Bangkok. Chinese electric vehicle giant BYD posted a record-breaking revenue of 777.1 billion yuan ($107 billion) in 2024, outpacing Tesla’s $97.7 billion in sales.

The company’s strong performance was driven by a 40 percent surge in battery electric and hybrid vehicle sales. The announcement coincided with BYD’s launch of the Qin L EV sedan, a mid-sized model priced at just over half the cost of Tesla’s Model 3.

BYD reported a net profit of 40 billion yuan ($5.6 billion), marking a 34 percent increase from the previous year. Despite the positive earnings, BYD’s shares in Hong Kong dropped 3.2 percent on Tuesday.

The automaker sold approximately 4.3 million electric and hybrid vehicles in 2024, with nearly 80 percent of its revenue coming from its automotive division. Its international sales, including markets outside Greater China, accounted for nearly 29% of total sales, up from 27% the previous year.

BYD is aggressively expanding its global footprint but has yet to enter the US market, where former President Donald Trump has vowed to impose higher tariffs on car imports. Meanwhile, the company faces a 17 percent tariff on EV exports to the European Union.

Last week, BYD unveiled a new ultra-fast EV charging system, claiming it offers refueling speeds comparable to traditional gas stations.

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