Chinese electric vehicle giant BYD achieved a milestone by surpassing $100 billion in dollar-based sales for the year 2024, leaving behind American Tesla.

The China-based electric vehicle manufacturer released its financial results for the October-December period of last year and the entire 2024. During this period, the company’s revenues surged by 52.7% to reach 274.9 billion yuan (38 billion dollars) compared to the same period the previous year. BYD’s net profit during the same period also increased by 73.1% to 15 billion yuan (2.1 billion dollars). Throughout the entire last year, the company’s revenues reached 771.1 billion yuan (107 billion dollars), marking a 29% increase compared to 2023. At the same time, the Chinese manufacturer’s net profit rose by 34% to 40.3 billion yuan (5.4 billion dollars).

LEAVING TESLA BEHIND BYD’s dollar-based revenues exceeded $100 billion last year, surpassing Tesla for the first time. Tesla had earned $97.7 billion in revenue during the previous year. BYD delivered 4.27 million vehicles (fully or partially electric) last year and estimates selling between 5 to 6 million vehicles this year. BYD also announced a $1 billion investment in Turkey and led a long-lasting price war by offering aggressive discounts on their best-selling electric car models. The Chinese manufacturer is contributing to deepening the price battle by offering inexpensive models in China.

SHARES INCREASED BY 51% The significant increase of approximately 51% in BYD’s shares this year, competing with Tesla, caught attention. 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). FACTORY PREPARATION IN HUNGARY Recent reports in the German press indicate that BYD, having difficulties establishing itself as a supplier in Germany, is considering building a factory with a production capacity of 500,000 vehicles in Hungary after planning to establish one in Turkey. Additionally, BYD has recently announced significant technological innovations in electric vehicles.

ANNOUNCED NEW CHARGING TECHNOLOGY The company unveiled the “Super e-Platform” technology on March 18, allowing electric vehicles to be charged almost as quickly as refueling a regular car. In tests conducted with the new Han L model, the new battery was charged up to 470 kilometers of range in just five minutes using the rapid charging system. Analysts noted that with this new product, BYD aims to eliminate one of the biggest obstacles to the adoption of electric vehicles, emphasizing that the higher charging speed provides customers with a clearer path from internal combustion engines to electric vehicles.