Transcript:
Loren Torres: On the heels of unveiling its 5-minute charging station, China’s BYD has something else to boast about: It had a better 2024 than Tesla. BYD brought in $107 billion in revenue last year, and reported a 29% increase in sales from 2023. Tesla, meanwhile, had roughly $98 billion in revenue, but sales declined by 1.1 percent — the first year of declining sales in company history.
In its annual report, BYD’s CEO said “BYD has become an industry leader in every sector from batteries, electronics to new energy vehicles, breaking the dominance of foreign brands and reshaping the new landscape of the global market.”
Related: BYD’s newest revelation puts Tesla on its heels
Just last week, BYD showed off its Super E-Platform. The company claims the station can charge its latest car models in just five minutes — giving the driver a 250 mile range.
For comparison – Tesla’s Superchargers take 15 minutes to charge and give drivers a 200-mile range.
BYD owns a commanding 32% of the Chinese market when it comes to new energy vehicle sales. Tesla owns just 6%.
That’ll do it for your daily briefing. From New York City, I’m Loren Torres with TheStreet.
Watch ICYMI This Week:
Popular restaurant chain is overhauling its massive menuFuture of sports venues: How architecture is revamping the fan experienceTesla’s March deliveries could trigger further drop in the stockTax Day is coming — How to avoid these costly mistakes
