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Earnings per share for the year came in at RMB13.84, up from RMB 10.32 in 2023 and exceeding an estimated RMB13.14.
Chinese EV giant BYD Co (BYDDF) on Monday reported revenue of RMB777.10 billion ($107.20 billion) for the year ended Dec. 31, 2024, marking a 29% growth year over year and exceeding an analyst estimate of RMB765.58 billion, according to Finchat data.
Compared to this, rival Tesla Inc.’s annual revenue stood at $97.69 billion.
From the automobiles and related products segment, BYD reported revenue of RMB617.38 billion.
Earnings per share for the year were RMB13.84, up from RMB 10.32 in 2023 and exceeding an estimated RMB13.14.
The company’s net income attributable to shareholders for the year stood at RMB40.3 billion.
BYD trumped American EV giant Tesla in the fourth quarter of 2024, delivering 595,413 battery electric vehicles (BEVs), higher than the 495,570 delivered by Tesla in the period.
However, BYD, unlike Tesla, also manufactures plug-in hybrid electric vehicles, together with BEVs referred to as new energy vehicles.
For the full year 2024, the company delivered 4.27 million vehicles, including 4.25 million passenger vehicles and nearly 22,000 commercial vehicles, a 41% jump from the 3 million vehicles delivered in 2023.
Tesla, meanwhile, reported global deliveries of 1.79 million vehicles in 2024, down from full-year deliveries of 1.81 million in 2023, marking the first decline in over a decade. Its automotive segment revenue for the year fell 6% to $77.07 billion.
BYD, backed by Warren Buffett, rolled out its 10 millionth new energy vehicle in November. The company is known to roll out cheaper EV models, aiding an ongoing EV price war in China. The company also exports electric vehicles to other markets, including Europe.
On Stocktwits, users expressed excitement about the company’s revenue overtaking the $100 billion threshold and Tesla’s total annual revenue of $97.69 billion.
Another user also noted the company’s rise in vehicle deliveries this year.
HKEX-listed stock of BYD closed up 3% on Monday. The shares gained over 56% this year.
BYD shares on OTC Markets gained over 60% this year.
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