BYD Set to Break Records with Over $100 Billion Revenue in 2024

The Chinese car manufacturer BYD is expected to present a range of new records in the 2024 financial report. The turnover is expected to exceed 100 billion dollars for the first time in a year. This can be compared to the American rival Tesla's 97.7 billion dollars.

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BYD Set to Break Records with Over $100 Billion Revenue in 2024
Photo: Ng Han Guan AP/TT

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Build Your Dreams (BYD) is one of the big winners on the Hong Kong stock exchange this year. The stock's value has increased by almost 50 percent.

This can be compared to Tesla's 38 percent decline on the Nasdaq exchange in New York – in the shadow of uncertainty surrounding the effects of new US tariffs and co-founder and CEO Elon Musk's controversial actions and assignments in the Trump administration.

40 miles in five minutes

The news that BYD – with Warren Buffett's Berkshire Hathaway as one of the major shareholders – has developed a new platform for charging stations that enables 40 miles of driving on five minutes of charging gave an extra boost to the company's stock.

At home, BYD dominates the car market. But progress is also being made globally. Export volume increased by 72 percent last year to 417,000 cars. However, in the USA and EU, BYD's breakthrough on the market is being slowed down by car tariffs and trade barriers.

BYD raised 5.6 billion dollars (almost 57 billion kronor) in a new share issue at the beginning of March, the largest new share issue on the Hong Kong stock exchange in four years.

Facilities in Hungary and Turkey

The money from the issue will, according to BYD, go towards technical development and global expansion. The company plans, among other things, to build production facilities in Hungary, Turkey, and Brazil.

The annual report for 2024 from the Shenzhen-based car manufacturer is expected on Monday.

Calculated in Chinese yuan, the average market forecast is that BYD will report a net profit of 39.5 billion and revenue of 766 billion, according to the news agency Bloomberg.

Chinese BYD's electric car deliveries rose to 1.76 million last year. That is almost as many as Tesla's 1.79 million.

But if you add BYD's deliveries of hybrid cars, BYD is in a completely different league than Tesla, with 4.27 million delivered cars in 2024.

And after a strong start to the year – up 161 percent to 318,000 electric and hybrid cars in February – the target for 2025 is set at 6 million cars.

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By TTEnglish edition by Sweden Herald, adapted for local and international readers

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