The EV is depicted in BYD’s first electric vehicle (EV) factory in southeast Asia, the fast-growing regional EV market that became a dominant player in Rayong, Thailand on July 4, 2024.
Chalinee Thirasupa |Reuters
Chinese automaker BYD jumped over US rivals with annual revenue of 777 billion yuan ($107 billion) in 2024 Tesla The competition between the two electric vehicle rivals is heated.
In its filing published Monday, BYD recorded a 29% increase in revenue from the previous year, which was strengthened by sales of hybrid vehicles. This figure exceeded the annual revenues reported by Elon Musk’s Tesla.
BYD Chairman and President Wang Chuanfu welcomed the company’s “quick development” in 2024 and said it was the first automaker to reach the milestone of rolling out 10 million new energy vehicles in November.
“BYD has become an industry leader in every sector, from batteries, electronics to new energy vehicles, breaking the advantages of foreign brands and reconstructing the new landscape of the global market,” Wang said in a statement.
The filing comes shortly after BYD unveils new battery technology that claims to be able to charge EVs almost as fast as they are needed to fill gasoline vehicles.
The automaker said last week that it is a new so-called super e-platform, so that vehicles using technology can achieve 400 kilometers (approximately 249 miles) with just five minutes of charging. CNBC was unable to independently verify these claims.
Analysts praised BYD’s new battery platform as “out of this world,” suggesting that development could lead to major changes in behavior among EV owners.
Aerial view of BYD’s new factory under construction in Zinang, Shandong Province, China on March 11, 2025.
VCG | Visual China Group | Getty Images
BYD’s Hong Kong listed stocks won 46% per year.
Meanwhile, Tesla stocks have fallen more than 31% so far. The rise in consumer boycotts and the rise of masks as robust conservative politicians have plunged globally driven demand.
– Hakyung Kim from CNBC contributed to this report.
