Chinese electric vehicle maker BYD reported a remarkable annual revenue of 777 billion yuan ($107 billion) for 2024, outpacing Tesla's $97.7 billion mainly due to increased hybrid vehicle sales. The company's strategy includes launching competitively priced models, such as the new Qin L, targeting price-sensitive consumers amid economic difficulties. In 2024, BYD sold 4.3 million vehicles globally, including hybrids, closely trailing Tesla's EV sales. The firm also unveiled advanced battery charging technology, enhancing its competitive edge over Tesla.
The annual revenue of Chinese EV maker BYD soared to 777 billion yuan, surpassing Tesla's $97.7bn, largely driven by hybrid vehicle sales.
BYD's new model, the Qin L, is priced significantly lower than Tesla's Model 3, addressing consumer demand in a challenging economic landscape.
While BYD sold around 1.76 million EVs last year, its inclusion of hybrid sales brings the total to 4.3 million vehicles globally, reinforcing its market strength.
Technological advancements are also a focal point for BYD, with new charging capabilities announced that could charge an EV in five minutes, outpacing Tesla's supercharger.
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