Tesla's China rival BYD's sales surged 29% last year, topping $100B
BYD (1211.HK) capped off a strong 2024 with positive results as Tesla's main rival in China sets up for another big year.
BYD's full year jumped 29% to 777 billion yuan ($107 billion) vs. 776 billion yuan estimated, crossing $100 billion in sales for the first time. Net income rose 34% to 40.3 billion yuan ($5.56 billion), topping the 39.5 billion yuan ($5.5 billion) estimated, per Bloomberg consensus.
BYD stock trading in Hong Kong closed up 3% on Monday, with shares up a whopping 50% year to date.
BYD's success in 2024 comes as Tesla, the EV leader, saw sales drop for the first time. BYD's total deliveries hit 4.27 million compared to Tesla's 1.79 million, though this is a mix of hybrid and battery electric vehicles (BEV). BYD sold 1.76 million BEVs globally last year.
In China, BYD's home market and a crucially important one for Tesla, BYD sales continually topped Tesla and stretched that lead over the year and into 2025.
BYD's prowess in building cheaper cars — its Seal EV costs around $12,000 — and advancing technology like its "God's Eye" self-driving software has made the company's cars a compelling option in China's highly competitive auto market.
Over the weekend, BYD launched a new sedan, dubbed the Qin L, that would take on Tesla's Model 3. The Qin L features the God's Eye self-driving feature, has a range of 545 kilometers (approximately 340 miles), and would start at 119,800 yuan ($16,524), or half the cost of the Model 3.
Last week, BYD also said a new battery and charging system — dubbed the Super e-Platform — can charge at peak speeds of 1,000kW, providing around 250 miles of range in just five minutes, per BYD chair and founder Wang Chuanfu.
By contrast, Tesla's fastest superchargers max out at 250kW, or a quarter of BYD's claimed feat.
BYD, whose cars are not available in the US, said it will start selling EVs with the Super e-Platform next month — and plans to add 4,000 high-power charging stations in China.
The Chinese juggernaut aims to build more vehicles around the globe with plants in Europe and South America.
Tesla's troubles thus far in 2025 — which has seen the company's stock mired in a nine-week losing streak — are tied to those competitive issues in China as well as depressed sales in the US and Europe. While the new Model Y changeover likely affected sales, the controversial politics of CEO Elon Musk has seen the Tesla brand take a hit with protests at Tesla showrooms and Tesla EV owners turning their back on the brand.
The company also faced a setback in China today, with reports that Tesla is suspending its free trial of its full self-driving (FSD) software on the mainland, pending regulatory approval.
Pras Subramanian is a reporter for Yahoo Finance. You can follow him on X and on Instagram.
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