Chinese electric vehicle maker BYD has reported annual revenue for 2024 that has leapfrogged rival Tesla.

The Shenzhen-based firm says revenue rose by 29% to come in at 777 billion yuan ($107bn; £83bn), boosted by sales of its hybrid vehicles. This topped the $97.7bn reported by Elon Musk’s Tesla.

BYD has also just launched a lower-priced car to rival Tesla’s Model 3, which has long been the top selling electric vehicle (EV) in China.

It comes as Tesla faces a backlash around the world over Musk’s ties to US President Donald Trump, while Chinese carmakers have been hit with tariffs in Western countries.

BYD sold around the same number of EVs as Tesla last year – 1.76 million compared to 1.79 million, respectively.

But when sales of the Chinese company’s hybrid cars are taken into account it is much bigger, selling a record 4.3 million vehicles globally in 2024.

On Sunday, BYD announced a new model to take on Tesla.

Its Qin L model has a starting price in China of 119,800 yuan, while a basic version of Tesla’s Model 3 is priced at 235,500 yuan.

It comes as Chinese consumers are cutting spending in the face of economic challenges, including a property crisis, slowing growth, and high local government debt.

Last week, BYD’s founder Wang Chuanfu announced new battery charging technology, which he said could charge an EV in five minutes.

That compares with around 15 minutes to charge a Tesla using its supercharger system.

In February, BYD announced that its so-called “God’s Eye” advanced driver-assistance technology would be available free in all its models.

Shares in the firm, which is backed by veteran US investor Warren Buffett, have jumped by more than 50% so far this year.

A backlash against Musk and his carmaker has gathered momentum since he was appointed head of the Trump administration’s Department for Government Efficiency (DOGE), which has been tasked with slashing federal government spending.

Musk has also intervened in politics abroad, including giving his backing to far-right party Alternative für Deutschland ahead of Germany’s parliamentary election and criticising UK politicians such as Prime Minister Keir Starmer.

Meanwhile, China’s EV manufacturers have been targeted with tariffs in large parts of the world, including the US and the European Union.

(BBC News)

Ceylon Petroleum Corporation (CPC) Chairman, D.J. Rajakaruna, announced that steps will be taken to start exporting lubricants within the next two months.
He revealed that an order from Bangladesh has already been received.

Speaking at a function organized by the Ceylon Petroleum General Employees’ Union, Rajakaruna noted that the lubricant industry, which had previously faced collapse, has now seen a doubling of production.

He also mentioned that aviation fuel trade is growing faster than the previous year, following talks with airlines to reduce fuel quantities in the region.

Regarding the New Year bonus for employees, Rajakaruna explained that while he intends to provide the bonus, it requires approval from the Treasury and Cabinet.

He confirmed that although the bonus will not be issued this month, employees will receive an additional Rs. 50,000 as part of their annual salary.

(dailynews.lk)

(Except for the headline, this story, originally published by dailynews.lk has not been edited by SLM staff)

Governor of the Central Bank of Sri Lanka (CBSL) – Dr. Nandalal Weerasinghe has stated that the majority of people in this country who fall prey to pyramid schemes, lack financial literacy.

Dr. Nandala made these comments while participating in a recent public awareness program on new technological services provided by banks and financial institutions registered with the CBSL.

“Even though people have money in their hands, there is a higher risk of that money being misused and falling prey to fraud. This is mainly due to a lack of financial literacy and knowledge. In particular, we see online advertisements offering discounts and sending promotional emails. The newest trend is advertising to collect funds while claiming to grow different crops. They say if you invest in cultivating trees, fruit or wallapatta (agarwood), you will get huge returns. Taking advantage of legal loopholes, such schemes will fraudulently take hold of your money and deposit it in pyramid schemes or unauthorized savings, leading to financial losses. So whenever you hear something like this, the first question should be—how is that even possible?”

Dr. Weerasinghe further noted that the CBSL is actively implementing programs aimed at improving public financial literacy.

“One of the main reasons for the negative aspects of digitalization taking place is the lack of financial and economic literacy. This leads to making wrong decisions. Therefore, the CBSL Is implementing a special programme on financial literacy while also promoting digitalization,” he said.