In a stunning turn of events, Chinese electric vehicle (EV) giant BYD has achieved remarkable growth, with its revenue soaring past the $100 billion mark in 2024, as revealed in a recent stock filing. This impressive feat positions BYD as a formidable competitor to Tesla, the current leader in the EV market.

Based in Shenzhen, BYD has rapidly ascended to the forefront of China's highly competitive EV landscape, which is currently the largest in the world. With ambitious plans for international expansion, the company aims to make significant inroads into the European market by introducing a new compact electric model and pioneering fast-charging technology that could rival established European brands.

According to the announcement made on the Shenzhen stock exchange, BYD recorded an astounding 777.1 billion yuan (approximately $107.2 billion) in revenue for 2024. This represents a significant increase of 29% from the previous year, easily outpacing a Bloomberg forecast of 766 billion yuan. In comparison, Tesla reported a revenue of $97.7 billion for the same period.

BYD's net profit also hit a record high of 40.3 billion yuan, marking a 34% increase over 2023. Notably, the final quarter of 2024 yielded a remarkable net profit of 15 billion yuan, highlighting the company's explosive growth trajectory. During the past year, BYD sold nearly 4.3 million vehicles, reflecting a staggering increase of over 40% compared to the previous year. In February alone, monthly sales surged by an impressive 161%, reaching 318,000 units.

Adding to its momentum, BYD recently revealed groundbreaking battery technology capable of charging vehicles in a timeframe comparable to refueling a gasoline car. Their innovative "Super e-Platform" can achieve peak charging speeds of 1,000 kilowatts, allowing vehicles to travel up to 470 kilometers (292 miles) after just a five-minute charge, significantly outperforming Tesla’s Superchargers, which currently provide 500 kilowatts.

Despite these successes, BYD faces challenges in the international arena, notably geopolitical tensions between China and Western nations. These concerns could potentially overshadow BYD’s aggressive global ambitions, especially given ongoing investigations by EU authorities into whether unfair subsidies were provided for BYD’s factory in Hungary, set to commence production later this year.

Furthermore, trade relations are tense as U.S. tariffs on Chinese imports are rising, complicating BYD's plans in North America. The recent challenges faced by Tesla, including disappointing fourth-quarter profits and falling sales figures in Europe, further open the door for BYD in an increasingly competitive landscape.

As BYD forges ahead with its strategies for international expansion and innovative technology, it remains to be seen how these developments will play out against the backdrop of global market dynamics. However, one thing is clear: BYD is fuelling its way to becoming a global leader in the electric vehicle revolution, leaving competitors like Tesla racing to catch up.