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Chinese electric vehicle maker BYD reports over $100b

Published:Sunday | April 13, 2025 | 12:07 AM
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Visitors check the China made BYD ATTO 3 at the IAA motor show in Munich, Germany, on Sept. 8, 2023.
Matthias Schrader
Visitors check the China made BYD ATTO 3 at the IAA motor show in Munich, Germany, on Sept. 8, 2023.
Visitors look at cars at the BYD booth during the China Auto Show in Beijing, China, Friday, April 26, 2024. The European Union threatened on Wednesday, june 12, 2024, to hike tariffs on Chinese electric vehicles, escalating a trade dispute over Beijing’
Tatan Syuflana
Visitors look at cars at the BYD booth during the China Auto Show in Beijing, China, Friday, April 26, 2024. The European Union threatened on Wednesday, june 12, 2024, to hike tariffs on Chinese electric vehicles, escalating a trade dispute over Beijing’s subsidies for the exports that Brussels worries is hurting domestic automakers.
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BANGKOK (AP):

Chinese electric vehicle maker BYD logged a record 777.1 billion yuan (US$107 billion) in revenue last year as its sales of battery electric and hybrid vehicles jumped 40%.

The report coincided with BYD’s launch earlier 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 (US$5.6 billion), up 34% from the year before.

Last month, the company announced that 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 in early April, 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 that 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 US, where US President Donald Trump has raised tariffs on car imports. BYD faces a 17% tariff on exports of EVs to the European Union.