Chinese electric vehicle (EV) giant BYD has officially overtaken Tesla in annual revenue, reporting a staggering CNY 777 billion (USD 107 billion) for 2024, CNN reported.
The company’s sales surged 29% from the previous year, delivering 4.27 million vehicles, including fully electric and hybrid models. In contrast, Tesla reported USD 97.7 billion in revenue with 1.79 million EV deliveries, a 1.1% drop—the first annual drop in its history.
BYD CEO Wang Chuanfu credited the company’s rapid expansion and innovation for its success. “BYD has become an industry leader in every sector from batteries to new energy vehicles, breaking the dominance of foreign brands and reshaping the global market,” Wang said in the company’s annual report.
The competition between BYD and Tesla continues to heat up. Last week, BYD unveiled an ultra-fast charging system that adds 250 miles of range in just five minutes—far outpacing Tesla’s Superchargers, which take 15 minutes to deliver 200 miles of range.
In addition, BYD introduced its advanced driver-assistance system, “God’s Eye,” as a free upgrade for most models. Tesla’s Full Self-Driving (FSD) service, in contrast, costs US customers USD 99 per month or a one-time payment of USD 8,000.
While Chinese EVs face high tariffs in the US, BYD dominates the Chinese market, holding a 32% share of total new energy vehicle sales. Tesla, despite hitting a record number of shipments, holds only 6.1% of the market, according to the China Passenger Car Association.
Tesla also faces challenges in Europe, where its sales dropped for the second straight month in February. The company sold around 40% fewer vehicles than in the same month last year, according to the European Automobile Manufacturers’ Association.
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