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Shenzhen-Based BYD Overtakes Tesla in 2024 Revenue
Chinese electric vehicle manufacturer BYD has surpassed Tesla in annual revenue for 2024, reporting a 29% increase to 777 billion yuan ($107 billion). This impressive growth, fueled by strong hybrid vehicle sales, outpaces Tesla’s reported $97.7 billion revenue. While both companies sold a similar number of EVs (BYD with 1.76 million and Tesla with 1.79 million), BYD’s overall vehicle sales, including hybrids, reached a record 4.3 million globally.
BYD recently launched its Qin L model, priced significantly lower than Tesla’s Model 3, directly challenging Tesla’s dominance in the Chinese market. The Qin L’s starting price of 119,800 yuan undercuts the Model 3’s 235,500 yuan base price, a strategic move considering China’s current economic headwinds, which include a property crisis and slowing growth.
Further intensifying the competition, BYD founder Wang Chuanfu recently unveiled new battery charging technology that promises a five-minute charge time, significantly faster than Tesla’s 15-minute supercharger system. In addition, BYD announced that its “God’s Eye” advanced driver-assistance technology will be standard across all models.
These developments come as Tesla faces growing international backlash over CEO Elon Musk’s ties to the Trump administration and his controversial political stances. Concurrently, Chinese EV manufacturers, including BYD, are grappling with tariffs imposed by the US and European Union. Despite these challenges, BYD’s shares have surged over 50% this year, bolstered by the company’s innovative technology and strong sales performance.