BYD, the Chinese electric vehicle (EV) manufacturer, has outpaced Tesla in annual revenue for 2024. The company saw significant growth in sales, driven by both electric and hybrid vehicles. This achievement highlights BYD’s rising dominance in the global electric vehicle market.
BYD’s Record-Breaking Sales and Revenue
In 2024, BYD reported a 29% increase in revenue, reaching 777 billion yuan (approximately $107 billion). This surpassed Tesla’s revenue of $97.7 billion. The surge in revenue was driven by the growing demand for BYD’s hybrid vehicles, which helped them narrow the gap with Tesla.
How BYD Outperformed Tesla
- Vehicle Sales Comparison:
BYD sold 1.76 million electric vehicles (EVs) in 2024, almost matching Tesla’s 1.79 million. However, when including sales from BYD’s hybrid vehicles, the total number of cars sold globally reached a record 4.3 million vehicles, putting BYD far ahead in overall sales. - Lower-Priced Vehicles to Compete with Tesla:
BYD recently launched a new, lower-priced model to compete directly with Tesla’s Model 3, which has long been a top-selling EV in China. The new BYD Qin L model is priced at 119,800 yuan in China, significantly lower than Tesla’s Model 3, which starts at 235,500 yuan.
BYD’s Growth Amid Economic Challenges in China
Despite facing economic challenges in China, such as a property crisis and high local government debt, BYD continues to thrive. In a market where Chinese consumers are cutting back on spending, BYD’s affordable electric and hybrid vehicles have gained significant traction.
Innovative Technology from BYD
- Battery Charging Technology:
BYD’s founder, Wang Chuanfu, revealed new battery technology that allows an EV to charge in just five minutes. This is a major improvement over Tesla’s Supercharger system, which takes about 15 minutes to charge. - “God’s Eye” Advanced Driver-Assist Technology:
In February, BYD introduced its “God’s Eye” advanced driver-assistance system, which will be available for free in all of the company’s models. This cutting-edge feature aims to enhance safety and driving experience for users.
Tesla Faces Challenges Amidst Controversy
Tesla’s growth has been challenged by several factors, including political controversy surrounding Elon Musk. His ties to former US President Donald Trump and involvement in politics abroad have sparked backlash, which has affected Tesla’s public image and sales. Additionally, Chinese carmakers like BYD face tariffs in Western markets, further complicating the competitive landscape.
BYD’s Market Outlook and Investment Growth
Despite these challenges, BYD’s stock has surged by more than 50% this year, with backing from US investor Warren Buffett. This growth demonstrates investor confidence in BYD’s long-term potential.
BYD vs Tesla Summary
BYD’s impressive sales figures and technological innovations have made it a strong competitor to Tesla in the electric vehicle market. As the company continues to expand globally, it faces less political controversy and offers more affordable, durable vehicles, positioning itself as a key player in the future of electric transportation.
