BYD posts stellar 2024 results

Loren Torres brings you the biggest news of the day, including China’s BYD besting Tesla in 2024.

Transcript

00:00On the heels of unveiling its 5-minute charging station, China's BYD has something else

00:04to boast about.

00:05It had a better 2024 than Tesla.

00:07BYD brought in $107 billion in revenue last year and reported a 29% increase in sales

00:13from 2023.

00:14Tesla, meanwhile, had roughly $98 billion in revenue, but sales declined by 1.1%, the

00:20first year of declining sales in company history.

00:23In its annual report, BYD's CEO said,

00:25BYD has become an industry leader in every sector, from batteries, electronics, to new

00:29energy vehicles, breaking the dominance of foreign brands and reshaping the new landscape

00:34of the global market.

00:36Just last week, BYD showed off its Super E platform.

00:38The company claims the station can charge its latest car models in just 5 minutes, giving

00:42the driver a 250-mile range.

00:44For comparison, Tesla's superchargers take 15 minutes to charge and give drivers a 200-mile

00:49range.

00:50BYD owns a commanding 32% of the Chinese market when it comes to new energy vehicle sales,

00:55while Tesla owns just 6%.

00:57That'll do it for your daily briefing.

00:59From New York City, I'm Lauren Torres with The Street.