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BYD’s Revenue Surpasses Tesla for First Time
(MENAFN) Chinese electric vehicle manufacturer BYD has reached a major milestone, surpassing USD100 billion in sales for the first time, outstripping its US competitor, Tesla.
The firm’s revenue saw a remarkable 52.7 percent increase during the October-December period compared to the previous year, totaling 274.9 billion yuan (USD38 billion), according to a statement released on Monday.
In terms of net profits, BYD also reported a significant rise of 73.1 percent year-on-year, reaching 15 billion yuan (USD2.1 billion) for the same period.
For the full year of 2024, BYD’s revenues rose by 29 percent compared to 2023, reaching 771.1 billion yuan (USD107 billion). The company’s net profit for the year increased by 34 percent, totaling 40.3 billion yuan (USD5.4 billion).
With these results, BYD's total dollar revenue surpassed USD100 billion the previous year, exceeding Tesla for the first time, as Tesla’s revenue stood at USD97.7 billion.
Tesla has faced declining sales in both the US and Europe since the start of 2024, partly because of the controversy surrounding CEO Elon Musk’s political positions.
The firm’s revenue saw a remarkable 52.7 percent increase during the October-December period compared to the previous year, totaling 274.9 billion yuan (USD38 billion), according to a statement released on Monday.
In terms of net profits, BYD also reported a significant rise of 73.1 percent year-on-year, reaching 15 billion yuan (USD2.1 billion) for the same period.
For the full year of 2024, BYD’s revenues rose by 29 percent compared to 2023, reaching 771.1 billion yuan (USD107 billion). The company’s net profit for the year increased by 34 percent, totaling 40.3 billion yuan (USD5.4 billion).
With these results, BYD's total dollar revenue surpassed USD100 billion the previous year, exceeding Tesla for the first time, as Tesla’s revenue stood at USD97.7 billion.
Tesla has faced declining sales in both the US and Europe since the start of 2024, partly because of the controversy surrounding CEO Elon Musk’s political positions.
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