China’s EV manufacturer BYD achieved revenues of 777 billion yuan ($107 billion) in 2024, outperforming Tesla in annual sales amid escalating global clean-energy vehicle competition.
In a Monday filing, BYD reported a 29% sales increase, delivering 4.27 million cars including fully electric vehicles and hybrids. By contrast, Tesla’s 2024 revenue was $97.7 billion, with 1.79 million battery-powered vehicle deliveriesmarking its first annual decline of 1.1%.
BYD CEO Wang Chuanfu highlighted the company’s “rapid development” in its annual report, stating, “BYD has become an industry leader across batteries, electronics, and new energy vehicles, challenging foreign brand dominance and reshaping the global market landscape.”
The company has increasingly challenged Tesla’s market position. Last week, BYD introduced an ultra-fast charging system capable of adding 250 miles of range in just five minutessignificantly outpacing Tesla’s Superchargers, which take 15 minutes to provide 200 miles of range.
Additionally, BYD launched a complimentary advanced driver-assistance system across most models. Analysts noted that its free “God’s Eye” system intensifies pressure on Tesla, whose Full Self-Driving (FSD) service costs $99 monthly or $8,000 upfront in the US.
“Tesla may eventually need to reduce FSD pricing in China,” observed Seth Goldstein, a Morningstar analyst.
Tesla continues to face challenges in China, with its FSD service awaiting regulatory approval. After launching limited free trials last week, the company quickly halted them. Tesla’s Weibo support account pledged to secure approvals and roll out updates “as soon as possible.”
While Chinese EVs face significant US market barriers due to tariffs, BYD dominates China’s new energy vehicle market. In 2024, BYD captured 32% of China’s market, compared to Tesla’s 6.1%, according to the China Passenger Car Association.
Tesla’s struggles extend to Europe, where February sales dropped 40% year-over-year, according to the European Automobile Manufacturers’ Association.
Anna Cooban contributed reporting.
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