BYD’s sales exceeded $100 billion last year, overtaking competitor Tesla, as the Chinese automaker impresses consumers with a variety of high-tech electric and hybrid vehicles.
The Shenzhen-based company reported revenue of 777 billion yuan ($107 billion) for the year ending December 31, marking a 29% increase from the previous year. Tesla, founded by Elon Musk, revealed its 2024 revenue was $97.7 billion. BYD’s net profit soared by 34% to 40.3 billion yuan ($5.6 billion), surpassing analysts’ expectations of 39.5 billion yuan.
During a briefing in Hong Kong on Tuesday, chairman and founder Wang Chuanfu updated the company’s sales target for 2025, stating that BYD aims to sell approximately 5.5 million vehicles this year, which includes 800,000 units for export. This is a more precise goal than the previous range of 5-6 million vehicles, which included an estimated one million units for international markets.
BYD shares experienced a decline of up to 4.1% in Hong Kong trading on Tuesday, though the stock is still up 46% this year and recently reached a record high.
In the fourth quarter of 2024, BYD reported a net profit of 15 billion yuan, reflecting a 73% year-on-year increase, on sales of 275 billion yuan. Analysts at Citibank and Morgan Stanley noted that these results aligned with forecasts.
“This was a strong performance with very high earnings quality,” commented Citi analyst Jeff Chung.
BYD has rapidly ascended to the forefront of China’s automotive industry, which is the largest and most competitive market for electric vehicles globally. This year, BYD has launched a new ecosystem that allows EVs to charge for 400 kilometers in just five minutes and has integrated advanced driver assistance technology into even its entry-level models.
While BYD sold a comparable number of EVs as Tesla—1.76 million in 2024 compared to 1.79 million—its overall sales, including hybrid vehicles, significantly outpaced Tesla’s. BYD’s total deliveries for last year reached 4.27 million, nearly matching Ford’s performance.
The company has made a robust start in 2025, with first two months’ sales soaring 93% year-on-year to 623,300 units.
Cathie Wood, founder of ARK Investment Management and a long-time Tesla supporter, remarked that the U.S. automaker remains competitive with BYD, expressing enthusiasm for the upcoming launch of a low-cost model. “We are looking at BYD cars, and they are impressive in terms of fit, finish, and design,” she said during a Bloomberg TV interview in Hong Kong on Tuesday.
However, Tesla still leads in market valuation, valued at around $800 billion, despite a 38% drop in share price this year. In contrast, BYD has a market capitalization of approximately $157 billion.
Tesla’s net profit last year was $7.6 billion, indicating it also generates more absolute profit than BYD.
The recent decline in Tesla’s shares has been partially attributed to rising public concern over Elon Musk’s influence as President Donald Trump’s chief supporter and cost-cutter.
While Tesla faces declining shipments in China, a trend that has persisted for five consecutive months year-on-year, BYD is thriving. China remains BYD’s largest market, where it holds a nearly 15% share of total passenger car sales, including new-energy vehicles.
BYD has yet to enter the U.S. passenger car market due to tariffs on vehicles made in China but has successfully expanded into European markets, as well as Singapore, Thailand, and Australia.
Chairman Wang stated the company intends to continue enhancing research and development and improve product competitiveness, particularly focusing on growth outside of China. He emphasized that Chinese auto brands are no longer just followers in the age of intelligent vehicles, positioning themselves as leaders, and collaborating with domestic brands to pursue global expansion and elevate their value proposition.
