BYD passes Tesla with record revenue

Chinese carmaker BYD sawa surge in revenue last year, a stock filing showed Monday, surpassing the $100 billion mark and beating rival Tesla as the electric vehicle giant accelerates its overseas expansion.

- PETER CATTERALL

The Shenzhen-based firm has emerged in recent years as the clear leader in China's highly competitive EV market, which is the largest in the world.

It is also increasingly seeking new growth channels abroad, vowing to conquer the European market with a new compactelectric model and super-fast charging capabilities to rival continental brands.

BYD recorded 777.1 billion yuan ($107.2 billion) in revenue for 2024, a statement published Monday evening at the Shenzhen stock exchange showed.

That figure eclipsed the $97.7 billion in revenue last year announced previously by Tesla.

The Chinese juggernaut's push into Europe comes at a challenging juncture for Tesla, whose sales in the continent have dropped following CEO Elon Musk’s support for far-right political groups there.

BYD’s revenue results represent a 29% increase from the previous year and outperformed a Bloomberg forecast of 766 billion yuan.

Meanwhile, BYD’s net profit last year amounted to 40.3 billion yuan, up 34% from 2023 and reaching a record high.