China’s electric vehicle (EV) giant BYD has outpaced Tesla in annual revenue, reporting 777 billion yuan ($107 billion) in 2024, a 29% increase from the previous year. The company delivered 4.27 million vehicles, including both fully electric and hybrid models.
In contrast, Tesla recorded $97.7 billion in revenue, with 1.79 million EV deliveries, marking its first annual decline of 1.1% in deliveries.
BYD’s Rapid Growth and Innovations
BYD CEO Wang Chuanfu highlighted the company’s rapid expansion across sectors such as batteries, electronics, and EVs, reshaping the global auto market and challenging foreign brands.
The Chinese automaker has also made significant technological advancements. Last week, it introduced an ultra-fast charging system capable of adding 250 miles of range in just five minutes, surpassing Tesla’s Superchargers, which provide 200 miles in 15 minutes. Additionally, BYD rolled out its “God’s Eye” driver-assistance system for free across most models, intensifying competition. Meanwhile, Tesla’s Full Self-Driving (FSD) package in the U.S. costs $99 per month or $8,000 upfront.
Tesla’s Struggles in China and Europe
Tesla has faced hurdles in China, where it holds only 6.1% of the new energy vehicle (NEV) market, compared to BYD’s 32% share. Despite plans for a full FSD rollout in China this year, regulatory delays forced Tesla to pause free trials of the service.
In Europe, Tesla’s sales have also dipped, with a 40% decline in February compared to the same month in 2024, according to the European Automobile Manufacturers’ Association.
While Chinese EVs face tariffs in the U.S., BYD remains a dominant force in its home market, further solidifying its lead in the global EV race.
