Chinese electric vehicle maker BYD logged a record 777.1 billion Yuan ($107 billion) in revenue last year as its sales of battery electric and hybrid vehicles jumped 40 per cent. The report late Monday coincided with BYD’s launch earlier this week of its Qin L EV sedan, a mid-sized model similar to Tesla’s Model 3 but at just over half the price. Tesla’s 2024 revenue was nearly $97.7 billion.

BYD’s net profit last year was about 40 billion Yuan ($5.6 billion), up 34 per cent from the year before. Last week, the company announced it was rolling out a super-fast EV charging system that it says is nearly as quick as a fill-up at the pumps.