Chinese automaker BYD reported annual revenue of 777 billion yuan (approximately $107 billion) for 2024, a 29% increase from the previous year. The rise was attributed in part to strong sales of hybrid vehicles. The total surpassed Tesla’s reported 2024 revenue of $97.7 billion.
In a company filing released Monday, BYD Chairman and President Wang Chuanfu stated that the company experienced significant growth over the past year. In November, BYD became the first automaker to produce 10 million new energy vehicles, a category that includes battery-electric and plug-in hybrid models.
The company recently announced a new battery platform it calls the “Super e-Platform.” BYD claims the platform enables vehicles to reach 400 kilometers (approximately 249 miles) of range with five minutes of charging. Independent testing or third-party verification of these claims has not yet been provided.
Shares of BYD listed in Hong Kong have increased 46% since the beginning of the year. In contrast, shares of Tesla have declined more than 31% over the same period.
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