BYD Overtakes Tesla in Revenue as EV Market Competition Intensifies

Shenzhen, China – Chinese electric vehicle (EV) manufacturer BYD has officially surpassed Tesla in annual revenue, marking a significant shift in the global EV market. The company reported 777 billion yuan ($107 billion; £83 billion) in revenue for 2024, a 29% increase from the previous year, surpassing Tesla’s $97.7 billion for the same period.

BYD Gains Edge Over Tesla in EV and Hybrid Sales

The latest figures show BYD sold 1.76 million fully electric vehicles in 2024, closely trailing Tesla’s 1.79 million. However, when hybrid sales are included, BYD’s total vehicle deliveries soared to a record 4.3 million units, solidifying its position as the world’s leading new energy vehicle (NEV) manufacturer.

In a move to expand its market share further, BYD has introduced a new, lower-cost EV aimed directly at Tesla’s popular Model 3. The Qin L model, launched this week, starts at 119,800 yuan ($16,600)—nearly half the price of Tesla’s base Model 3 in China, which sells for 235,500 yuan ($32,700).

Tesla Faces Global Challenges Amid BYD’s Growth

Tesla’s challenges extend beyond sales figures, as the company faces political and market pressures worldwide. CEO Elon Musk’s close association with U.S. President Donald Trump has sparked a backlash among consumers, while his controversial political stances—including support for Germany’s far-right Alternative für Deutschland party and criticism of UK Prime Minister Keir Starmer—have further fueled tensions.

Meanwhile, BYD is advancing in EV technology and innovation. Last week, the company unveiled a new battery charging system capable of fully charging an EV in just five minutes, significantly faster than Tesla’s 15-minute supercharger technology. Additionally, BYD’s “God’s Eye” driver-assistance system was made available for free across all its models in February, offering a direct challenge to Tesla’s paid autonomous driving features.

Trade Barriers and Market Impact

Despite its success, BYD—along with other Chinese EV makers—faces growing trade restrictions. Both the United States and European Union have imposed tariffs on Chinese-manufactured EVs, citing concerns over state subsidies and market competition. Tesla has also been affected by rising production costs and regulatory challenges in key markets, adding to the uncertainties surrounding its global expansion.

Stock Market Performance and Future Outlook

BYD’s strong financial performance has boosted investor confidence, with the company’s stock rising more than 50% in 2025. Backed by billionaire investor Warren Buffett, BYD continues to expand aggressively, challenging Tesla’s long-standing dominance in the global EV sector.

With strong sales, competitive pricing, and technological advancements, BYD is positioning itself as a formidable rival in the EV industry. As global demand for electric vehicles grows, the competition between BYD and Tesla is expected to intensify, shaping the future of the automotive sector in the years ahead.