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More trouble for Tesla as China's BYD crosses $100 billion barrier

  • Chinese EV giant BYD reported annual revenues of 777 billion yuan for 2024, surpassing Tesla's $97.7 billion revenue.
  • BYD's net profit for the year was over 40 billion yuan, exceeding analyst expectations but below Tesla's $7.1 billion profit.
  • BYD sold 4.27 million EVs in 2024, far surpassing Tesla's annual sales of 1.79 million vehicles.
  • BYD's unveiling of super-fast 1,000 kW chargers puts further pressure on Tesla, whose stock has been declining and is now facing challenges both in sales and from competition.

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