Chinese electric vehicle maker BYD has reported its revenue soared to a record $107 billion last year as its sales of battery electric and hybrid vehicles jumped 40%.

The Shenzhen-based firm says revenue for last year came in at $107bn, boosted by sales of its hybrid vehicles.

Chinese electric vehicle maker BYD logged a record 777.1 billion yuan ($107 billion) in revenue last year as its sales of battery electric and hybrid vehicles jumped 40%. The report late Monday coincided with BYD’s launch earlier this week of its Qin L EV sedan,