Prime Highlights:
BYD’s revenue for 2024 increased by 29%, reaching 777 billion yuan ($107 billion), surpassing Tesla’s $97.7 billion.
BYD sold 1.76 million EVs in 2024, nearly matching Tesla’s 1.79 million, and reached a total of 4.3 million vehicles when including hybrid cars.
Key Background:
Chinese electric vehicle (EV) manufacturer BYD has surpassed Tesla in annual revenue for 2024, reporting a remarkable 29% increase to 777 billion yuan ($107 billion). This impressive revenue growth is attributed to BYD’s expanding portfolio of hybrid vehicles, positioning the company ahead of Tesla, which reported $97.7 billion in revenue.
BYD’s ability to rival Tesla in terms of EV sales is significant. The company sold 1.76 million EVs globally, nearly matching Tesla’s 1.79 million sales in 2024. However, when accounting for BYD’s hybrid vehicles, its total vehicle sales reached a record 4.3 million units, far outpacing Tesla’s performance. Additionally, BYD recently launched a new model, the Qin L, priced at 119,800 yuan, significantly undercutting Tesla’s Model 3, which starts at 235,500 yuan in China.
The rise of BYD comes amid challenges for Tesla, including global backlash due to CEO Elon Musk’s controversial political affiliations, particularly his ties to former U.S. President Donald Trump. These issues have raised concerns in various markets, while Chinese automakers face rising tariffs in the U.S. and European Union. Despite these hurdles, BYD continues to gain market share, with innovations such as new battery charging technology capable of fully charging an EV in just five minutes, a dramatic improvement over Tesla’s 15-minute charging time.
BYD’s strategic advancements, including the launch of “God’s Eye” advanced driver-assistance technology, available free across all models, are contributing to its growing dominance. Furthermore, the company’s success is bolstered by backing from prominent investors, including Warren Buffett. As global EV competition intensifies, BYD’s growth trajectory signals a shifting landscape in the electric car industry.
