Automotive industry Chinese Tesla rival BYD increases profit significantly
Chinese car manufacturer BYD significantly increased its profits last year with a sharp rise in sales. At 40.3 billion yuan (4.1 billion Swiss francs), the Shenzhen-based company made around a third more profit.
24.03.2025, 14:34
SDA
Sales increased by 29 percent to the equivalent of around 95 billion Swiss francs, according to a statement to the Hong Kong stock exchange. BYD sold 4.25 million cars, 1.76 million of which were pure electric cars. This year, the Chinese market leader aims to sell between 5 and 6 million cars.
BYD is growing primarily thanks to its affordable electric cars in China - also because the e-car market there continues to grow rapidly and foreign manufacturers are lagging behind in terms of development times and costs. In 2023, BYD and its core brand took the market leadership in China, which it had held for decades, from the Wolfsburg-based Volkswagen Group.
BYD has overtaken the Americans in terms of turnover
While US rival Tesla has recently had problems in the People's Republic, BYD's growth has continued in the first few months of the new year. In 2024, Tesla was still slightly ahead worldwide in terms of pure battery cars with 1.79 million vehicles. However, BYD has now overtaken the Americans in terms of sales. BYD also manufactures battery storage systems.
Just recently, BYD presented a charging system in its electric cars that is said to be able to store the battery capacity for a range of 400 kilometers in just five minutes. BYD is also introducing advanced driver assistance systems in cheaper models. The Hong Kong-listed share has climbed by around half this year alone.
