Chinese EV Giant BYD Surpasses Tesla with Record-Breaking Revenue in 2024

Chinese electric vehicle (EV) manufacturer BYD has overtaken Tesla in revenue for the first time, reporting a record-breaking 777.1 billion yuan ($107.2 billion) in 2024. This marks a 29% year-on-year increase, highlighting BYD’s rapid expansion and growing dominance in the global EV market.

Strong Sales and Profit Growth

BYD's net profit surged to 40.3 billion yuan ($5.55 billion), reflecting a 34% increase compared to the previous year and exceeding analyst expectations. The company sold nearly 4.3 million vehicles in 2024—a more than 40% rise from 2023—with February 2025 sales jumping 161% to 318,000 units.

In comparison, Tesla reported $97.7 billion in revenue for 2024, making BYD the new leader in the EV market in terms of total earnings.

Technological Advancements and Market Expansion

BYD’s success is fueled by continuous technological innovation, including the launch of a “Super e-Platform” battery, which allows EVs to charge as quickly as refueling a petrol car. This breakthrough gives BYD a significant edge over competitors like Tesla.

Additionally, BYD is aggressively expanding into international markets, particularly in Europe, where it aims to challenge legacy automakers with affordable compact electric models featuring ultra-fast charging technology.

Challenges Ahead

Despite its rapid growth, BYD faces potential hurdles, including increased scrutiny from the European Union and potential U.S. tariffs on Chinese-made EVs. However, the company’s momentum signals China’s rising dominance in the global electric mobility industry, challenging traditional players and reshaping the competitive landscape.

With its record revenue, strong sales performance, and groundbreaking innovations, BYD is solidifying its position as a major force in the EV sector, leaving Tesla in its rearview mirror—for now.