Chinese electric vehicle manufacturer BYD posted record financial results for 2024, surpassing rival Tesla in annual revenue as it accelerates efforts to dominate the global EV market. The Shenzhen-based company reported revenue of 777.1 billion yuan ($107.2 billion), a 29% year-over-year increase, according to a filing released Monday at the Shenzhen stock exchange.
The figure eclipsed Tesla's previously reported 2024 revenue of $97.7 billion and exceeded Bloomberg's forecast of 766 billion yuan. BYD's net profit rose 34% to 40.3 billion yuan, marking its highest annual profit to date.
The company also announced plans to distribute a cash dividend of 39.74 yuan per ten shares, underscoring confidence in its continued growth trajectory.
BYD delivered 4.27 million vehicles in 2024, up more than 40% from the prior year. Monthly sales surged 161% in February alone, with 318,000 units sold, while Tesla reported a decline in the same period. BYD is forecasting vehicle sales between five to six million units in 2025, buoyed by a 93% increase in deliveries during the first two months of the year, totaling 623,300 units.
The company's aggressive expansion into international markets is a key driver behind its surging revenue. BYD has intensified its push into Europe, unveiling new compact electric models equipped with advanced battery technologies designed to compete directly with European and U.S. brands. Its latest innovation, the "Super e-Platform" battery, enables charging speeds of up to 1,000 kilowatts, allowing vehicles to travel up to 470 kilometers (292 miles) after a five-minute charge. Tesla's Superchargers currently offer 500 kilowatts.
Vice President Stella Li told AFP last week that "registration numbers will jump" in Europe during March and April, citing increased advertising efforts and the opening of new showrooms across the continent. BYD notably sponsored last year's European Football Championships as part of its marketing strategy.
However, BYD's global ambitions come amid rising geopolitical headwinds. European Union authorities have launched an investigation into potential unfair subsidies tied to BYD's first European factory in Hungary, scheduled to begin production later this year. Li stated the company will be "very transparent" and willing to cooperate with any inquiry.
Additionally, U.S. President Donald Trump has implemented new tariffs on Chinese imports, building on previous restrictions from the Biden administration targeting Chinese technology in smart vehicles.
