Chinese EV firm BYD reported $107B in annual revenue beating out rival Tesla
Chinese automaker BYD has reported over $107 billion in annual revenue, edging past Tesla as the competition between the two EV giants heats up.The Shenzhen-based company announced its full-year revenue reached approximately $107 billion for 2024, surpassing market expectations and topping Tesla’s $97.7 billion in revenue for the same period.BYD’s financial filing, which was released on Monday, reported a 34% increase in net profit year-over-year, rising to $5.56 billion — well above analyst forecasts.Long a dominant force in China’s automotive sector, BYD has rapidly solidified its position as a global leader in the electric vehicle space.China, the world’s largest EV market, remains a fiercely competitive battleground and BYD has leveraged its home-field advantage to achieve impressive growth across both fully electric and hybrid models.Innovation played a key role in BYD’s stellar performance last year.In 2024, the company launched a next-generation charging system capable of delivering up to 250 miles of range in just five minutes — a major breakthrough in EV infrastructure.Additionally, BYD rolled out upgraded driver assistance features across its vehicle lineup, further enhancing consumer appeal.These technological advancements have translated into investor confidence.BYD’s Hong Kong-listed shares surged roughly 51% over the past year, reaching all-time highs and reflecting strong market optimism.Tesla’s stock has taken a significant hit, falling nearly 50% from its post-election peak of around $490 back in December.The company has lost close to $750 billion in market value, as investors grow increasingly uneasy about declining sales and concerns that CEO Elon Musk’s involvement with President Donald Trump’s administration is distracting him from leading the automaker effectively and may be harming Tesla’s public image.Despite the slump, the stock saw a strong recovery on Monday following an internal meeting where Musk reassured employe...