- Chinese EV giant BYD reported $107.2 billion in revenue for 2024, outpacing Tesla’s $97.7 billion
- BYD’s net profit hit 40.3 billion yuan, a 34% rise from 2023, as the company continues to dominate China’s competitive EV market
- The company sold 4.3 million vehicles in 2024, a 40% increase, while February sales surged by 161%, far surpassing Tesla’s declining numbers
Chinese electric vehicle (EV) giant BYD has surged past Tesla in annual revenue, surpassing the $100 billion milestone in 2024.
The Shenzhen-based company reported an impressive 777.1 billion yuan ($107.2 billion) in revenue, marking a 29% increase from the previous year and exceeding Bloomberg’s forecast of 766 billion yuan.
This achievement solidifies BYD’s position as a dominant force in the global EV market, especially as it aggressively expands into international territories.
BYD’s rise amid Tesla’s challenges
BYD's financial success outshined Tesla, which reported $97.7 billion in revenue for 2024.
Additionally, BYD posted a record-high net profit of 40.3 billion yuan, reflecting a 34% growth compared to 2023.
The company also sold nearly 4.3 million vehicles last year, a remarkable 40% increase, while its monthly sales skyrocketed by 161% in February to 318,000 units, outpacing Tesla’s declining sales.
In contrast, Tesla faced a turbulent year.
The company reported weaker-than-expected fourth-quarter profits, bringing an end to its streak of annual car volume growth.
CEO Elon Musk’s political affiliations, particularly his support for far-right groups in Europe, have also contributed to declining sales in the region.
Technological breakthroughs and global expansion
BYD has not only gained an edge through affordability but also through technological advancements.
The company recently unveiled its “Super e-Platform” battery and charging system, boasting peak speeds of 1,000 kilowatts, double the capacity of Tesla’s Superchargers (500 kW).
The innovation enables vehicles to travel up to 470 kilometres (292 miles) on just a five-minute charge, significantly reducing charging times to compete with refuelling traditional petrol cars.
As part of its global expansion strategy, BYD is aggressively targeting the European market.
The company has launched extensive advertising campaigns, including sponsorship of the European Football Championship, and is opening multiple new showrooms across the continent.
BYD Vice-President Stella Li expects European registration numbers to "jump" in March and April, further cementing the brand’s presence.
Challenges from geopolitical tensions
Despite its impressive growth, BYD faces potential roadblocks due to rising geopolitical tensions.
The European Union (EU) has launched investigations into whether the Chinese government provided unfair subsidies for BYD’s first European factory in Hungary, where EV production is set to begin later this year.
Similarly, in the United States, former President Donald Trump has introduced higher tariffs on Chinese imports, adding to previous restrictions from the Biden administration that effectively limit the use of Chinese technology in smart cars.
These barriers could complicate BYD’s expansion into Western markets.
BYD’s rapid growth and technological innovations position it as Tesla’s most formidable competitor in the EV industry.
While Tesla grapples with political and financial challenges, BYD continues to leverage government support, cost efficiency, and cutting-edge battery technology to dominate global markets.
Tesla unveils vision for autonomous future with Robotaxi, Robovan
Meanwhile, TheRadar earlier reported that the CEO of Tesla, Elon Musk, unveiled ambitious plans for Tesla’s transition from automaker to robotics manufacturer at a highly anticipated event on Thursday, October 10.
Musk introduced a prototype, “Cybercab,” a sleek robotaxi equipped with two gull-wing doors, designed to hit production by 2026 with a price tag below $30,000.