BYD reported that the Chinese manufacturer of hybrid and electric vehicles received revenue of 777 billion yuan ($107 billion) in 2024, which exceeded the revenue of Elon Musk's Tesla, which received $97.7 billion last year. This is reported by Bloomberg.
BYD's revenue was 29% higher than in 2023 and exceeded analysts' forecasts by 11 billion yuan. The Chinese electric car maker's net profit rose 34% to 40.3 billion yuan ($5.5 billion), beating analysts' estimates of 39.5 billion yuan.
Speaking to analysts in Hong Kong on Tuesday, BYD Chairman and Co-Founder Wang Chuanfu said the company aims to sell 5.5 million vehicles in 2025, including about 800,000 units overseas. The company had previously forecast sales of five to six million vehicles, including one million units for export.
Despite the strong financial results, the company's stock price fell 4.1% on Tuesday. However, if we take the whole of 2025, the stock price rose 46% and reached a record high last week.
BYD's deliveries in the fourth quarter of 2024 increased by 73% compared to the same period in 2023. The company received revenue of 275 billion yuan and 15 billion in net profit. In total, the company delivered 4.27 million cars last year, almost on par with Ford. Sales of electric cars alone amounted to 1.76 million, while Tesla's figure was 1.79 million. Deliveries in the first two months of 2025 have already exceeded 600 thousand cars, 93% more than in 2024.
However, the Chinese manufacturer still loses to Tesla in several key aspects. First of all, Elon Musk's company has a significantly higher market value, even despite a sharp drop in share price over the past few months. The American automaker is valued at $872 billion, while the Chinese company has a market value of $157 billion.
Another metric where Musk is ahead of Chinese rivals is net profit. Despite BYD's higher sales, its net profit of $5.5 billion lags behind Tesla, which is expected to earn $7.6 billion in 2024.
BYD's main market, of course, remains China, where the company has a 15% market share, and this includes not only electric vehicles but also all passenger cars. At the same time, the Chinese automaker is also trying to expand in Europe, while the US is imposing punitive tariffs on Chinese-made cars.
Last week, the Chinese automaker also introduced two new electric cars, the Han L and Tang L, which can travel 400 km after just five minutes of charging. Sales of the new electric cars will begin in April at a price of 270 thousand yuan ($37.3 thousand) and 280 thousand yuan ($38.7 thousand), respectively. On this occasion, we also recall that the BYD Song Plus is among the five most popular electric cars in Ukraine.