Chinese EV giant BYD just released its 2023 annual profit report, and it looks like it missed analyst estimates by a smidge, netting $4.16 billion (30.04 billion yuan) compared to the estimated $4.29 billion (30.94 billion yuan). Still, the company reported a more than 80% rise in net profit last year, so it is showing no signs of slowing down.
According to annual figures released today, BYD reported an 18.6% rise in fourth-quarter profit, its slowest since the first quarter of 2022, reports Reuters, likely due to the price war that started heating up late last year.
Net profit totaled 8.67 billion yuan ($1.20 billion) in the fourth quarter, on a 15.1% jump in revenue to 180.04 billion yuan. For the whole of 2023, the new-energy automobile maker saw net profit increase 80.7% to 30.04 billion yuan, Reuters reports.
In late January, the Shenzhen-based automaker flagged a preliminary profit forecast of 29 billion yuan to 31 billion yuan.
BYD famously overtook Tesla in the last quarter of last year to become the world’s largest seller of EVs, but Bloomberg reports that the Lunar New Year holiday in China could likely prevent the company from holding the title for the first three months of this year, in that its sales are concentrated in China.
In total, BYD sold 3.02 million electric and hybrid vehicles last year, including 942,000 in the final quarter to meet its annual target. BYD alone sold 1.6 million fully battery-electric vehicles last year, coming close to Tesla’s 1.8 million overall BEV sales.
This year, the automaker has made some aggressive price cuts in China, slashing prices on its range to lure drivers from gas-powered cars to EVs. Its marketing slogan is that “new era of electricity is cheaper than oil.”
BYD has cut prices on more than 100 of its existing models since the end of last year, while also relaunching new 70 model trims with reduced prices. The Seagull hatchback, for example, sells for 69,800 yuan, or less than $10,000, inciting fear across the industry.
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Rivian (RIVN) had the best-selling electric van in the US last year, topping Ford for the title. The electric delivery van (EDV) is rolling out across the US through its partnership with Amazon, but Rivian is expanding with new customers.
Rivian EDV was the best-selling electric van in the US
With over 51,500 electric vehicles delivered in 2024, Rivian beat expectations. Although it was only slightly higher than the 50,122 delivered in 2023, things picked up in the second half of the year.
Rivian shut down its manufacturing plant in Normal, IL, last April to introduce new upgrades designed to cut costs and increase efficiency.
To make matters worse, Rivian had to temporarily pause electric van production last summer due to a part shortage.
After releasing fourth quarter and full-year 2024 delivery and production figures in early January, Rivian said, “The previously discussed shortage of a shared component on the R1 and RCV platforms is no longer a constraint.”
New Kelley Blue Book estimates show that Rivian outpaced Ford with America’s best-selling electric van in 2024.
Q4 2024 sales
YOY
Full-year 2024 sales
YOY
Rivian EDV
4,397
+84.1%
13,423
+65.9%
Ford E-Transit
3,354
+56.5%
12,610
+64.4%
Rivian electric van sales in the US compared to Ford (Source: KBB)
Rivian sold 13,423 electric vans in the US last year, up 67% from 2023. In comparison, Ford sold 12,610 E-Transit vans in the US in 2024. In the fourth quarter, Rivian outpaced Ford, with nearly 4,400 EDVs sold compared to 3,354 E-Transit sales.
The accomplishment comes despite Ford introducing the updated E-Transit last March with a bigger battery and faster charging. In October, the 2025 E-Transit hit the market with the same price as “comparable gas Transit models,” according to Ford, starting at $51,000.
Rivian has already secured a commitment from Amazon for up to 100,000 EDVs, but it also offers its commercial van (RCV), which is designed for other companies.
Over the past few weeks, Rivian electric vans with different brandings have been spotted testing, including logistics giant DHL.
A young EV startup called TELO Trucks has announced a partnership with solar EV developer Aptera to utilize the latter’s sustainable technology on its flagship vehicle, the MT1 compact pickup. Customers who pre-order a TELO electric truck will be able to choose from three Aptera solar panel configurations, helping boost the vehicle’s range while reducing grid dependency—as long as these BEVs get made.
TELO Trucks was founded by three gentlemen with various backgrounds in automotive technologies and creative design, including autonomy and ADAS at National Instruments and Roadster development during Tesla’s early days.
The startup launched its flagship MT1 compact electric pickup truck in June of 2023, which looks like an exciting exercise in space optimization. The MT1 features the bed capacity and crew cabin of a standard pickup truck within an impressively shortened vehicle length of 152 inches. As you can see in TELO’s image below, the MT1 offers the same interior cabin space and bed length as a Toyota Tacoma in the footprint of a MINI Cooper.
