BYD Sales Surpass Tesla as Tech Focus Wins Over Chinese Drivers

BYD's sales last year surpassed the $100 billion mark, leapfrogging Elon Musk's Tesla, on revenue, as the Chinese auto giant wows consumers with a range of electric and hybrid cars packed with high-tech features.

- DANNY LEE

Shenzhen-based BYD reported revenue of 777 billion yuan ($107 billion) for the year ended December 31, up 29%, according to a filing late Monday, beating estimates for 766 billion yuan. Tesla's 2024 revenue was $97.7 billion. The Chinese EV maker's net income rose 34% year-on-year to 40.3 billion yuan, beating analyst estimates for 39.5 billion yuan.

BYD has risen quickly to the top of China's car market—the world's biggest and most competitive in terms of electric vehicles. This year alone, BYD has unveiled a new ecosystem that allows EVs to charge for 400 kms in five minutes and introduced advanced driver assistance technology in even its most basic models. Investors have sent its shares to a record and BYD's Hong Kong-listed stock is up around 51% this year.