BYD Surpasses Tesla in Annual Sales, Posts $107 Billion Revenue in 2024
Chinese electric vehicle (EV) powerhouse BYD has overtaken Tesla in annual sales, reporting a 29% revenue surge to 777 billion yuan ($107 billion) in 2024, according to a filing on Monday. This milestone comes as competition intensifies in the global clean-energy car market.
BYD delivered 4.27 million vehicles, including fully electric and hybrid models, significantly outpacing Tesla’s 1.79 million battery-powered car deliveries. In contrast, Tesla’s revenue for 2024 stood at $97.7 billion, with annual deliveries declining 1.1% for the first time.
In its latest annual report, BYD CEO Wang Chuanfu highlighted the company’s “rapid development”, emphasizing its leadership across batteries, electronics, and new-energy vehicles.
BYD Outpaces Tesla in Innovation and Market Expansion
BYD has been challenging Tesla’s dominance with cutting-edge advancements. The company recently unveiled an ultra-fast charging system that can add 250 miles of range in just five minutes, surpassing Tesla’s Supercharger technology, which provides 200 miles in 15 minutes.
Additionally, BYD introduced a free advanced driver-assistance system (ADAS) called “God’s Eye”, available on most models at no extra cost. This move increases pressure on Tesla, which charges $99 monthly or $8,000 upfront for its Full Self-Driving (FSD) service in the U.S.
Industry analysts predict Tesla may be forced to lower its FSD pricing in China, where it is still awaiting regulatory approval for the system’s rollout. Tesla recently launched a limited free FSD trial in China, but quickly suspended it, citing ongoing regulatory processes.
BYD’s Market Dominance in China and Tesla’s Struggles in Europe
BYD continues to dominate China, the world’s largest auto market, securing a 32% share of total new-energy vehicle sales in 2024, compared to Tesla’s 6.1%. Despite Tesla achieving record shipments in China, BYD remains the clear leader.
Tesla is also facing challenges in Europe, where its sales dropped by 40% in February compared to the same period in 2024, marking the second consecutive month of decline.
With BYD expanding its global footprint and pushing innovation at a rapid pace, Tesla faces increasing pressure to adapt and compete in the evolving EV landscape.
