BYD overtakes Tesla in EV sales

Chinese electric vehicle (EV) manufacturer BYD has surpassed Tesla in both revenue and total vehicle sales for 2024, marking a major milestone in the global EV market.

The Shenzhen-based company reported a 29% increase in revenue, reaching 777 billion yuan ($107 billion), exceeding Tesla’s $97.7 billion earnings. This growth was fueled by BYD’s strong sales of hybrid and electric vehicles, reinforcing its dominance in the industry.

While BYD sold nearly as many pure EVs as Tesla—1.76 million compared to Tesla’s 1.79 million—its hybrid vehicle sales pushed total deliveries to a record 4.3 million globally.

The company also introduced the Qin L, a budget-friendly alternative to Tesla’s Model 3, priced at 119,800 yuan compared to the Model 3’s 235,500 yuan.

Amid Tesla’s global challenges, including backlash over Elon Musk’s political affiliations and increased tariffs on Chinese carmakers in Western markets, BYD continues to expand.

The company recently unveiled advanced battery charging technology capable of charging an EV in just five minutes, significantly faster than Tesla’s supercharger system. In addition, BYD announced that its “God’s Eye” driver-assistance system would now come standard in all models.

As the Chinese auto market faces economic uncertainties, BYD’s strategic pricing, innovation, and market positioning have solidified its leadership in the EV sector, presenting strong competition to Tesla worldwide.