Chinese EV giant BYD surpasses rival Tesla with record 2024 revenue

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

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 compact electric model and super-fast charging capabilities to rival continental brands.

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 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.

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It also represented a 29 percent 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 percent from 2023 and reaching a record high.

BYD -- which adopts the English slogan "Build Your Dreams" -- has enjoyed a giddy few months of surging sales disclosures and soaring stock prices.

It said in January that it sold nearly 4.3 million vehicles last year, up more than 40 percent from the previous year.

Monthly sales also jumped 161 percent in February to 318,000 units, easily outpacing a steep decline at Tesla over the same period.

Charging ahead

This month, BYD's Hong Kong-listed shares rose to a record high after the firm unveiled new battery technology it says can charge a vehicle in the same time it takes to fill up a petrol car.

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The "Super e-Platform" battery and charging system boasts peak speeds of 1,000 kilowatts and allows cars to travel up to 470 kilometres (292 miles) after a five-minute charge, according to the company.

Tesla's Superchargers, by contrast, currently offer charging speeds of 500 kilowatts.

BYD Vice-President Stella Li said last week that "registration numbers will jump" in Europe during March and April.

The group has launched major advertising campaigns including sponsorship of last year's European Championships in football and has opened numerous new showrooms across the continent.

However, geopolitical and trade tensions between Beijing and Western capitals threaten to cast a shadow over the company's global ambitions.

BYD is a key player in a new generation of Chinese automotive giants to have benefited from generous support by Beijing, which has poured vast state funds into the sector.

The approach has given domestic firms a critical edge in the race to provide cheaper, more fuel-efficient EVs over leading US automakers, which have not always enjoyed such state largesse.

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EU authorities are reportedly investigating whether the Chinese government provided unfair subsidies for BYD's first European factory, in Hungary, where electric car production is scheduled to start late this year.

Li told AFP last week that the company would be "very transparent" and was willing to cooperate with any investigation.

Meanwhile, US President Donald Trump has recently imposed higher blanket tariffs on Chinese imports, adding to an existing move by his predecessor Joe Biden that effectively bars the use of Chinese technology in smart cars.

BYD's publication of strong results comes after Tesla announced lower than expected profits for the fourth quarter of 2024 in late January.

The decline capped a mixed year for Tesla in which Trump ally Musk's big bet on US electoral politics was countered by profit pressures, as the firm's streak of annual car volume growth came to an end.

Source: AFP