In 2024, BYD surpasses Tesla in revenue and introduces a model to challenge its dominance

Sales of hybrid vehicles and a new, more affordable EV model helped BYD surpass Tesla in 2024 in terms of revenue.

According to its 2024 annual revenue report, Chinese electric vehicle manufacturer BYD has surpassed rival Tesla.

Sales of its hybrid cars helped the Shenzhen-based company’s income, which increased by 29% to 777 billion yuan ($107 billion, £83 billion). This exceeded Elon Musk’s Tesla’s reported $97.7 billion.

In addition, BYD recently introduced a more affordable vehicle to compete with Tesla’s Model 3, which has long held the top spot among Chinese EV sales.

It occurs at a time when Chinese automakers are facing tariffs in Western nations and Tesla is facing international criticism for Musk’s connections to US President Donald Trump.

Last year, BYD and Tesla sold around the same amount of electric vehicles (1.76 million and 1.79 million, respectively).

However, the Chinese company’s hybrid car sales are significantly higher, reaching a record 4.3 million vehicles worldwide in 2024.

BYD unveiled a new model to compete with Tesla on Sunday.

In China, the base variant of Tesla’s variant 3 costs 235,500 yuan, while the Qin L model starts at 119,800 yuan.

In the face of economic difficulties, such as a real estate crisis, sluggish development, and significant local government debt, Chinese consumers are reducing their expenditures.

Wang Chuanfu, the creator of BYD, revealed new battery charging technology last week, claiming it could fully charge an EV in five minutes.

That is comparable to charging a Tesla with its supercharger system in about 15 minutes.

BYD declared in February that all of its vehicles would come equipped with its renowned “God’s Eye” superior driver-assistance technology for free.

Supported by seasoned US investor Warren Buffett, the company’s shares have increased by almost 50% this year.

Since Musk was named chairman of the Trump administration’s Department for Government Efficiency (DOGE), which is tasked with cutting federal government spending, there has been a growing backlash against him and his automaker.

In addition, Musk has meddled in international politics by endorsing the far-right Alternative für Deutschland party in the run-up to Germany’s legislative election and denouncing British leaders including Prime Minister Keir Starmer.

In the meantime, many countries throughout the world, notably the US and the EU, have imposed duties on Chinese EV makers.