Chinese electric vehicle (EV) giant BYD has announced that its total sales revenue for the fiscal year 2024 reached a remarkable 777 billion yuan (approximately 16.1 trillion yen), representing a 29% increase from the previous year. This significant revenue not only marks a milestone for BYD but also surpasses the revenue of competing U.S. EV manufacturer Tesla, which reported a total revenue of approximately 97.7 billion dollars (around 14.7 trillion yen) for the same period.
In the past year, BYD achieved another major milestone, selling 4.27 million vehicles worldwide, including hybrid cars. This figure significantly exceeds Tesla's sales of 1.79 million cars, showcasing BYD's growing dominance in the EV market. BYD's CEO, Wang Chuanfu, emphasized in an annual report the company's leadership in areas spanning from batteries and electronic devices to new energy vehicles, stating that they have successfully broken the foreign-brand dominance in the marketplace.
The company has been a driving force behind technological innovation in the EV sector. In the previous month, BYD announced that it would offer an advanced driving support system known as "Sky God's Eye" for free across almost all its models. Additionally, they introduced a groundbreaking battery and charging system, capable of charging vehicles to provide a range of 400 kilometers with just a five-minute charge.
Despite challenges in exporting its vehicles to the United States due to tariffs imposed during the Trump administration, BYD has solidified its status in the domestic Chinese market. In 2024, BYD captured a significant 32% of the new energy vehicle market share in China, while Tesla could only muster a mere 6.1%.
Looking at the numbers from BYD's latest results, the core automotive segment generated about 617 billion yuan, which is a healthy 27.7% rise from the previous year, comprising roughly 79.45% of the total revenue. Contrary to BYD's upward trajectory, Tesla's automotive revenue fell by 6% to around 77 billion dollars.
The advantage of BYD's products lies not only in their technology but also in pricing strategies. Their strategy includes both high-end offerings, such as the Yangwang series costing over 1 million yuan and more affordable models like the Seagull EV starting at 69,800 yuan.
The innovative "Sky God's Eye," an advanced driver assistance software, is becoming standard across BYD models, enhancing safety and driving experience. Analysts predict that this technological edge will continue to bolster BYD's market share as they expand further into overseas markets. In fact, projections suggest BYD's sales could hit between 5.3 million and 5.5 million units in 2025, a growth rate of 25% to 30% year-on-year.
As BYD continues its overseas expansion, sales in the United Kingdom surged dramatically in January, climbing by 550.8% to 1,614 units, which allowed it to capture about 1.2% of the UK vehicle market share. This is a significant feat, as it marks the first time BYD outsold Tesla in a monthly report within the country, where Tesla's sales fell by 8% to 1,458 during the same period.
In total, the newly established automotive landscape, especially in terms of electric and hybrid vehicles, is evolving rapidly. With major players like BYD achieving remarkable success and keeping pace with technological advancements, the EV market is poised for significant changes in years to come.
In 2024, the Chinese new energy vehicle (NEV) market saw a total of 12.86 million units sold, which represented a year-on-year growth of 35.5%. Out of this total, BYD accounted for 33.2% of the market, reinforcing its status as a leader in new energy vehicle manufacturing.
Furthermore, BYD's investment in research and development reached an impressive 54.2 billion yuan in 2024, reflecting a 36% increase from the previous year. This investment emphasizes the company’s commitment to innovation and keeping their competitive edge.
BYD's overall performance indicates not only its capacity to lead the domestic market in China but also its potential to escalate its global presence. As they continue to ramp up production, invest in technology, and expand to new markets, the company is undeniably setting itself up for years of success in the EV industry.
