Michelle ThompsonChinese EV giant BYD has reported a significant revenue jump for 2024, surpassing Tesla.
The Shenzhen-based company saw a 29% increase in revenue, reaching 777 billion yuan ($107bn; £83bn), driven by strong hybrid vehicle sales. This exceeded Tesla’s $97.7bn revenue.
BYD recently introduced a lower-priced model to compete with Tesla’s Model 3, which has been China’s top-selling EV.
Tesla faces global criticism over Elon Musk’s ties to US President Donald Trump, while Chinese automakers are contending with Western tariffs.
Both companies sold a similar number of EVs in 2024—BYD at 1.76 million and Tesla at 1.79 million. However, including hybrids, BYD’s total sales hit a record 4.3 million vehicles worldwide.
On Sunday, BYD launched the Qin L, priced at 119,800 yuan, significantly lower than the Tesla Model 3’s 235,500 yuan base price in China.
Chinese consumers are tightening spending amid economic challenges, including a property downturn, slowing growth, and rising local government debt.
Last week, BYD’s founder Wang Chuanfu unveiled new battery technology capable of charging an EV in just five minutes—compared to Tesla’s 15-minute supercharger time.
In February, BYD also announced that its “God’s Eye” driver-assistance system would be included free in all its models.
Shares of BYD, backed by veteran US investor Warren Buffett, have surged over 50% this year.
Meanwhile, criticism of Musk and Tesla has intensified since his appointment as head of the Trump administration’s Department for Government Efficiency (DOGE), which aims to cut federal spending.
Musk has also drawn attention for his political involvement abroad, endorsing Germany’s far-right Alternative für Deutschland party ahead of parliamentary elections and criticizing UK Prime Minister Keir Starmer.
At the same time, Chinese EV manufacturers are facing tariffs in major markets, including the US and the European Union.
