Core Viewpoint - BYD has surpassed Tesla in revenue, achieving over 107.2 billion) for 2024, marking a 29% increase from the previous year and exceeding Tesla's revenue of $97.7 billion [3][4]. - The company's net profit reached 40.3 billion yuan, a 34% increase from 2023, with a record net profit of 15 billion yuan in the final quarter of the year [4][5]. - Vehicle sales surged to nearly 4.3 million units in 2024, reflecting an increase of over 40% year-on-year [5]. Market Expansion - BYD is focusing on the European market with plans to introduce a new compact electric model and advanced charging capabilities [3][9]. - Monthly sales in February 2025 jumped 161% to 318,000 units, significantly outpacing Tesla's sales decline during the same period [6]. Technological Advancements - The company unveiled new battery technology capable of charging vehicles in the same time as refueling gasoline cars, with peak charging speeds of 1,000 kilowatts [8]. - The new "Super e-Platform" allows vehicles to travel up to 470 kilometers (292 miles) after just a five-minute charge, outperforming Tesla's Superchargers [8]. Competitive Landscape - BYD's growth comes at a difficult time for Tesla, whose sales in Europe have declined due to political controversies surrounding CEO Elon Musk [4][9]. - The company has launched extensive advertising campaigns and opened new showrooms across Europe to bolster its presence [9]. Regulatory Environment - EU authorities are investigating potential unfair subsidies provided by the Chinese government for BYD's first European factory in Hungary [11]. - The geopolitical landscape, including trade tensions between China and Western nations, poses challenges for BYD's global ambitions [9][12].
Chinese EV giant BYD surpasses rival Tesla with record 2024 revenue