BYD overtakes Tesla in 2024 revenue as new models and hybrid sales boost growth
Chinese electric vehicle (EV) manufacturer BYD has reported a remarkable increase in annual revenue for 2024, surpassing its competitor Tesla.
Based in Shenzhen, BYD announced a 29% rise in revenue, which reached 777 billion yuan ($107 billion; £83 billion), driven largely by strong sales of its hybrid models. This figure outpaced Tesla’s reported revenue of $97.7 billion.
In addition, BYD has introduced a more affordable vehicle to rival Tesla's Model 3, which has long held the title of the best-selling EV in China.
This news comes at a time when Tesla is facing global criticism over CEO Elon Musk's connections to US President Donald Trump, while Chinese carmakers like BYD have been impacted by tariffs in Western markets.
Last year, BYD sold a similar number of EVs to Tesla, with 1.76 million vehicles sold compared to Tesla's 1.79 million. However, when factoring in the sales of its hybrid cars, BYD’s total sales were much higher, reaching a record 4.3 million vehicles worldwide in 2024.
Recently, BYD unveiled a new model designed to compete with Tesla. The Qin L, priced at 119,800 yuan in China, is much cheaper than the basic version of Tesla’s Model 3, which costs 235,500 yuan.
This move comes amid a slowdown in consumer spending in China, driven by economic challenges such as a property crisis, slow growth, and significant local government debt.
Last week, BYD’s founder Wang Chuanfu revealed new battery charging technology that could fully charge an EV in just five minutes. This is a significant improvement compared to the 15 minutes it takes to charge a Tesla using its supercharger system.
In February, BYD also announced that its advanced "God’s Eye" driver-assistance system would be available for free in all of its models.
BYD’s stock, backed by renowned US investor Warren Buffett, has surged over 50% this year alone.
The growing backlash against Musk and Tesla has intensified, especially since Musk was appointed to lead the Trump administration's Department for Government Efficiency (DOGE), an agency tasked with reducing federal spending.
Musk has also made waves internationally, supporting the far-right political party Alternative für Deutschland ahead of Germany’s parliamentary elections and openly criticizing British politicians like Prime Minister Keir Starmer.
Meanwhile, Chinese EV manufacturers are facing tariffs in numerous global markets, including the US and the European Union.
