BYD’s sales last year surpassed the
$100 billion mark, jumping over Elon Musk’s Tesla, as this Chinese auto giant wins over consumers with a range of new electric and hybrid cars packed with high-tech features.
"BYD aims to double its sales outside China to over 800,000 cars in 2025 and will look to overcome tariffs by assembling cars locally"
its chairman told analysts on an earnings call on Tuesday.
Chinese automaker BYD plans to dominate the world's largest car market in 2025 by making smart driving technology accessible in vehicles below CNY100,000 (approx. US$13,780), triggering rivals Geely and Changan to accelerate similar offerings.
BYD, which sold 417,204 units abroad in 2024, expects to see "a substantial rise" in its market share in Britain, which is "very open" to competitive Chinese products, according to a transcript of the call Wang Chuanfu
They also see "great opportunities" to grow rapidly in Latin American and South East Asian countries, where the governments and people are friendly with Chinese brands, he said.
Shenzhen-based BYD reported revenue of 777 billion yuan ($107 billion) for the 12 months ended Dec. 31, up 29%, according to a filing late Monday, beating estimates for 766 billion yuan.
Tesla’s 2024 revenue was $97.7 billion.
The Chinese EV maker’s net income rose 34% year-on-year to 40.3 billion yuan, beating analyst estimates for 39.5 billion yuan.
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