BYD Co. has officially surpassed Tesla Inc. in revenue, marking a significant milestone in the rapidly evolving electric vehicle (EV) industry. The Chinese automaker reported an impressive 777 billion yuan ($107 billion) in revenue for 2024, a 29% increase from the previous year, exceeding analysts’ expectations. In comparison, Tesla’s revenue for the same period was $97.7 billion. This is the first time since 2018 that BYD has outpaced Tesla in total earnings, reflecting the growing dominance of Chinese automakers in the EV market. (Source: Bloomberg)

BYD’s Soaring Sales and Market Growth

BYD’s net income also saw a significant jump, rising 34% year-over-year to 40.3 billion yuan ($5.5 billion), exceeding analyst predictions of 39.5 billion yuan. The company sold a total of 4.27 million vehicles in 2024, almost matching the scale of Ford Motor Co. While Tesla sold 1.79 million EVs, BYD was close behind at 1.76 million. However, when factoring in its hybrid vehicle sales, BYD’s total deliveries far exceeded Tesla’s numbers.

Looking ahead, BYD has set ambitious sales targets for 2025, projecting between 5 million to 6 million vehicles sold. The company is already on track, with sales in the first two months of the year reaching 623,300 units—a staggering 93% increase compared to the same period last year.

Tech Innovations and Market Expansion

BYD’s success is fueled by continuous innovation. The company recently introduced a new EV charging ecosystem that enables vehicles to gain 400 kilometers of range in just five minutes. Additionally, it has integrated advanced driver assistance systems into even its most basic models, making high-tech features accessible to a broader consumer base.

Despite Tesla’s dominance in terms of market capitalization—currently around $800 billion compared to BYD’s $157 billion—the Chinese EV maker is gaining traction globally. Tesla’s profitability remains stronger, with a net income of $7.6 billion in 2024, but BYD is rapidly closing the gap.

BYD’s Global Reach and Future Plans

While BYD does not yet sell passenger cars in the U.S. due to high tariffs on Chinese-made vehicles, it has expanded aggressively into Europe, Southeast Asia, and Australia. In China, its primary market, BYD holds a commanding 15% market share across all passenger vehicles, not just EVs.

Wang Chuanfu, BYD’s chairman and founder, emphasized that Chinese automakers are no longer following trends but leading the charge in intelligent vehicle innovation. “Chinese brands are daring to be first in the world, collaborating to move up the value chain,” he stated.

As BYD continues to push boundaries, its latest achievements highlight a significant shift in the global automotive landscape, where Chinese manufacturers are no longer just competitors but industry leaders.