Chinese electric vehicle (EV) giant BYD has surpassed Tesla in revenue and overall vehicle sales in 2024. The company reported 777 billion yuan ($107 billion) in revenue, a 29% increase from the previous year, exceeding Tesla’s $97.7 billion revenue.
BYD’s Growing Dominance
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Higher Sales: BYD sold 4.3 million vehicles globally in 2024, including hybrids, compared to Tesla’s 1.79 million fully electric cars.
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New Budget Model: The recently launched Qin L sedan is priced at 119,800 yuan, significantly cheaper than Tesla’s Model 3, which starts at 235,500 yuan in China.
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Advanced Technology: BYD introduced a five-minute EV charging system, much faster than Tesla’s 15-minute supercharger.
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Free Driver Assistance: The company’s "God’s Eye" technology is now included in all its vehicles at no extra cost.
Tesla Faces Challenges
Tesla has been dealing with global backlash, partially due to CEO Elon Musk’s political affiliations. His ties to Donald Trump and controversial comments on international politics have impacted the company’s reputation.
Additionally, tariffs on Chinese EV makers in markets like the US and EU pose challenges for BYD and other Chinese manufacturers. However, BYD’s affordability, innovation, and Warren Buffett’s backing have helped its stock rise by over 50% this year.
As the competition heats up, BYD’s aggressive pricing and technological advancements are positioning it as a major force in the global EV market.
