BYD (1211.HK), the name echoing throughout the electric vehicle (EV) world as Tesla’s primary competitor in China, has triumphantly concluded 2024 with a resounding affirmation of its capabilities.
The company’s latest figures are not just numbers; they represent a seismic shift in the global EV landscape.
A financial powerhouse: breaching the $100 billion mark
BYD’s full-year results reveal a remarkable 29% surge, culminating in a staggering 777 billion yuan ($107 billion) in sales, eclipsing the anticipated 776 billion yuan, according to Yahoo Finance.
Moreover, Net income also climbed 34% to 40.3 billion yuan ($5.56 billion), surpassing projections of 39.5 billion yuan ($5.5 billion).
Following the release of these figures, BYD stock trading in Hong Kong witnessed a notable 3% upswing on Monday, underscoring the year’s remarkable trajectory with a year-to-date gain of 50%.
While Tesla, the erstwhile leader in the EV domain, encountered a decline in sales, BYD’s accomplishments in 2024 underscore its growing influence, particularly in the pivotal Chinese market.
BYD’s total deliveries soared to 4.27 million vehicles, eclipsing Tesla’s 1.79 million, encompassing a blend of hybrid and battery-electric vehicles (BEVs).
The Qin L versus the Model 3
Over the weekend, BYD unveiled its latest contender, the Qin L sedan, poised to challenge Tesla’s Model 3 directly.
With its cutting-edge “God’s Eye” self-driving feature, an impressive range of 545 kilometers (approximately 340 miles), and an enticing starting price of 119,800 yuan ($16,524)—approximately half the cost of the Model 3—the Qin L is set to redefine the dynamics of the EV segment.
Furthermore, BYD recently unveiled its groundbreaking Super e-Platform, a state-of-the-art battery and charging framework capable of achieving peak charging rates of 1,000kW.
According to BYD Chair and Founder Wang Chuanfu, this innovation enables an astounding 250 miles of range to be replenished in a mere five minutes.
To give that some context, Tesla’s fastest superchargers max out at 250kW.
Despite Tesla’s success in several countries across the globe, BYD, whose cars are currently unavailable in the US, is strategically expanding its reach with upcoming plants in Europe and South America.
Meanwhile, Tesla grapples with competitive pressures in China, depressed sales in the US and Europe, and the reputational fallout from CEO Elon Musk’s political stances.
The company is suspending its free trial of its full self-driving (FSD) software on the mainland, pending regulatory approval.
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