BYD is on a roll. Following surging demand for its EVs and PHEVs, the Chinese automotive behemoth has posted a 29 per cent increase in its annual revenue for the 2024 calendar year on sales of 4.27 million units; eclipsing Tesla sales of 1.79 million vehicles. 

BYD’s revenue for 2024 was 777b yuan ($A171.4b), up from 602b yuan ($A132.8b) in 2023. Tesla’s revenue in the same period was $US97.7b ($A156.3b).The company’s new energy vehicles have continued to experience “strong growth”, with sales increasing by more than 40 per cent year-on-year.

The profit attributable to the owners of BYD for the full year stood at 40.25b yuan ($A8.88b), up by 34 per cent from 30.04b yuan ($A6.6b) in 2023. The company has cash reserves of 154.9b yuan ($A34.17b).

In releasing its financials this week, BYD showed a big leap over Tesla. The result is even more dramatic given that BYD cannot sell into the US market, where Tesla is now drawing the majority of its revenue given the decline in its sales in other markets.

BYD has also kept the heat on Tesla over technology. The Shenzhen-based Chinese EV company last month unveiled a revolutionary battery charging technology that it claims adds 400km of range in five minutes, outpacing Tesla’s Superchargers which take 15 minutes to add 320km.

BYD also last month launched an advanced driver-assistance system – called ‘God’s Eye’ – to rival Tesla’s Full Self-Driving feature, at no extra cost for most of its cars.

In Australia, BYD sales are sitting at 8767 units to the end of March, up 95.6 per cent on the same period in 2024. The sales, by comparison, are only about 450 units fewer than all Volkswagen Australian sales and about 900 fewer than Subaru.BYD’s local distributor EVDirect reported sales of 40,000 units. It has been less than three years since it launched in Australia. It forecasts a further 40,000 sales this year.

Globally, in 2025 BYD plans to strengthen the independence and controllability of its core technologies and enhance product competitiveness.

In its statement released with its financial report, the company said it aimed to expand its multi-brand matrix and accelerate its overseas business expansion.

It will also focus on its handset components and assembly business, investing in core technology R&D and manufacturing innovation.

BYD anticipates rapid growth in emerging businesses such as AI data centres and AI servers, which are expected to become new growth drivers.

Recently, BYD increased its presence in Europe by entering the Serbian market, introducing a range of pure-electric and DM-i plug-in hybrid models.

The company’s first retail outlet has been established in Belgrade, with plans to open three more sales and service centres by the end of 2025.

In 2024, China’s automobile production and sales volume increased by 3.7 per cent and 4.5 per cent year-on-year to 31.282 million units and 31.436 million units respectively, according to the China Association of Automobile Manufacturers.

Founded in 1995 by Wang Chuanfu in China’s megacity of Shenzhen, BYD is now the country’s top-selling car-maker.

It exports its electric taxis, buses and other vehicles to markets across Europe, South America, Southeast Asia and the Middle East.

In China, BYD accounted for 32 per cent of last year’s total sales of new energy vehicles, which include hybrids, far outpacing Tesla’s 6.1 per cent market share, according to the China Passenger Car Association. Tesla manufactures in China for markets including Australia.

BYD makes both battery-powered cars as well as hybrids, while Tesla makes only fully electric vehicles powered by batteries.