BYD Sales Top Tesla as Tech Focus Wins Over Chinese

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

- Bloomberg

Shenzhen-based BYD reported revenue of 777 billion yuan ($107 billion) for the 12 months ended Dec. 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% to 40.3 billion yuan, beating analyst estimates for 39.5 billion yuan.

During an analyst briefing on Tuesday in Hong Kong, Chairman and founder Wang Chuanfu narrowed the company's 2025 sales target, saying BYD is now aiming to sell around 5.5 million vehicles this year, including 800,000 units overseas, according to people familiar with the matter. That's a more specific target than the five to six million BYD had earlier touted, including about one million exports.

BYD shares fell as much as 4.1% in Hong Kong trading Tuesday. Even so, the stock is up around 46% this year and last week hit a record high.