China's BYD posts record annual revenue, beats Tesla

Chinese carmaker BYD saw a surge in revenue last year, a stock filing showed Monday, surpassing the $100 billion mark and beating rival Tesla as the Shenzhen-based firm accelerates its overseas expansion.

BYD has emerged in recent years as the clear leader in China's highly competitive electric vehicle market, which is the largest in the world.

The country's automotive champion recorded 777.1 billion yuan ($107.2 billion) in revenue for 2024, eclipsing the $97.7 billion in revenue last year announced previously by Tesla.

BYD's figure represented a 29 percent increase from 2023 and was higher than a Bloomberg forecast of 766 billion yuan.

The firm's net profit last year amounted to 40.3 billion yuan, up 34 percent from 2023 and reaching a record high.

The firm's stock price also reached an all-time peak this month, after it unveiled new battery technology that it said allows a vehicle to travel up to 470 kilometers (292 miles) after charging for just five minutes.

BYD says its newest battery and charging system boasts speeds of 1,000 kW, ahead of Tesla's Superchargers, which currently offer speeds of 500 kW.