1️⃣ BYD surpassed Tesla in annual revenue for the first time in 2024, with 777.1 billion yuan ($107.2 billion) versus Tesla’s $97.7 billion.
2️⃣ BYD sold 4.272 million vehicles in 2024, including 1.76 million electric cars, nearly matching Tesla’s 1.79 million EV sales.
3️⃣ The company’s record net profit of 40.3 billion yuan, up 34%, is driven by its diverse electric and hybrid vehicle lineup.
4️⃣ With strong growth in China’s NEV sector and government support, BYD is set to lead the global EV market.
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In a stunning turn of events, BYD has officially surpassed Tesla in revenue for the first time in 2024, reaching an impressive 777.1 billion yuan ($107.2 billion), while Tesla’s revenue stood at $97.7 billion. This milestone highlights BYD’s growing dominance in the electric vehicle (EV) market, as the company sold 4.272 million vehicles, including 1.76 million electric cars, nearly matching Tesla’s 1.79 million EV sales.
BYD’s success is driven by its diverse lineup of electric and hybrid vehicles, which have resonated with eco-conscious buyers worldwide. Packed with cutting-edge technology, these vehicles are proving popular with consumers who are making the shift to greener alternatives. But it’s not just the revenue that’s impressive; BYD also posted a record net profit of 40.3 billion yuan, up 34% from the previous year.
This impressive performance solidifies BYD’s position as a major player in the global EV race, but it’s in China’s New Energy Vehicle (NEV) sector where the company is truly making its mark. With NEV penetration in China forecasted to hit 75% by 2025, BYD stands to benefit from the rising demand for eco-friendly vehicles and government incentives that support their growth.
As the global EV market heats up, BYD’s ability to innovate and expand across both the electric and hybrid vehicle segments gives it a competitive edge over Tesla and other rivals. The company’s continued success in 2024 is just the beginning, and with their strong market position in China and expanding presence globally, BYD is well-positioned to lead the charge in the electric revolution. The future looks bright for the company, as it continues to push the boundaries of what’s possible in the automotive industry.
Photo by P. L. on Unsplash
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