In a remarkable financial milestone, BYD has reported record revenues of 777.1 billion yuan (approximately $107 billion) for the year 2024, marking the first time the company has surpassed the $100 billion threshold.
This achievement highlights a significant 29% increase from the previous year, positioning BYD ahead of its primary competitor, Tesla, which saw a modest revenue growth of 1% to $97.7 billion during the same period.
The fourth quarter of 2024 proved to be exceptionally fruitful for BYD, with revenue reaching 274.85 billion yuan ($38 billion), a staggering 53% leap year-over-year.
Tesla continued to lead in EV deliveries with 1.79 million units sold
This surge was driven largely by the sale of 1.5 million new energy vehicles (NEVs) in the quarter, which translates to a dramatic growth trajectory as the company expands its production capabilities.
Although Tesla continued to lead in EV deliveries with 1.79 million units sold, BYD outpaced Tesla in production, manufacturing a total of 1.778 million vehicles. However, the company’s gross profit margins have faced pressure, declining from 21.9% in Q3 to 17% in Q4 2024, reflecting an intense price competition in the EV market.
Looking ahead, BYD is aggressively expanding its global footprint, exploring the establishment of a new manufacturing plant in Germany, the heart of Europe’s automotive sector.
Additionally, the company is positioned as a dominant EV brand in emerging markets including Brazil and Mexico, with sales projected to double in 2025 to approximately 186,000 vehicles.
Reflecting its strong performance, BYD’s stock recently hit an all-time high on the Hong Kong Stock Exchange, surging nearly 100% over the past year. With ambitious plans for new luxury models, electric supercars, and cutting-edge smart technology, BYD’s potential for growth in the coming years appears promising.