Chinese electric vehicle giant BYD has overtaken Tesla in annual revenue for the first time, reporting a 29% rise to around £83 billion in 2024.
The growth was fuelled by strong demand for hybrid vehicles, pushing the Shenzhen-based group ahead of Tesla’s £75 billion in annual revenue.
Both firms sold a similar number of fully electric cars - 1.76 million for BYD and 1.79 million for Tesla - but BYD’s broader sales, including hybrids, reached a record 4.3 million.
BYD has also launched a cheaper alternative to Tesla’s Model 3. The new Qin L starts at £13,400 in China, less than half the price of a basic Model 3 at £26,300.
The company is promoting battery tech that can charge a car in five minutes and now offers free advanced driver-assistance features across its range. Shares in BYD, backed by Warren Buffett, have risen more than 50% so far this year.
Tesla, meanwhile, had a rare day in the sun on Monday after a torrid start to 2025 with the EV maker expected to launch its full self-drive technology soon, with its first battleground being China.
After hours, stock in Elon Musk's carmaker was up almost 12% on the news, rolling back some of the losses seen year to date.
That said, is still down 27% in that period amid worries that the CEO's involvement with the Trump administration, coupled with some bizarre behaviour, has inflicted a major 'ding' to the brand.