BYD saw sales increase by 29% from the year before.
Transcript:
Loren Torres: On the heels of unveiling its 5-minute charging station, China’s BYD has something else to boast about: It had a better 2024 than Tesla. BYD brought in $107 billion in revenue last year, and reported a 29% increase in sales from 2023. Tesla, meanwhile, had roughly $98 billion in revenue, but sales declined by 1.1 percent — the first year of declining sales in company history.
In its annual report, BYD’s CEO said “BYD has become an industry leader in every sector from batteries, electronics to new energy vehicles, breaking the dominance of foreign brands and reshaping the new landscape of the global market.”
Wednesday to impose additional tariffs on electric cars shipped from China, taking levies to as much as 48% depending on the degree of cooperation companies displayed during the EU probe.
Just last week, BYD showed off its Super E-Platform. The company claims the station can charge its latest car models in just five minutes — giving the driver a 250 mile range.
For comparison – Tesla’s Superchargers take 15 minutes to charge and give drivers a 200-mile range.
BYD owns a commanding 32% of the Chinese market when it comes to new energy vehicle sales. Tesla owns just 6%.
That’ll do it for your daily briefing. From New York City, I’m Loren Torres with TheStreet.
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