AFP – Chinese carmaker BYD saw a surge in revenue last year, a stock filing showed, surpassing the USD100 billion mark and beating rival Tesla as the electric vehicle (EV) 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.
BYD recorded CNY777.1 billion (USD107.2 billion) in revenue for 2024, a statement published at the Shenzhen stock exchange showed.
That figure eclipsed the USD97.7 billion in revenue last year announced previously by Tesla.
The Chinese juggernaut’s push into Europe comes at a challenging juncture for Tesla, whose sales in the continent have dropped following Chief Executive Officer Elon Musk’s support for far-right political groups there.
BYD’s revenue results represent a 29-per-cent increase from the previous year and outperformed a Bloomberg forecast of CNY766 billion.
Meanwhile, BYD’s net profit last year amounted to CNY40.3 billion, up 34 per cent from 2023 and reaching a record high.
In a further promising sign, the company’s net profit in the final quarter of the year reached a record amount of CNY15 billion, the stock filing showed.
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 per cent from the previous year.
Monthly sales also jumped 161 per cent in February to 318,000 units, easily outpacing a steep decline at Tesla over the same period.
