BEIJING: BYD’s sales exceeded US$100 billion (S$133.9 billion) last year, beating Tesla’s revenue of US$97.7 billion as the Chinese automaker gained ground with its electric and hybrid cars.
Bloomberg reported that the Shenzhen-based company’s revenue increased 29% to RMB777 billion (S$ 143.3 billion) for the 12 months ending Dec 31, surpassing estimates of RMB766 billion, based on a filing on Monday (Mar 24).
BYD’s net income also grew 34% year-on-year (YoY) to RMB40.3 billion, higher than analyst expectations of RMB39.5 billion.
BYD has quickly become a leader in China’s car market, the world’s largest and most competitive electric vehicle market. This year, the company rolled out a system that can charge EVs for 400 km in five minutes and equipped even its basic models with advanced driver assistance technology. Its Hong Kong-listed shares have surged by about 51% this year as investors responded positively to its growth.
In 2024, BYD sold 1.76 million electric vehicles, close to Tesla’s 1.79 million. However, when including hybrid cars, BYD’s total deliveries reached 4.27 million, putting it on par with Ford Motor.
In the third quarter (Q3) of 2024, BYD surpassed Tesla in quarterly revenue for the first time.
BYD expects to sell between five million to six million vehicles this year. The company is already off to a strong start, with 623,300 units sold in the first two months of 2025, up 93% from the same period last year.
Tesla still holds an advantage in market valuation at about US$800 billion despite a 38% drop in its share price this year. BYD’s market capitalisation is much lower, at around US$157 billion. Tesla also earned more last year, with a net income of US$7.6 billion.
However, while Tesla is losing ground in China — with shipments declining for the past five consecutive months on a YoY basis — BYD is gaining. China remains BYD’s biggest market, holding nearly 15% of the share, not just for new-energy vehicles but for passenger cars overall.
While BYD has not entered the US passenger car market due to high tariffs on Chinese-made vehicles, it has gained a strong foothold in Europe, Singapore, Thailand, and Australia.
In 2024, it became Singapore’s top-selling car, beating Toyota, Tesla, Mercedes-Benz, and BMW.
BYD chairman and founder Wang Chuanfu said the company plans to invest more in research and development to stay competitive, especially as it aims to expand beyond China. He added that Chinese automakers are “no longer merely followers” but are now “daring” to be first in the world while working with local brands to expand globally and move up the value chain.
Commenters online have been saying that the Chinese EV company will soon beat Tesla, with one stating, “BYD will wipe off Tesla.” Another commenter added that BYD could easily outperform Tesla “if they weren’t blocked by protectionists in the USA” as it’s cheaper and great in quality. /TISG
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