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Investing.com -- Chinese automaker BYD Co (SZ:002594). reported annual sales exceeding $100 billion, outpacing Tesla (NASDAQ:TSLA) Inc. in revenue. The company, known for its lineup of electric and hybrid vehicles equipped with advanced features, has captivated consumers, especially in its home market.
The Shenzhen-based firm reported a revenue of 777 billion yuan ($107 billion) for the year ending December 31, according to a filing on Monday, surpassing projections of 766 billion yuan. In comparison, Tesla’s revenue for 2024 was $97.7 billion. BYD also witnessed a 34% year-on-year increase in net income, reaching 40.3 billion yuan, beating the predicted 39.5 billion yuan.
BYD has rapidly ascended to the top of China’s automobile market, which is the largest and most competitive globally for electric vehicles. This year, the company unveiled a new charging system that allows EVs to charge for 400 kilometers in just five minutes. Additionally, it introduced advanced driver assistance technology across all its models. These innovations have propelled BYD’s shares to record highs, with its Hong Kong-listed stock increasing by approximately 51% this year.
In terms of electric vehicle sales, BYD sold nearly as many as Tesla, with 1.76 million units sold in 2024 compared to Tesla’s 1.79 million. However, including hybrid car sales, BYD’s total deliveries last year rose to 4.27 million, almost matching Ford Motor Co . (NYSE:F)’s numbers.
The company anticipates selling between 5 million to 6 million vehicles this year. It has already seen a strong start, with sales in the first two months of 2025 up 93% year-on-year to 623,300 units.
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