BANGKOK (AP) – Chinese electric car maker BYD recorded revenue of 777.1 billion yuan ($107 billion) last year as sales of batteries and hybrid vehicles increased by 40%.
The report coincided with the launch of the BYD Qin L EV sedan late Monday. This is a medium-sized model similar to Tesla’s Model 3, but slightly more than half the price. Tesla’s revenues in 2024 were nearly $97.7 billion.
Last year, BYD’s net profit was around 40 billion yuan ($5.6 billion), an increase of 34% from the previous year.
Last week, the company announced it was rolling out an ultra-fast EV charging system that it says is about as fast as it’s full of pumps.
BYD’s Hong Kong-traded stock fell 3.2% on Tuesday despite a bright earnings report.
Lion’s share of nearly 80% of BYD’s sales last year was related to the automotive business. BYD reported that it sold around 4.3 million purely electric and hybrid vehicles last year.
Almost 29% of the company’s sales rose slightly from 27% in China’s largest markets, including Hong Kong and Taiwan last year.
Automakers have rapidly expanded their exports, but have yet to try to sell in the US. US President Donald Trump has pledged to raise tariffs on automobile imports. BYD faces 17% tariffs on EVS’ exports to the European Union.
Original issue: March 25th, 2025, 12:47pm EDT
