD’s launch earlier this week of its Qin L EV sedan, a mid-sized model similar to Tesla’s Model 3 but at just over half the price. Tesla’s 2024 revenue was nearly $97.7 billion.

BYD’s net profit last year was about 40 billion Yuan ($5.6 billion), up 34 per cent from the year before. Last week, the company announced it was rolling out a super-fast EV charging system that it says is nearly as quick as a fill-up at the pumps.

BYD’s Hong Kong-traded shares fell 3.2 per cent on Tuesday, despite its upbeat earnings report. The lion’s share, nearly 80 per cent, of BYD’s sales last year were related to its automotive businesses. BYD reported it sold about 4.3 million pure electric and hybrid vehicles last year. Nearly 29 per cent of the company’s sales were in markets outside Greater China, including Hong Kong and Taiwan, last year, up slightly from 27 per cent the year before.

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