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BANGKOK (AP) — Chinese electric vehicle maker BYD logged a
record 777.1 billion yuan ($107 billion) in revenue last year as
its sales of battery electric and hybrid vehicles jumped 40%.
The report late Monday coincided with BYD’s launch earlier this
week of its Qin L EV sedan, a mid-sized model similar to Tesla's
Model 3 but at just over half the price. Tesla’s 2024 revenue
was nearly $97.7 billion.
BYD’s net profit last year was about 40 billion yuan ($5.6
billion), up 34% from the year before.
Last week, the company announced it was rolling out a super fast
EV charging system that it says is nearly as quick as a fill up
at the pumps.
BYD’s Hong Kong-traded shares fell 3.2% on Tuesday, despite its
upbeat earnings report.
The lion's share, nearly 80%, of BYD's sales last year were
related to its automotive businesses. BYD reported it sold about
4.3 million pure electric and hybrid vehicles last year.
Nearly 29% of the company's sales were in markets outside
Greater China, including Hong Kong and Taiwan, last year, up
slightly from 27% the year before.
The automaker has rapidly expanded its exports, though it has
yet to try to sell in the U.S., where U.S. President Donald
Trump has pledged to raise tariffs on car imports. BYD faces a
17% tariff on exports of EVs to the European Union.
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