Loren Torres brings you the biggest news of the day, including China’s BYD besting Tesla in 2024.
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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,
00:30to New Energy 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.
00:45For 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,
00:55and 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.