BYD's Electric Surge: Breaking Records with Innovative EV Strategies

Chinese electric vehicle maker BYD achieved a record revenue of 777.1 billion Yuan (USD 107 billion) in the last year, driven by a significant increase in sales of battery electric and hybrid vehicles. Despite positive growth and innovations, including a super-fast EV charging system, shares declined by 3.2%.

BYD, the Chinese electric vehicle giant, reported a staggering 777.1 billion Yuan (USD 107 billion) in revenue for the last fiscal year, setting a new company record. The automaker's substantial growth was fueled by a 40% rise in battery electric and hybrid vehicle sales.

On the heels of its financial success, BYD introduced the Qin L EV sedan, an affordable alternative to the Tesla Model 3, priced significantly lower. Despite the company's impressive 34% increase in net profit to 40 billion Yuan (USD 5.6 billion), its Hong Kong shares saw a 3.2% dip post-announcement.

BYD remains ambitious in the global market, with 29% of sales originating outside Greater China last year. The automaker's expansion strategy faces challenges, such as high tariffs in the EU and potential tariffs in the US, yet it continues to pursue growth through innovative technologies, including a super-fast EV charger.

(With inputs from agencies.)