Chinese electric vehicle giant BYD exceeded the $100 billion threshold in dollar-based sales by 2024, surpassing American Tesla for the first time.

The China-based electric vehicle manufacturer BYD disclosed its financial results for the October-December period of last year and the entirety of 2024. Accordingly, the company’s revenues in the October-December period increased by 52.7% compared to the same period of the previous year, reaching 274.9 billion yuan ($38 billion). BYD’s net profit during the same period also increased by 73.1% to 15 billion yuan ($2.1 billion) compared to the previous year. In total for the last year, the company’s revenues saw a 29% increase compared to 2023, reaching 771.1 billion yuan ($107 billion). During the same period, the Chinese manufacturer’s net profit increased by 34% to 40.3 billion yuan ($5.4 billion).

SURPASSING TESLA BYD’s dollar-based revenues exceeding $100 billion last year and overtaking Tesla for the first time has drawn attention. Tesla had achieved $97.7 billion in revenue last year. While delivering 4.27 million vehicles (fully or partially electric) last year, BYD estimates it will sell between 5 to 6 million vehicles this year. BYD, which announced a $1 billion investment in Turkey, was leading a prolonged price war with aggressive discounts on its best-selling electric car models. The Chinese manufacturer is also contributing to deepening the price battle by offering affordable models in China.

SHARES INCREASED BY 51% BYD, competing with Tesla, attracted attention for the approximately 51% increase in its shares this year. The market value of BYD, founded by Chinese billionaire Wang Chuanfu, surpassed $162 billion on March 18, exceeding the combined value of Ford ($39.4 billion), General Motors ($49 billion), and Volkswagen ($66 billion). PLANS FOR FACTORY IN HUNGARY According to reports in the German press, after facing difficulties as a supplier in Germany, BYD is considering establishing a factory with a production capacity of 500,000 vehicles also in Hungary following the plans to set up one in Turkey. Moreover, BYD has been announcing significant technological innovations in electric vehicles in recent months.

INTRODUCING NEW CHARGING TECHNOLOGY The company had announced the “Super e-Platform” technology on March 18, enabling electric vehicles to be charged almost as quickly as refueling a conventional car. Tests with the new Han L model had shown that with this fast charging system, the battery could be charged up to a range of 470 kilometers in just five minutes. Analysts noted that with this new product, BYD is aiming to eliminate one of the biggest obstacles to the adoption of electric vehicles, emphasizing that higher charging speeds offer customers a clearer path from internal combustion engines to electric vehicles.