Chinese electric vehicle giant BYD has surpassed Tesla in annual revenue for the first time since 2018, reporting 777 billion yuan ($107 billion) in sales for 2024—outpacing Tesla’s $97.7 billion. BYD’s net income also jumped 34% year-over-year to 40.3 billion yuan ($5.6 billion), exceeding analyst expectations.
BYD has become China’s top-selling automaker and is a leader in the world’s largest EV market. In 2024, BYD delivered 1.76 million fully electric vehicles, nearly matching Tesla’s 1.79 million. However, when including hybrid models, BYD’s total passenger vehicle sales soared to 4.27 million—nearly as much as Ford’s.
In addition, the company has gained traction with a lineup of feature-packed, affordable EVs. It recently unveiled advanced fast-charging technology capable of adding 400 kilometers (249 miles) of range in just five minutes and has integrated driver-assist technology across even its most basic models.
Further, investors have responded positively, pushing BYD’s Hong Kong-listed shares up 51% this year to record highs. The company has forecasted sales of 5 million to 6 million vehicles in 2025, with a strong start—623,300 units sold in the first two months, a 93% increase year-over-year.
While Tesla remains the global leader in market valuation at $800 billion, its dominance in China is slipping. The U.S. automaker has seen five consecutive months of declining sales in the world’s largest auto market, where BYD now holds a 15% share. Although BYD faces U.S. tariffs restricting its entry into the American market, the company has aggressively expanded into Europe, Australia, and parts of Asia.
Chairman and founder Wang Chuanfu emphasized the company’s commitment to innovation and global competitiveness, stating that Chinese automakers are no longer followers but global pioneers in intelligent vehicle technology.
Despite trade barriers preventing U.S. sales, BYD’s focus on research, development, and strategic market entry continues to fuel its momentum. As the EV giant achieves record-breaking sales and drives ongoing international growth, it is positioning itself to challenge Tesla’s global dominance in the years to come.
