BYD has emerged in recent years as the clear leader in China’s highly competitive electric vehicle (EV) market, which is the largest in the world.

The country’s automotive champion recorded ¥777.1 billion (US$107.2 billion) in revenue for 2024, eclipsing the US$97.7 billion in revenue last year announced previously by Tesla.

BYD’s figure represented a 29% increase from 2023 and was higher than a Bloomberg forecast of ¥766 billion.

The firm’s net profit last year amounted to ¥40.3 billion, up 34% from 2023 and reaching a record high.

The firm’s stock price also reached an all-time peak this month, after it unveiled new battery technology that it said allows a vehicle to travel up to 470km after charging for just five minutes.

BYD says its newest battery and charging system boasts speeds of 1,000kW, ahead of Tesla’s Superchargers, which currently offer speeds of 500kW.