BYD Company (BYDDF, Financial) saw revenue climb past the $100 billion mark in the fiscal year 2024, overtaking Tesla (TSLA, Financial) as strong demand for electric and hybrid vehicles fueled growth.
The Chinese automaker reported a 29% revenue increase, reaching 777 billion yuan ($107 billion) for the year ending Dec 31. Analysts had expected 766 billion yuan. Tesla’s full-year revenue landed at $97.7 billion, falling short of BYD’s performance.
Net income for BYD also moved higher, rising 34% to 40.3 billion yuan ($5.6 billion), surpassing estimates of 39.5 billion yuan. The company benefited from a 40% jump in electric and hybrid vehicle sales as its tech-focused features continued to attract Chinese consumers.
This is the first time in history that BYD crossed the $100 billion mark in revenue. With production and innovation expanding, Chinese Automaker continues to attract the domestic and international customers by its foothold growth in market competition.
Despite this amazing growth number, U.S listed shares of BYD edged lower on Tuesday morning trading.
This article first appeared on GuruFocus.