BYD brought in over 9 billion dollars (equivalent to 91 billion kronor) more than Tesla last year.
Tesla, with Elon Musk – the world's richest man, who has received President Donald Trump's assignment to significantly cut back on public administration in the USA – had previously reported an annual turnover of 97.7 billion dollars for 2024.
Larger than expected
BYD's sales boost was also larger than expected. Analysts had on average expected BYD's turnover to have increased to 766 billion yuan.
BYD's net profit rose 34 percent compared to the previous year, up to 40.3 billion yuan. This was also more than expected. The average forecast was 39.5 billion.
Shenzhen-based BYD – with Warren Buffett's Berkshire Hathaway as one of the larger owners – expects the sales volume this year to increase to 5-6 million electric and hybrid cars, up from last year's 4.27 million.
When it comes to electric cars, BYD's sales volume rose last year to 1.76 million – almost as many as Tesla's 1.79 million electric cars sold last year.
Tesla higher valued
Tesla, however, still holds a significant lead in terms of market valuation. Despite a 38 percent stock price crash this year, Elon Musk's electric car manufacturer is valued at around 800 billion dollars. BYD's stock has simultaneously risen sharply, but the market value still stands at 157 billion dollars.
Tesla is also a winner in terms of profitability, with a net profit of 7.6 billion dollars in 2024.
