By Douglas Jones
Chinese electric vehicle giant BYD has officially surpassed Tesla in annual revenue, marking a significant milestone in the global EV industry. According to a stock filing on Monday, BYD reported a record-breaking revenue of 777.1 billion yuan ($107.2 billion) for 2024, outpacing Tesla’s $97.7 billion earnings for the year.
This 29% year-on-year revenue growth exceeded Bloomberg’s forecast and was fueled by BYD’s dominance in China’s competitive EV market. The company also recorded a net profit of 40.3 billion yuan, reflecting a 34% increase from 2023.
BYD’s stock price soared to an all-time high this month following the unveiling of its groundbreaking battery technology, which enables vehicles to travel 470 km after just five minutes of charging. With a 1,000 kW charging speed, BYD’s latest battery system significantly outperforms Tesla’s 500 kW Superchargers, reinforcing its position as a leader in EV innovation.