BYD’s sales last year surpassed the $100 billion mark, leapfrogging Elon Musk’s Tesla, as the Chinese auto giant wowed consumers with a range of electric and hybrid cars packed with high-tech features.
Shenzhen-based BYD reported revenue of 777 billion yuan ($107 billion) for the 12 months ended Dec. 31, up 29%, according to a filing late Monday, beating estimates for 766 billion yuan. Tesla’s 2024 revenue was $97.7 billion. The Chinese EV maker’s net income rose 34% to 40.3 billion yuan, beating analyst estimates for 39.5 billion yuan.
BYD shares fell as much as 2.3% in early Hong Kong trading Tuesday. Even so, the stock is up around 48% this year and last week hit a record high.
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