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China’s BYD Surpasses Tesla In Annual Revenue

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BYD Surpasses Tesla

China’s BYD Surpasses Tesla In Annual Revenue

China’s BYD surpasses Tesla in annual revenue. Chinese automaker BYD saw a significant revenue surge in 2024, surpassing the $100 billion mark and outperforming Tesla, according to a stock filing on Monday.

BYD, the dominant player in China’s competitive electric vehicle market, reported a record revenue of 777.1 billion yuan ($107.2 billion) for 2024—exceeding Tesla’s $97.7 billion. This marks a 29% increase from 2023 and surpasses Bloomberg’s forecast of 766 billion yuan.

BYD Surpasses Tesla

BYD Surpasses Tesla

The company also achieved a record net profit of 40.3 billion yuan, a 34% rise from the previous year. Its stock price hit an all-time high this month following the unveiling of a new battery technology, which enables a vehicle to travel up to 470 km after just five minutes of charging.

BYD’s latest battery system offers a charging speed of 1,000 kW, outpacing Tesla’s 500 kW Superchargers, further solidifying its competitive edge in the EV industry.s Tesla in Annual Revenue

Economy

Airtel, MTN Sign Mobile Phone Network Infrastructure Sharing Deal In Nigeria, Uganda

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Airtel, MTN

Airtel, MTN Sign Mobile Phone Network Infrastructure Sharing Deal In Nigeria, Uganda

Airtel, MTN sign mobile phone network infrastructure sharing deal in Nigeria, Uganda. MTN Group and Airtel Africa have agreed to share mobile phone network infrastructure in Nigeria and Uganda. Statements by the duo on Wednesday said the agreement is aimed at saving investments while still increasing service coverage.

Mobile operators in Africa are seeing sustained demand for digital and financial services, but building and maintaining networks is expensive, especially for fast 5G connections. The companies also said they will explore various opportunities in other markets, including Congo-Brazzaville, Rwanda and Zambia.

Among the deals under consideration are radio access network sharing, the largest portion of the cost in network deployment and operation; commercial and technical agreements for fibre infrastructure sharing; and, if necessary, the construction of fibre networks, they added.

The companies said, “This engagement does not preclude the parties from collaborating with other operators in any respective market.”

Mobile Phone Network Infrastructure

Mobile Phone Network Infrastructure

Speaking on the agreement, MTN Group CEO Ralph Mupita in a statement said “As MTN, we are driven by the vision of delivering digital solutions that drive Africa’s progress. “We continue to see strong structural demand for digital and financial services across our markets.

To meet this demand, we continue to invest in coverage and capacity to ensure high-quality connectivity for our customers.

That said, there are opportunities within regulatory frameworks for sharing resources to drive higher efficiencies and improve returns.”

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Economy

DisCos Generate ₦509bn Despite Frequent Grid Collapses: NERC

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Transmission

DisCos Generate ₦509bn Despite Frequent Grid Collapses: NERC

DisCos generate ₦509bn despite frequent grid collapses: NERC. Electricity consumers paid ₦509.84 billion in Q4 2024, even as Nigeria experienced five grid collapses within the period, according to the Nigerian Electricity Regulatory Commission (NERC).

NERC reported three total and two partial grid collapses in Q4, contributing to the 12 outages recorded throughout 2024.

Despite this, revenue collection by electricity distribution companies (DisCos) rose from ₦466.69 billion in Q3 to ₦509.84 billion in Q4, with collection efficiency improving by 2.89 percentage points.

Eko and Ikeja DisCos had the highest collection efficiencies at 90% and 82.3%, respectively, while Jos Disco recorded the lowest at 49.68%.

DisCos Generate

DisCos Generate

NERC attributed the revenue boost to reduced energy offtake and improved metering, noting that over 4,000 Band A customers were metered under the Meter Acquisition Fund (MAF) scheme.

Meanwhile, two partial grid collapses have already occurred in Q1 2025, deepening power supply challenges for consumers.

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Economy

Federal Government Raises N1.1trn From Sukuk For Road, Bridge Projects

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Federal Government

Federal Government Raises N1.1trn From Sukuk For Road, Bridge Projects

Federal government raises N1.1trn from Sukuk for road, Bridge Projects. The Federal Government has raised N1.092 trillion from six Sukuk bond series since 2017, according to Debt Management Office (DMO) Director-General Patience Oniha.

Speaking in Lagos, she said the funds have been used to construct or rehabilitate 4,100 kilometers of roads and nine bridges nationwide.

Federal Government

Federal Government

Oniha highlighted the benefits of the projects, including reduced travel time, improved road safety, job creation, and better access to markets, education, and healthcare.

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