Chinese electric vehicle maker BYD, headquartered in Shenzhen, Guangdong, reported a record revenue of USD 107 billion for 2024, surpassing Tesla’s USD 97.7 billion sales. The company, known for its battery electric and hybrid vehicles, saw a 40% surge in sales.
Chinese electric vehicle manufacturer BYD (Build Your Dreams) has announced record-breaking revenue of 777.1 billion Yuan (USD 107 billion) for 2024, surpassing Tesla’s USD 97.7 billion revenue. The company’s financial results reflect a 40% increase in sales of battery electric and hybrid vehicles compared to the previous year.
Founded in 1995 in Shenzhen, Guangdong, BYD has grown into a leading electric vehicle (EV) and battery manufacturer. The company is recognized for its aggressive global expansion and innovative EV technologies, making it a strong competitor against global giants like Tesla.
Strong Financial Performance and Market Expansion
BYD’s net profit for 2024 reached 40 billion Yuan (USD 5.6 billion), up 34% from 2023. Nearly 80% of its revenue came from its automotive business, with total sales of approximately 4.3 million electric and hybrid vehicles.
The company’s presence outside Greater China, including Hong Kong and Taiwan, accounted for 29% of total sales, a slight increase from 27% the previous year. BYD continues to expand into international markets but has not yet entered the U.S. market, where potential tariff increases remain a challenge.
New EV Models and Technology Advancements
The revenue announcement coincided with the launch of BYD’s Qin L EV sedan, a mid-sized electric vehicle aimed at competing with Tesla’s Model 3 but at a significantly lower price point. Additionally, the company unveiled a super-fast EV charging system, designed to reduce charging times to nearly the speed of refueling a gasoline vehicle.
Despite the strong earnings report, BYD’s Hong Kong-listed shares dropped 3.2% on March 25, 2025, reflecting investor caution. The company also faces a 17% tariff on EV exports to the European Union, which could impact its expansion strategy.
With a focus on affordability, innovation, and expansion into new markets, BYD continues to solidify its position as a dominant force in the global EV industry.