Since its unveiling, TELO says it has garnered over 4,550 pre-orders of the MT1, which is currently available in single and dual motors configurations, and the option for a long-range battery pack that promises a range upwards of 350 miles.
Soon, TELO will offer early customers additional options in its truck configurator – solar panels from Aptera Motors.
TELO to offer Aptera solar panels on its truck pre-orders
Aptera shared a blog post outlining the details of its new collaboration with TELO Trucks, which entails integrating solar panels of varying configurations into the MT1s that remain in development at this point. The partnership will enable TELO to offer pre-order customers the option to add up to three Aptera solar panel kits to their truck configuration:
Rooftop Truck Cab Solar Paneling – Integrated panels over the cab maximize daily energy generation.
Tonneau Truck Bed Cover Solar Paneling – A solar-equipped bed cover adds power while preserving storage versatility.
Camper Shell Solar Paneling – Panels extending from the cab over the bed increase charging capacity and storage options.
Aptera says its proprietary solar panels can generate up to 200 watts when exposed to peak sunlight, translating to about 1 to 2 kWh of free energy from the sun per day, depending on the location of the vehicle and the given season. This partnership news follows a successful showing from the solar EV startup at CES 2025 in Las Vegas as it continues to trudge forward in hopes of reaching scaled SEV production.
Although Aptera’s flagship solar EV is further down the development path than the TELO truck, both are trying to pave a new path in sustainable mobility and have paired up in hopes of continuing that uphill battle together. Per Aptera co-founder and co-CEO Steve Fambro:
Our unique curved solar cell design makes it the perfect application to propel automotive utility further than ever before. Together with TELO, we’re harnessing the power of the sun to make life off the grid a reality for everyone by putting the sun to work for them.
TELO and Aptera shared that the three solar panel options outlined above will become available on MT1 truck pre-orders later this year. TELO says its first fully realized drivable truck prototype is being assembled now by Aria Group, so hopefully, we can move on from renderings and see some bonafide production-intent solar electric trucks soon. TELO co-founder and CEO Jason Marks also spoke:
Whether buyers are looking for a commuter vehicle, a safer, more sustainable option to serve their family’s needs, a rugged, dependable pickup truck for outdoor adventuring, or a highly-functional fleet & vehicle that increases their business’s efficiency, TELO continues to be a first-in-class automotive option to satisfy the many needs of car buyers.
A group of Oklahoma solar farms collectively generating a whopping 724 megawatts (MW) will power Google’s data center operations and artificial intelligence (AI) with long-term power purchase agreements.
Leeward Renewable Energy announced that the solar farms are strategically sited to support Google’s operations and bolster Oklahoma’s grid.
Construction has begun on the 372-MW Mayes County Solar Portfolio, located within a mile of Google’s data center in Pryor, Oklahoma, northeast of Tulsa. Together with the 152.5 MW Twelvemile Solar Project 1 & 2 and the 200 MW Twelvemile 3 Solar Project in southern Oklahoma, the projects total 724 MW of solar capacity.
The Mayes County Solar portfolio is capable of powering the equivalent of over 865,000 homes annually and avoiding over 3.7 million metric tons of CO2emissions over the term of the power purchase agreement.
Leeward Renewable Energy purchased the Mayes County Solar Portfolio earlier this year from Red River Renewable Energy. The energy generated by the solar portfolio is delivered to Oklahoma’s largest utility, Grand River Dam Authority, which will power Google’s data center with clean energy.
The Mayes County Solar Portfolio includes three solar projects: 145 MW Salt Branch Solar, 125 MW Huckleberry Solar, and 102 MW Mayes Solar. Together, these projects will create over 300 construction jobs and generate an estimated $76 million in tax revenue for Mayes County over their lifespans – funds that will go toward essential county initiatives and schools. More than $60,000 has already been donated to local organizations like the Red Cross, the Chamber of Commerce, and other key services, giving an extra boost to community resources. They’re expected to come online by the end of the year.
“By partnering with Grand River Dam Authority and Leeward Renewable Energy, Google is furthering its ambition to power our facilities, including those in Oklahoma, with carbon-free energy around the clock by 2030,” said Amanda Peterson Corio, global head of data center energy at Google. “These power purchase agreements demonstrate how our scalable procurement approach is transforming the acquisition of clean energy and accelerating the development of carbon-free energy sources.“
In August 2024, research released by CBRE Group found that the amount of data center supply under construction in North America’s top markets jumped by about 70% year-over-year to a record 3.9 gigawatts of power, Reuters reported.
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