BYD Achieves Record Revenue, Surpassing Tesla in Electric Vehicle Market
BYD reported a record annual revenue of 777.1 billion yuan ($107.2 billion) for 2024, surpassing Tesla’s $97.7 billion. The company’s net profit reached 40.3 billion yuan, indicating significant financial growth. BYD also introduced advanced battery technology enabling rapid charging capabilities, enhancing its competitive edge in the electric vehicle market.
In a recent stock filing, Chinese car manufacturer BYD announced a remarkable increase in annual revenue, surpassing $100 billion and outperforming Tesla in the process as it continues to expand internationally. As a dominant force in China’s electric vehicle industry, the largest in the world, BYD reported a substantial revenue of 777.1 billion yuan (approximately $107.2 billion) for 2024, marking a 29 percent increase from the previous year.
Tesla’s previously reported revenue for 2023 was $97.7 billion, which BYD has now eclipsed. Furthermore, BYD’s net profit reached an impressive 40.3 billion yuan, reflecting a 34 percent increase from 2023 and setting a new record. This growth is indicative of BYD’s robust performance against the competitive backdrop of the electric vehicle market.
Additionally, BYD’s stock price recently peaked after the announcement of new battery technology. This advanced charging system reportedly enables vehicles to travel up to 470 kilometers (approximately 292 miles) with just a five-minute charge. BYD’s latest battery and charging technology features speeds of 1,000 kW, significantly outperforming Tesla’s Superchargers, which currently operate at 500 kW.
BYD’s record annual revenue and significant profit growth illustrate its dominance in the electric vehicle sector, particularly as it expands its international presence. The introduction of groundbreaking battery technology further cements BYD’s position as an innovative leader, outperforming established competitors like Tesla. As the market evolves, BYD’s advancements are likely to shape the future of electric mobility.
Original Source: www.ndtv.com
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