Chinese EV maker surpasses $100B in sales for 1st time, overtaking Tesla

BERLIN

Chinese-based electric vehicle manufacturer BYD's sales exceeded the $100 billion threshold for the first time, surpassing its US rival Tesla.

The Chinese company's revenues soared 52.7% last October-December period from the same period the previous year, reaching 274.9 billion yuan ($38 billion), it said in a statement on Monday.

BYD's net profits in the same period shot up 73.1% year-on-year to 15 billion yuan ($2.1 billion).

For the whole of 2024, the firm's revenues jumped 29% compared to 2023, reaching 771.1 billion yuan ($107 billion).

In the same period, the Chinese manufacturer's net profit was at 40.3 billion yuan ($5.4 billion), up 34%.

With these figures, BYD's dollar revenues exceeded $100 billion last year, surpassing Tesla for the first time; Tesla's revenues last year were at $97.7 billion.

Tesla since the start of 2024 has also faced declining sales in the US and Europe, largely due to controversy over owner Elon Musk’s political stances.

BYD last year delivered 4.27 million vehicles (fully or partially electric) and estimates that it will sell some 5-6 million vehicles this year.