BYD annual sales cross $100 billion, surging ahead of Tesla

Chinese EV giant BYD recorded revenues of USD 107 billion for 2024, surging ahead of Tesla in annual sales as competition for electric cars intensifies in the global market.

Shenzhen-based BYD reported a 29% jump in sales from the previous year on deliveries of 4.27 million cars, which include fully electric vehicles and hybrids.

By comparison, Elon Musk’s company’s 2024 revenue was USD 97.7 billion, and it delivered 1.79 million battery-powered vehicles, with annual deliveries declining for the first time by 1.1%, according to a CNN report.

“BYD has become an industry leader in every sector from batteries, electronics to new energy vehicles, breaking the dominance of foreign brands and reshaping the new landscape of the global market,” BYD CEO Wang Chuanfu.  

Tesla’s dominance in the global EV market is coming under pressure.

BYD has launched a lower-priced car to rival Tesla's Model 3, the top selling EV in China. This month BYD also unveiled an ultra-fast charging system reportedly capable of adding 250 miles of range in just five minutes. In comparison, Tesla’s Superchargers take 15 minutes to charge and provide a range of 200 miles.

Tesla is also facing a backlash in parts of the world, especially Europe, over Musk’s ties to US President Donald Trump. 

BYD is also providing an advanced driver-assistance system for many of its models at no extra cost, while Tesla’s Full Self-Driving (FSD) service can be availed by US customers for a USD 99 monthly subscription or a one-time fee of $8,000.

Meanwhile, Chinese carmakers have been slammed with tariffs in Western countries. Though stringent tariffs have effectively blocked Chinese EVs from the US market, BYD is far ahead in China, the world’s largest auto market.

In 2024, BYD had a 32% share of China’s total market for new energy vehicle sales, including hybrids. Tesla was far behind at only 6.1%, according to the China Passenger Car Association.

Tesla is finding it tough in Europe too, where the company sold fewer than 16,000 vehicles in February, down 44% on average across 25 countries in the EU, the UK, Norway and Switzerland, according to data compiled by the research platform Jato Dynamics, the Guardian reports.