BEIJING: Chinese electric vehicle (EV) giant BYD has overtaken *Tesla, posting a record *$107.2 billion in revenue** for 2024, as it accelerates its global expansion.
The *Shenzhen-based automaker, a dominant force in **China’s EV market, is aggressively **expanding into Europe, unveiling a *new compact EV with super-fast charging to challenge established brands. This expansion comes as *Tesla faces headwinds in Europe, with declining sales amid *CEO Elon Musk’s political controversies.
BYD’s 2024 revenue surged 29% year-on-year, exceeding *Bloomberg’s 766 billion yuan forecast, while **net profit hit a record 40.3 billion yuan, up **34% from 2023. The company’s stock prices have soared, buoyed by strong **sales growth—4.3 million vehicles sold in 2024, a *40% increase from the previous year.
With its slogan “Build Your Dreams,” BYD continues to challenge industry giants, solidifying its status as a global EV powerhouse.
