BYD Co. reported that its sales exceeded $100 billion last year, surpassing the revenue of Tesla Inc. The Chinese automotive company, based in Shenzhen, impressed consumers with its diverse offerings of electric and hybrid vehicles featuring advanced technological attributes.
For the year ending December 31, BYD recorded a revenue of 777 billion yuan ($107 billion), marking a 29% increase, as noted in a filing released late Monday. This figure surpassed the anticipated 766 billion yuan. Tesla’s revenue for 2024 was reported at $97.7 billion. Additionally, BYD’s net income increased by 34% compared to the previous year, reaching 40.3 billion yuan, outperforming analyst predictions of 39.5 billion yuan.
BYD quickly ascended to the forefront of China’s automotive market, which is recognized as both the largest and most competitive globally in terms of electric vehicles. In the current year, BYD has introduced a novel ecosystem that enables electric vehicles to charge for 400 kilometers in just five minutes and has incorporated sophisticated driver assistance technology even in its base models. The company’s shares have reached new heights, with BYD’s stock listed in Hong Kong rising approximately 51% this year.
While BYD’s electric vehicle sales are comparable to Tesla’s — with BYD selling 1.76 million EVs in 2024 against Tesla’s 1.79 million — BYD surpasses Tesla when hybrid passenger car sales are included. Last year, BYD’s total deliveries reached 4.27 million, nearly matching those of Ford Motor Co.
BYD projects sales between 5 million and 6 million vehicles for this year. It has already begun 2025 on a positive note, with sales in the first two months showing a 93% increase year-on-year, totaling 623,300 units.
Despite this progress, Tesla continues to lead in market valuation. The American automaker’s worth is approximately $800 billion, even after a 38% decline in share price this year. In comparison, BYD’s market capitalization is around $157 billion.
Tesla also reported higher net income last year, amounting to $7.6 billion. However, while Tesla’s presence in China has declined for five consecutive months on a year-on-year basis, BYD continues to thrive. China remains BYD’s largest market, where it holds almost a 15% share, not only in new-energy vehicles but in all passenger cars.
Although BYD does not sell passenger cars in the U.S. due to high tariffs on Chinese-made automobiles, it has made significant progress in European markets, parts of Asia like Singapore and Thailand, and in Australia.
BYD’s chairman and founder, Wang Chuanfu, stated that the company intends to continue enhancing its research and development efforts, as well as strengthening its competitiveness in products. A focus remains on achieving success outside of China.
Wang remarked that Chinese auto brands in the era of intelligence-led vehicles are no longer just followers but are now at the forefront of the trend. They are “daring” to lead globally and are partnering with other domestic brands to expand internationally and move up the value chain.
This story was originally reported on Fortune.com.
