BYD surpasses Tesla with $107 billion in annual sales, leading EV market and unveiling groundbreaking battery technology.

In Short

BYD’s annual revenue of 777 billion yuan for 2024 surpasses Tesla’s, driven by strong hybrid vehicle sales. The company has introduced groundbreaking battery technology, potentially revolutionising electric vehicle charging and positioning itself as a leader in the automotive market.

Chinese automaker BYD has reported annual revenue of 777 billion yuan, equivalent to $107 billion for 2024. This achievement surpasses that of U.S. competitor Tesla, which reported annual revenue of $97.7 billion.

BYD’s revenue increase of 29% from the previous year is attributed to strong sales of its hybrid vehicles.

Wang Chuanfu, BYD’s chairman, commented on the company’s swift growth, highlighting its status as the first automaker to roll out 10 million new energy vehicles by November.

He noted that BYD is now a leader in batteries, electronics, and new energy vehicles. This marks a significant shift in the global market, challenging established foreign brands.

In a recent announcement, BYD introduced a new battery technology claiming to enable electric vehicles to charge almost as fast as refuelling a petrol car.

The company’s Super e-Platform is reported to allow vehicles to achieve approximately 249 miles of range with just five minutes of charging.

Analysts have described BYD’s new battery platform as groundbreaking, suggesting that it could significantly alter consumer behaviour regarding electric vehicle ownership.

As competition in the electric vehicle sector intensifies, BYD’s advancements position it strongly against Tesla and other rivals in the industry.

The developments signal an important moment in the evolution of electric vehicles, with potential implications for the future of automotive technology.