Chinese EV Maker BYD Reports 2024 Revenue Surge, Tops Tesla

• Revenue:

  • BYD reported record revenue of 777.1 billion yuan ($107 billion) in 2024.
  • Tesla's 2024 revenue was $97.7 billion, marking BYD as the top performer.

• Net Profit:

  • BYD achieved a net profit of 40 billion yuan ($5.6 billion), up 34% year-over-year.

• Vehicle Sales:

  • Sold approximately 4.3 million pure electric and hybrid vehicles in 2024.
  • Automotive businesses contributed nearly 80% of total revenue.

• Global Expansion:

  • Nearly 29% of BYD's sales were outside Greater China (including Hong Kong and Taiwan), up slightly from 27% the previous year.
  • BYD has expanded exports but has yet to enter the U.S. market due to potential tariffs under President Trump's policies.

• Market Competition:

  • BYD launched the Qin L EV sedan, a mid-sized model comparable to Tesla's Model 3 but priced at half the cost.
  • Faces regulatory hurdles for EV exports to the European Union.

• Stock Performance:

  • Despite strong earnings, BYD's Hong Kong-traded shares fell 3.2% on Tuesday following the report.

• Innovation and Challenges:

  • Announced a faster-charging battery technology, nearly matching the speed of fueling at gas stations.
    -BYD is expanding its global footprint but faces challenges in key markets like the U.S. and Europe due to trade policies and regulations.