BYD’s (BYDDY+5.61%) stock jumped almost 6% after the Chinese electric vehicle maker’s sales and profit for 2024 topped expectations, overtaking Tesla (TSLA+9.84%) in revenue.
The company’s full-year revenue jumped 29% from 2023 to 777 billion yuan ($107 billion). Its chief U.S. rival, Tesla, recorded revenue of $97.7 billion.
BYD’s profit gained 34% year over year to 40.3 billion yuan ($5.6 billion), topping the StreetAccount consensus but falling short of Tesla’s $7.1 billion. BYD’s net profit margin widened to 5.2% from 5.0%.
BYD has entered more than 70 countries and regions, selling 1.76 million battery EVs last year. In total, it sold 4.27 million new energy vehicles — including hybrids — in 2024, well above its 3.6 million goal. That makes it the sixth-biggest automaker in the world by unit sales, beating out Honda Motor Co. (HMC-0.07%)
Tesla reported 1.79 million EV sales in 2024, down slightly from 1.81 million a year earlier, despite a record-breaking fourth quarter. It was the company’s first annual sales decline in years.
BYD’s strong performance may continue as the Chinese automaker continues to develop its business. Global EV sales grew 50% year-over-year last month to 1.2 million units, with about a quarter of those in China, according to data compiled by Rho Motion. BYD’s NEV sales gained 164% year-over-year to 87,473 units.
“Much of the growth continues to come from China which [is] seeing a pure electric renaissance this year compared to the hybrid love affair of 2024,” said Rho Motion data manager Charles Lester. “Despite high tariffs, their domestic brand, BYD, shows no signs of slowing down their home and international expansion.”
BYD last week said it had developed what it calls the “Super e-Platform,” which it claims can deliver enough power to some of its vehicles to travel 292 miles within just five minutes, a tad longer than it takes to fill up a tank of gas. That outperforms rival options from rivals Tesla, Zeekr (GELYF-0.67%) and Li Auto (LI-0.87%).
Chairman Wang Chuanfu told Bloomberg News that BYD plans to set up 4,000 charging stations, although he didn’t specify a timeline. China is already home to more than 2,000 Tesla charging stations and Nio’s (NIO-2.66%) extensive network of almost 2,700 fast-charging stations.
BYD said last month it would include a “God’s Eye” feature, which includes autonomous overtaking on roads and other features, in all of its vehicles. Most rivals, including Tesla, charge extra for similar options. The Chinese company is also working with Uber on autonomous vehicles.
—With reporting by Josh Fellman
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