Record Turnover of $107.2 Billion
- BYD, the Chinese electric vehicle giant also involved in battery production, buses, electric trains, and renewable energy, reported a profitable 2024 with record turnover.
- BYD is solidifying its position as a key player in the global automotive change.
- BYD's strength lies in its ability to combine high-volume production with technological innovation, supported by 900,000 employees, including 110,000 engineers.
BYD Achieves record Turnover and Profit in 2024
BYD, the Chinese electric vehicle giant also involved in battery production, buses, electric trains, and renewable energy, reported a profitable 2024 with record turnover. The Shenzhen-based company announced a turnover of 777.1 billion yuan (USD 107.2 billion) for the year, surpassing Tesla’s reported USD 97.7 billion for the same period. Net profit reached 40.25 billion yuan (USD 5.55 billion).
BYD is solidifying its position as a key player in the global automotive change. The company’s growth extends beyond comparisons with Elon Musk’s Tesla. With 1.76 million pure electric vehicle sales and plug-in hybrid models, BYD’s total deliveries reached 4.27 million units in 2024, rivaling established automakers like Ford.
BYD’s strength lies in its ability to combine high-volume production with technological innovation, supported by 900,000 employees, including 110,000 engineers. The company recently introduced a charging ecosystem capable of restoring 400 kilometers of range in just 5 minutes and has integrated advanced driver-assistance systems into its more affordable models. This strategy appeals to a broad audience, from families to tech enthusiasts.
Comparison with Tesla
Investors have responded positively to BYD’s performance, driving its shares to record highs with a 51% increase on the Hong Kong stock exchange.The company aims to sell between 5 million and 6 million vehicles in 2025, with sales already up 93% compared to the previous year.
While Tesla maintains a higher market capitalization at approximately USD 800 billion compared to BYD’s USD 157 billion, BYD’s growth trajectory appears strong. Although Tesla reported higher profits of USD 7 billion in 2024, a 53% decrease from the previous year, BYD’s growth is considered by some analysts to be unstoppable.
BYD: Your Top Questions Answered
what is BYD?
BYD (Build Your Dreams) is a Chinese electric vehicle (EV) manufacturer and battery production company. it’s also involved in buses, electric trains, and renewable energy. BYD is based in Shenzhen, China.
How Did BYD Perform in 2024?
BYD had a record year in 2024,with impressive financial results. Key highlights include:
Record Turnover: The company achieved a turnover of 777.1 billion yuan (USD 107.2 billion). This surpassed Tesla’s reported USD 97.7 billion for the same period.
Net Profit: BYD’s net profit reached 40.25 billion yuan (USD 5.55 billion).
Vehicle Deliveries: BYD’s total deliveries reached 4.27 million units in 2024, including 1.76 million pure electric vehicles and plug-in hybrid models.
How Does BYD Compare to Tesla?
BYD and Tesla are key players in the EV market. Here’s a comparison:
Turnover: BYD’s turnover in 2024 exceeded Tesla’s.
Profit: Tesla’s profit in 2024 was higher at USD 7 billion, but saw a 53% decrease from the previous year. BYD’s profit was USD 5.55 billion.
Market Capitalization: Tesla maintains a higher market capitalization (approximately USD 800 billion) compared to BYD (USD 157 billion).
Growth Trajectory: BYD’s growth is considered strong, with some analysts describing it as “unstoppable”.
Key Takeaways: BYD vs.Tesla (2024 Performance)
| Feature | BYD (2024) | Tesla (2024) |
| :——————- | :——————- | :——————— |
| Turnover | USD 107.2 billion | USD 97.7 billion |
| Net Profit | USD 5.55 billion | USD 7 billion |
| Vehicle Deliveries | 4.27 million units | N/A |
| Market Capitalization | USD 157 billion | USD 800 billion |
What are BYD’s Future Plans?
BYD has ambitious goals for 2025, including:
Sales Targets: The company aims to sell between 5 million and 6 million vehicles in 2025.
Sales Growth: Sales are already up 93% compared to the previous year.
What Technological Innovations Has BYD Introduced?
BYD is focused on combining high-volume production with technological innovation, supported by a workforce of 900,000 employees, including 110,000 engineers. Recent innovations and features include:
Charging Ecosystem: The company recently introduced a charging ecosystem capable of restoring 400 kilometers of range in just 5 minutes.
* Advanced Driver-Assistance Systems: Advanced driver-assistance systems have been integrated into more affordable models.