Chinese electric vehicle (EV) giant BYD has overtaken Tesla in annual revenue for 2024 reportedly, further solidifying its position in the global automotive market.
The Shenzhen-based company reported a 29% increase in revenue, reaching 777 billion yuan ($107 billion; £83 billion). This figure surpasses Tesla’s reported revenue of $97.7 billion, marking a significant shift in the competitive landscape of electric vehicle manufacturers.
A key factor behind BYD’s strong performance is its hybrid vehicle sales, which have driven the company’s overall growth. In terms of fully electric vehicles, BYD sold 1.76 million units, closely trailing Tesla’s 1.79 million units. However, when factoring in hybrid models, BYD’s global sales soared to a record 4.3 million vehicles in 2024, making it a far larger player in the industry.
To further strengthen its market position, BYD has launched a lower-cost alternative to Tesla’s Model 3, which has long been the top-selling EV in China. The newly introduced Qin L model has a starting price of 119,800 yuan, significantly undercutting Tesla’s base Model 3, which starts at 235,500 yuan.
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This move comes at a time when Chinese consumers are facing economic uncertainty, with a slowdown in growth, a property crisis, and mounting local government debt, leading many to cut back on spending.
In an effort to further differentiate itself, BYD revealed a groundbreaking battery charging technology last week. Founder Wang Chuanfu announced that the company’s new charging system could power an EV in just five minutes—a major improvement compared to the 15-minute charging time required by Tesla’s supercharger network.
Additionally, BYD has begun integrating its advanced driver-assistance technology, known as “God’s Eye”, across all its models at no extra cost, making cutting-edge driving technology more accessible to consumers.
While BYD’s stock has soared by more than 50% this year, its competitor Tesla is facing increasing scrutiny worldwide, partly due to its CEO Elon Musk’s political involvement. Since being appointed head of the U.S. Department for Government Efficiency (DOGE) under President Donald Trump’s administration, Musk has been at the center of controversies surrounding federal budget cuts.
His political interventions in other countries have also sparked backlash, including supporting the far-right Alternative für Deutschland party ahead of Germany’s parliamentary elections and criticizing UK Prime Minister Keir Starmer.
At the same time, Chinese EV manufacturers, including BYD, are facing growing trade restrictions. Both the United States and the European Union have imposed tariffs on Chinese electric vehicles, creating additional challenges for expansion in Western markets.
Despite these geopolitical tensions, BYD continues to strengthen its foothold in the EV industry, leveraging its affordable pricing strategy, technological innovations, and strong hybrid vehicle sales to maintain a competitive edge. With its latest advancements in battery charging and driver-assistance systems, the company is poised to reshape the global electric vehicle market in the years ahead.
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