Tesla's Chinese competitor BYD recorded a 73 per cent jump in fourth-quarter profit on Monday and said its annual revenue for 2024 crossed the $100 billion US mark, surpassing the U.S. automaker.

China’s BYD recorded revenues of 777 billion yuan ($107 billion) for 2024, surging ahead Elon Musk’s Tesla in annual sales amid intensifying competition in the global market for clean-energy cars.

The report late Monday coincided with BYD’s launch earlier this week of its Qin L EV sedan, a midsized 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% from the year before.