BYD announced its 2024 annual revenue of $107 billion, surpassing its US rival, Tesla, that only made $97.7 billion. The Chinese automaker stated that the sales of its hybrid vehicles helped boost its revenue, which increased from last year by 29%.
Chairman and president of BYD, Wang Chuanfu, praises the company following the release of the financial result. He stated that the company “has become an industry leader in every sector from batteries, electronics to new energy vehicles, breaking the dominance of foreign brands and reshaping the new landscape of the global market.”
Before the filling, BYD also announced a new battery technology. The company stated that this “Super e-Platform” not only charges EVs as fast as filling a gasoline car but also allows the vehicle to travel 400 kilometers with just five minutes charging. Analysts stated that this development could make a major change in EV owners’ behaviour.
While BYD’s shares have risen around 46% this year, its rival, Tesla, found theirs dropped more than 31%. The US EV giant is facing massive boycotts and the drop of global demand, partially due to its CEO’s reputation as a hard-line conservative political figure.
