When you think of the largest automakers in the world, companies like Toyota, Volkswagen, General Motors, and Hyundai probably come to mind. And indeed, these are absolute titans in the industry, but there’s another automobile manufacturer that is surging ahead. In fact, this Chinese firm just posted some huge financial numbers that put it ahead of Tesla.
BYD’s Financials Are On Fire
According to a report from the Associated Press, BYD just posted that it had 777.1 billion yuan in revenue last year, that’s a whopping $107 billion. In comparison, Tesla’s 2024 revenue clocked in at only $97.7 billion, meaning BYD is outperforming what up until a few months ago was the absolute darling of the automotive business.
As for net profits, this Chinese concern hauled in around $5.6 billion last year. That’s a 34-percent increase compared to 2023.
Driving this impressive financial performance, sales of BYD’s fully electric and hybridized vehicles increased by a whopping 40 percent compared to the prior year. Indeed, around 80 percent of the company’s sales came from the automotive sector, with BYD delivering around 4.3 million electrified vehicles – that is, pure EVs and hybrid models.
With New Models And Technology, BYD Will Likely Keep Surging Ahead
And this automaker’s deliveries are likely to keep surging forward. BYD recently announced a new all-electric sedan called the Qin L, a four-door car that’s analogous to a Tesla Model 3 but with a starting price of around 120,000 yuan, that’s less than $17,000. This vehicle could prove to be a huge seller.
Another staggering development that will almost certainly further improve BYD’s financial performance, the automaker recently announced a new powertrain called the Super-E Platform that could absolutely revolutionize electric vehicles. This system incorporates advanced blade-style batteries, newly developed silicon carbide power chips, and advanced electric motors. All told, the Super-E Platform can DC fast charge at up to 1,000 kilowatts, yes, 1,000 kilowatts, or 1 gigawatt. That’s a staggering performance, enough to add around 249 miles of range to the battery in as little as five minutes.
Of course, it’s nigh on impossible to find a charger that puts out 1,000 kW of juice; in the U.S., reliable 350-kW chargers can be hard to locate. Fixing this chicken-and-egg situation, BYD also plans to build out a network of 1,000-kW chargers, some 4,000 of them in total. Smartly, in areas without enough power to support this kind of charging, BYD will incorporate on-site energy-storage systems, so drivers can take full advantage of this incredible charging performance.
This new Super-E Platform will power two new BYD models. Both the Han L sedan and the Tang L utility vehicle will be fitted with this groundbreaking powertrain. Far from some sort of science experiment, these products are expected to hit the road in early April.
TopSpeed’s Take
If you haven’t heard of BYD before, don’t be surprised if this automaker keeps popping up in headlines going forward. Like a Chinese version of Tesla, the work this company is doing appears to be taking EVs to the next level. With a range of affordably priced models plus other products with industry-leading DC fast charging performance, BYD could become the dominant electric vehicle manufacturer in the world in the coming years.
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