Chinese EV giant BYD outpaces Tesla with annual sales of more than $100 billion
In a filing published Monday, BYD posted a 29% increase in revenue from the previous year, bolstered by sales of its hybrid vehicles. This figure exceeded the $97.7 billion annual revenue reported by Elon Musk 's Tesla.
Wang Chuanfu, chairman and president of BYD, hailed the firm's 'rapid development' in 2024, noting the company became the first automaker globally to reach the milestone of rolling out 10 million new energy vehicles in November.
'BYD has become an industry leader in every sector from batteries, electronics to new energy vehicles, breaking the dominance of foreign brands and reshaping the new landscape of the global market,' Wang said in a statement.
The filing comes shortly after BYD announced a new battery technology that it claims can charge EVs almost as quickly as it takes to fill a gasoline car.
The automaker said last week that it's new so-called Super e-Platform will allow cars that use the technology to achieve 400 kilometers (roughly 249 miles) of range with just five minutes of charging. CNBC could not independently verify these claims.
Analysts hailed BYD's new battery platform as ' out of this world ' and suggested the development could lead to a profound change of behavior among EV owners.
Hong Kong-listed shares of BYD have rallied 46% year to date.
Shares of Tesla, meanwhile, have tumbled more than 31% so far this year, amid rising consumer boycotts and plummeting demand globally driven in part by Musk's rise as a hard-line conservative political figure.
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Scroll down for more on that. *** US, China extend tariff truce by 90 days, staving off surge in duties *** South Korea, Vietnam leaders pledge deeper ties amid trade challenges *** Japanese investors dump foreign stocks, pile into bonds in July as yen weakens *** Fistful of dollars and rice for Vietnam farmers displaced for $1.5 billion Trump golf club *** Bangladesh dengue deaths top 100, August could be worse DEFIANCE AHEAD OF D-DAY August 15 this year will be of extra significance for India. Not only will the nation be celebrating its 79th Independence Day from British rule, but also it may well learn on that day about its short-term economic well-being when Trump meets his Russian counterpart Vladimir Putin to discuss the future of the war in Ukraine. A peace deal could help ease U.S. pressure on India, which the Trump administration accused of financing the war through its oil purchases. 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