In big news for global EV markets, Chinese electric vehicle (EV) manufacturer BYD has outstripped Tesla Inc. in annual revenue for 2024, posting 777 billion yuan (US$107 billion) in sales.
The company reported a 29% year-on-year increase in revenue, driven by record deliveries of 4.27 million vehicles – comprising both fully electric and plug-in hybrid models.
Tesla pales in comparison
In comparison, Tesla recorded US$97.7 billion in revenue for 2024, delivering 1.79 million fully electric vehicles – a 1.1% decline in annual deliveries, its first on record.
BYD’s growth has been accompanied by the rollout of major technological innovations and expanding global ambitions.
Last week, it introduced a fast-charging system capable of delivering 250 miles of range in five minutes, considerably faster than Tesla’s Supercharger, which offers 200 miles in 15 minutes.
The company also launched its proprietary “God’s Eye” driver-assistance system across most models at no additional cost, which will intensifying pressure on competitors.
Tesla’s Full Self-Driving (FSD) system remains a paid add-on and is yet to receive regulatory approval in China.
While Tesla is trialling limited free FSD access in China, the rollout was abruptly suspended this week, with the company citing ongoing efforts to obtain formal regulatory clearance.
Dominant share in China
Despite being effectively excluded from the US due to tariffs, BYD holds a dominant 32% share of China’s enormous and rapidly growing new energy vehicle (NEV) market.
Tesla trails significantly with just 6.1%, according to the China Passenger Car Association.
Tesla is also facing challenges in Europe, where its sales dropped for a second consecutive month in February – down a whopping 40% year-on-year.