China’s BYD beat estimates after sales topped the $100 billion mark for the first time last year. Even with lower-priced vehicles, China’s largest EV maker’s revenue climbed nearly 30%, enough to beat out Tesla. With a slate of new luxury models, SUVs, electric supercars, and smart technology rolling out, 2025 could be even bigger.
BYD closes out record 2024 with over $100 billion in sales
BYD set all kinds of records in the fourth quarter and the full year in 2024. In a filing on Monday, BYD announced 2024 revenue reached 777.1 billion yuan, or about $107 billion.
Despite undercutting rivals in China’s ongoing EV price war and launching several lower-priced models, BYD’s revenue was up 29% compared to 2023. In comparison, Tesla reported 2024 revenue of $97.7 billion, up 1% year-over-year (YOY)
In the last three months of 2024, BYD’s revenue hit a record 274.85 billion yuan ($38 billion), up 53% from the year prior. Fourth quarter net income reached 15.02 billion yuan ($2.07 billion), up 52% YOY and another record.
BYD’s impressive performance was largely due to a record-breaking 1.5 million new energy vehicle (PHEV and EV) sales in Q4.
Although Tesla held its lead with 1.79 million EVs delivered in 2024 (compared to BYD’s 1.76 million EV sales), BYD slipped past Tesla with 1.778 million EVs produced.
Although BYD’s gross margins slipped from 21.9% in Q3 2024 to 17% in the fourth quarter, auto sales held a 22.3% gross profit margin for the entire year.
Even more growth on the way?
After dominating its home market, China’s largest EV maker is now aggressively expanding overseas to drive growth. BYD is now considering a third manufacturing plant in Europe. This time, it has its eyes on Germany, the heart of Europe’s auto industry and home to Volkswagen, Mercedes-Benz, and BMW.
According to S&P Global Mobility, BYD’s sales are poised to double in 2025 to around 186,000. Over the next four years, that number could reach 400,000 as the company introduces a full lineup.
And that’s just Europe. BYD is already a leading EV brand in overseas markets like Brazil, Mexico, Thailand, and other parts of Southeast Asia.
With new smart tech rolling out and its recently revealed 1000V Super E fast charger, BYD could put up even bigger numbers over the next few years.
BYD’s stock hit an all-time high last week on the Hong Kong Stock Exchange (HKEX) after surging nearly 100% over the past 12 months. BYD shares are up over 55% in 2025 alone.
Source: Bloomberg, BYD
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