The manufacturer of Chinese electric vehicles Byd has recorded annual income for 2024 which has a Tesla jump rival.
The company based in Shenzhen claims that revenues increased by 29% to 777 billion yuan (107 billion dollars; 83 billion pounds sterling), stimulated by sales of its hybrid vehicles. This exceeded 97.7 billion dollars reported by Tesla by Elon Musk.
Byd has also just launched a car cheaper to compete with Tesla model 3, which has long been the best -selling electric vehicle (EV) in China.
This occurs while Tesla faces a reaction worldwide from Musk with American President Donald Trump, while Chinese car manufacturers have been struck by prices in Western countries.
Byd sold about the same number of electric vehicles as Tesla last year – 1.76 million, against 1.79 million, respectively.
But when sales of the hybrid cars of the Chinese company are taken into account, it is much larger, selling a record of 4.3 million vehicles worldwide in 2024.
On Sunday, Byd announced a new model to face Tesla.
Its Qin model The starting price in China of 119,800 yuan, while a basic version of Tesla model 3 is at 235,500 yuan.
This occurs while Chinese consumers reduce expenses to economic challenges, including a real estate crisis, a slowdown in growth and high government debt.
Last week, the founder of BYD, Wang Chuanfu, announced a new battery load technology, which, according to him, could charge an electric vehicle in five minutes.
This is compared to about 15 minutes to load a Tesla using its compressor system.
In February, Byd announced that his advanced driver’s “God” driver technology would be available for free in all his models.
The company’s shares, supported by American veteran investor Warren Buffett, have jumped more than 50% so far this year.
A counterpoup against Musk and its automaker has taken momentum since he was appointed head of the Department of Efficiency of the Government of the Trump Administration (DOGE), who was responsible for reducing the expenses of the federal government.
Musk also intervened in politics abroad, in particular by supporting the far -right alternatives für Deutschland before the German parliamentary election and criticizing British politicians such as Prime Minister Keir Starmer.
Meanwhile, manufacturers of Chinese electric vehicles have been targeted with prices in large parts of the world, including the United States and the European Union.
