BYD Co.’s gross sales final yr surpassed the $100 billion mark, leapfrogging Elon Musk’s Tesla Inc. on income, because the Chinese language auto big wows customers with a spread of electrical and hybrid automobiles filled with high-tech options.
Shenzhen-based BYD reported income of 777 billion yuan ($107 billion) for the 12 months ended Dec. 31, up 29%, in keeping with a submitting late Monday, beating estimates for 766 billion yuan. Tesla’s 2024 income was $97.7 billion. The Chinese language EV maker’s internet revenue rose 34% year-on-year to 40.3 billion yuan, beating analyst estimates for 39.5 billion yuan.
BYD has risen shortly to the highest of China’s automotive market — the world’s largest and best by way of electrical automobiles. This yr alone, BYD has unveiled a brand new ecosystem that enables EVs to cost for 400 kilometers in simply 5 minutes and launched superior driver help expertise in even its most simple fashions. Buyers have despatched its shares to a report and BYD’s Hong Kong-listed inventory is up round 51% this yr.
BYD additionally sells about the identical variety of EVs as Tesla — 1.76 million in 2024 versus 1.79 million — however, when all of its different passenger hybrid automotive gross sales are included, it’s a lot bigger. BYD’s complete deliveries final yr climbed to 4.27 million, virtually as a lot as Ford Motor Co.
BYD has forecast it might probably promote between 5 million to six million automobiles this yr. It’s already off to a robust begin, with gross sales within the first two months of 2025 up 93% year-on-year to 623,300 items.
Learn Extra: Low-cost Chinese language Automobiles Are Taking Over Roads Across the World
One space the place Tesla nonetheless clearly leads nonetheless is market valuation. The US carmaker is value about $800 billion regardless of a share-price rout that’s seen the inventory plunge 38% this yr. BYD has a market capitalization nearer to $157 billion.
Musk’s EV maker additionally makes more cash on an absolute foundation; Tesla’s internet revenue final yr was $7.6 billion.
However whereas Tesla is dropping in China — shipments have been backsliding there for the previous 5 consecutive months on a year-on-year foundation — BYD is profitable. China continues to be far and away BYD’s largest market, the place it instructions a share of virtually 15%, not only for new-energy automobiles however any form of passenger automotive.
BYD doesn’t promote passenger automobiles within the US but attributable to punitive tariffs on made-in-China vehicles, nevertheless it’s made large inroads into markets in Europe, locations in Asia like Singapore and Thailand, in addition to Australia.
Wang Chuanfu, BYD’s chairman and founder, mentioned in a press release the corporate deliberate to maintain boosting analysis and growth whereas bolstering its product competitiveness, together with in its focus of succeeding exterior of China.
He additionally mentioned that Chinese language auto manufacturers within the period of intelligence-led automobiles had been not merely followers, however quite on the forefront of the pattern. They’re “daring” to be first on the earth and are collaborating with different home manufacturers to go international and transfer up the worth chain, he mentioned.
This story was initially featured on Fortune.com
