Shenzhen, China – BYD, a leading Chinese electric vehicle (EV) manufacturer, has officially surpassed Tesla in annual revenue, marking a pivotal shift in the global electric vehicle (EV) market. In 2024, BYD reported a revenue of 777 billion yuan ($107 billion; £83 billion), reflecting a 29% increase from the previous year, surpassing Tesla’s $97.7 billion revenue for the same period.
BYD Takes the Lead in EV and Hybrid Vehicle Sales
The latest data shows that BYD sold 1.76 million fully electric vehicles in 2024, closely trailing Tesla’s 1.79 million. However, BYD’s total vehicle sales reached 4.3 million units when hybrid models are included. This record-breaking figure cements BYD’s position as the world’s largest new energy vehicle (NEV) manufacturer.
As part of its strategy to expand market share, BYD recently introduced the Qin L model—a new, affordable electric vehicle that directly competes with Tesla’s popular Model 3. The Qin L, priced at 119,800 yuan ($16,600), is nearly half the price of Tesla’s base Model 3 in China, which costs 235,500 yuan ($32,700).
Tesla Faces Increased Pressure Amid BYD’s Growth
Tesla’s challenges extend beyond just sales figures. The company is grappling with political and market pressures globally. CEO Elon Musk’s controversial political stances, including his ties to former U.S. President Donald Trump and support for Germany’s far-right Alternative für Deutschland party, have sparked backlash among consumers. Additionally, Musk’s criticism of UK Prime Minister Keir Starmer has fueled further tension.
In contrast, BYD continues to make significant strides in EV innovation. Recently, the company introduced a new rapid battery charging system capable of fully charging an EV in just five minutes, a technology far surpassing Tesla’s 15-minute Supercharger stations. Furthermore, BYD made its advanced “God’s Eye” driver-assistance system available for free across all models in February, providing a direct challenge to Tesla’s paid autonomous driving features.
Trade Barriers and Market Dynamics
Despite BYD’s strong growth, the company, along with other Chinese EV manufacturers, faces rising trade barriers. The United States and the European Union have imposed tariffs on Chinese-made EVs, citing concerns over state subsidies and increased competition in the market. Meanwhile, Tesla has been dealing with rising production costs and regulatory hurdles in major global markets, further complicating its global expansion efforts.
Stock Market Performance and Future Outlook for BYD
BYD’s impressive financial results have led to a surge in investor confidence, with its stock price rising by over 50% in 2025. Supported by billionaire investor Warren Buffett, BYD’s aggressive expansion strategy positions the company as a serious contender against Tesla in the global EV sector.
With its strong sales, competitive pricing, and cutting-edge technology, BYD is positioning itself as a key rival to Tesla in the rapidly growing electric vehicle market. As global demand for electric cars continues to rise, the competition between BYD and Tesla is set to intensify, shaping the future of the automotive industry in the coming years.
