Chinese automaker BYD has reported an annual revenue of 777 billion yuan ($107 billion) for 2024, surpassing its U.S. rival Tesla. In a filing published on Monday, BYD announced a 29% increase in revenue compared to the previous year, driven by the sales of its hybrid vehicles. This figure exceeds the $97.7 billion annual revenue reported by Elon Musk’s Tesla.
Chairman and president of BYD, Wang Chuanfu, highlighted the company’s “rapid development” in 2024, noting that BYD became the first automaker globally to reach the milestone of producing 10 million new energy vehicles in November.
“BYD has become an industry leader in every sector from batteries, electronics to new energy vehicles, breaking the dominance of foreign brands and reshaping the new landscape of the global market,” Wang stated.
This announcement follows BYD’s recent unveiling of a new battery technology that reportedly can charge electric vehicles almost as quickly as refueling a gasoline car. The company claims that its new Super e-Platform will enable cars using the technology to achieve a range of 400 kilometers (approximately 249 miles) with just five minutes of charging. These claims have not been independently verified by CNBC.
— news from CNBC