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In a significant development within the automotive industry, BYD (OTCPK: BYDDF) recently reported an impressive $107 billion revenue in 2024, upstaging Tesla (NASDAQ: TSLA) by approximately $10 billion. This milestone underscores BYD’s expanding influence on the global stage, particularly in markets outside the United States, where trade restrictions pose challenges.
BYD’s success is attributed to its recent innovations, including a new charging system and affordable electric vehicles, which have solidified its market position.
Meanwhile, Tesla is grappling with declining global sales, a shrinking market share, and brand image issues, partly due to CEO Elon Musk’s political activities. Despite a recent stock recovery, Tesla’s shares remain well below their previous highs, as the company faces mounting pressure from competitors like BYD, especially in China and Europe.
How BYD Beat Tesla’s Revenue
BYD’s remarkable achievement in surpassing Tesla’s annual revenue marks a new chapter for the Chinese automaker on the global stage. The company’s strategic focus on innovation has played a crucial role in its ascent. BYD’s introduction of a cutting-edge charging system and a range of affordable electric vehicles has resonated with consumers worldwide.
These advancements have not only bolstered BYD’s market position but also positioned the company as a formidable competitor to established players like Tesla. While BYD continues to face trade restrictions in the U.S., its success in other regions highlights its ability to adapt and thrive in diverse markets.
Tesla, once the undisputed leader in the electric vehicle market, is confronting a series of challenges that threaten its dominance. The company’s global sales have been on a downward trajectory, with a noticeable decline in market share.
Compounding these issues is the impact of CEO Elon Musk’s political involvement, which has affected Tesla’s brand image. Despite efforts to rebound, Tesla’s stock remains significantly lower than its previous highs, reflecting investor concerns about the company’s future prospects. The pressure from competitors like BYD, particularly in key markets such as China and Europe, further complicates Tesla’s path forward.
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TSLA Stock Brief
Tesla’s stock has experienced notable fluctuations amidst the company’s internal and external challenges. As of 10:34 EDT, Tesla’s stock price stood at $276.36, down from the previous close of $288.14. The day’s trading saw a low of $272.6 and a high of $284.9, highlighting the stock’s volatility. Over the past year, Tesla’s stock has ranged from a low of $138.8 to a high of $488.54.
Key metrics reveal a high trailing P/E ratio of 134.81 and a forward P/E ratio of 85.30, indicating high investor expectations for future earnings. Tesla’s market cap remains substantial at $888.92 billion, but the company’s financial ratios, such as a debt to equity ratio of 18.49, suggest areas for potential improvement.
In contrast to Tesla, BYD’s stock has shown a relatively stable performance. The stock opened higher today at $53.00, compared to the previous close of $50.75, and is currently trading at $51.20. Despite being near the day’s low, BYD’s stock has a low beta, indicating less volatility compared to the broader market. The stock’s trailing P/E ratio of 26.81 is significantly higher than the forward P/E of 2.76, suggesting anticipated earnings growth. With a market cap of $155.41 billion and a price to book ratio of 0.87, BYD appears to be well-positioned for continued growth. Analysts have not issued strong buy or sell recommendations, reflecting a cautious but optimistic outlook for the company’s future.
Disclaimer: The author does not hold or have a position in any securities discussed in the article. All stock prices were quoted at the time of writing.
About the author
Tim Fries is the cofounder of The Tokenist. He has a B. Sc. in Mechanical Engineering from the University of Michigan, and an MBA from the University of Chicago Booth School of Business. Tim served as a Senior Associate on the investment team at RW Baird’s US Private Equity division, and is also the co-founder of Protective Technologies Capital, an investment firm specializing in sensing, protection and control solutions.
