Chinese automaker BYD has surpassed $100 billion in annual revenue, overtaking Tesla and becoming the first electric vehicle company worldwide to break the $100 billion sales barrier.
BYD announced on Monday that its annual revenue last year reached 777 billion CNY (about 107 billion USD ). This represents a 29% increase from the previous year and exceeds market expectations of 766 billion CNY (about 105 billion USD).
In comparison, Tesla’s revenue last year stood at $97.7 billion.
BYD has outpaced Tesla in sales and become the first global electric vehicle manufacturer to surpass $100 billion in annual revenue.
BYD reported that its net profit for the previous year jumped 34% year-over-year to 40.3 billion CNY (about 5.559 billion USD). This surpasses market projections of 39.5 billion CNY (about 5.449 billion USD).
Last year, BYD sold 4.27 million vehicles, including 1.76 million pure electric cars and hybrids, which is on par with U.S. automaker Ford’s sales figures.
BYD expects to sell between 5 and 6 million vehicles this year. Sales in the first two months of 2025 have surged 93% year-over-year to 623,300 units, indicating that the company is on track to meet its targets.
Recently, BYD unveiled a new battery capable of charging over 400 km (248 miles) of range in just five minutes, causing its stock to soar on the Hong Kong Stock Exchange. As a result, BYD’s shares have climbed 51% this year, bringing its market capitalization to $157 billion.