Recently, BYD has become a household name in the global electric vehicle market. They just announced quarterly revenue exceeding that of their competition, Tesla. With a staggering 2024 revenue projection of 777 billion yuan ($107 billion), the automaker has overtaken Tesla’s $97.7 billion. This milestone has been reached as BYD further develops its cutting-edge battery technologies and maintains its lead in global market share.
Most recently in November, BYD reached an incredible milestone. This milestone made them the first automaker in the world to sell 10 million NEVs. The company's Hong Kong-listed shares have seen a rally of 46% year-to-date, reflecting investor confidence in BYD's growth trajectory.
The company’s rapid expansion is apparent, not just in terms of sales, but in innovation and technology. BYD has recently introduced its “Super e-Platform,” new battery and EV development that the company said will drastically improve EV charging times.
Combined with their “Super e-Platform”, it enables these cars to go a mind-boggling 400 kilometers (249 miles). You can get to that distance in only 5 minutes of charging! Analysts call BYD’s new battery technology “out of this world.” They are convinced it has the potential to significantly alter both the price and behavior of EV owners.
BYD announced a 29% rise in revenue year-on-year, fuelled by booming sales of its plug-in hybrid vehicles. The company's filing comes shortly after the announcement of the new battery technology, further solidifying its position as a leader in the electric vehicle industry.
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. - Wang Chuanfu, chairman and president of BYD.
BYD's chairman and president, Wang Chuanfu, hailed the firm's "rapid development," which has propelled the company to become a major competitor to Tesla. To that end, BYD has created revolutionary new battery technology. If enacted, this progress would profoundly change the competitive landscape of the emerging electric vehicle industry.
