Chinese electric car maker BYD reported revenue of more than 100B in USD 2024, surpassing Tesla’s sales

Bangkok, March 25, 25 (AP) Chinese electric car maker Byd hit a record 777.1 billion yuan ($107 billion) last year as its battery-electric and hybrid sales rose 40%.

The report coincided with BYD’s launch of Qin L EV Sedan earlier this week, a mid-size model similar to Tesla’s Model 3 but at a price of just over half. Tesla’s revenue in 2024 is close to $97.7 billion.

BYD’s net profit last year was about 40 billion yuan (US$5.6 billion), a 34% increase from the previous year.

Last week, the company announced that it was launching an ultra-fast electric vehicle charging system, which it said was almost as fast as the pump fills.

Despite optimistic revenue reports, Bider’s Hong Kong shares fell 3.2% on Tuesday.

Last year, nearly 80% of BYD’s Lion share of sales was linked to its automotive business. BYD reported that it sold about 4.3 million pure electric and hybrid vehicles last year.

Last year, nearly 29% of the company’s sales were in markets outside of Greater China, including Hong Kong and Taiwan, slightly higher than 27% of the previous year.

The automaker has rapidly expanded exports, although President Donald Trump has pledged to raise tariffs on imports and exports of cars, although no attempt has been made to sell in the United States. BYD faces 17% tariffs on EU electric vehicle exports. (AP)NPK NPK