BYD surpasses Tesla in revenue as it expands globally

The Chinese EV giant reports record earnings, accelerates European growth, and unveils ultra-fast charging technology

Image credit: Microsoft Copilot and Canva

BYD, the Chinese electric vehicle giant, reported a record revenue of 777.1 billion yuan ($107.2 billion) in 2024, surpassing Tesla's $97.7 billion.

Here are some key points:

• The company's revenue surged 29% from the previous year, with net profit reaching 40.3 billion yuan, a 34% increase.

• BYD continues its aggressive expansion into Europe, capitalizing on Tesla’s struggles in the region.

• It introduced new battery technology, the "Super e-Platform," which enables ultra-fast charging, outpacing Tesla's Superchargers.

• The company’s sales rose sharply, selling 4.3 million vehicles in 2024 and posting a 161% year-over-year increase in February.

• Despite its success, BYD faces geopolitical challenges, including EU investigations into subsidies and increased U.S. tariffs on Chinese imports.

• Meanwhile, Tesla struggled with declining European sales and lower-than-expected Q4 profits, partly due to CEO Elon Musk’s political stance.

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