BYD Surpasses Tesla with Over $100 Billion in Revenue

The Chinese electric vehicle manufacturer BYD has achieved a significant milestone by surpassing the $100 billion revenue mark in 2024, outpacing its rival Tesla, according to a recent stock filing.

Based in Shenzhen, BYD has established itself as Tesla's main competitor in the electric vehicle market, particularly as Tesla has been experiencing a decline in sales revenue over recent years.

To encourage growth, BYD has expanded its presence globally, targeting markets in both Europe and Asia with new compact models that come at lower prices and feature rapid charging capabilities.

A statement released on Monday highlighted that BYD generated 777.1 billion yuan (approximately $107.2 billion) in revenue for 2024, surpassing Tesla's reported revenue of $97.7 billion.

Compared to the previous year, BYD's sales increased by nearly 30%. Additionally, the company's profits for 2024 showed remarkable growth, rising by over a third compared to 2023.

In the fourth quarter of 2024 alone, BYD's profits jumped by 73%, as indicated by the records.

BYD's remarkable growth aligns with the rising demand for electric vehicles in China, where an estimated 20 million battery-powered vehicles are currently on the road.

In 2024, BYD sold 4.25 million vehicles, outpacing significant competitors like Volkswagen, according to a report from Reuters.

This month, following the announcement of a new commercial battery capable of charging at speeds comparable to refueling conventional vehicles, BYD's share prices surged to record levels.

BYD showcased its new Super E-Platform battery pack, boasting charging speeds of 1,000 kW, which is four times faster than Tesla's existing 250 kW superchargers.

Furthermore, BYD has pledged to introduce its "God's Eye" smart driving system across most of its vehicle lineup at no additional cost, contrasting with Tesla's paid full self-driving mode, which comes at a hefty price exceeding $8,000.

This innovation means that the new batteries could allow vehicles to cover up to 400 km (approximately 249 miles) after just five minutes of charging.

Additionally, BYD mentioned that its new lithium-iron-phosphate battery technology aims to eliminate users' range anxiety when traveling, with plans to integrate this latest battery system into its Han L and Tang L models as soon as next month in China.

On the other hand, Tesla has been grappling with ongoing challenges, including a declining stock price that has dropped for nine consecutive weeks, and a reduction in its market valuation of more than 50% since December.

Tesla's sales in Europe have also taken a significant hit, with reports indicating the company sold fewer than 10,000 vehicles in January 2024 — a staggering 45% decrease compared to over 18,000 vehicles sold in January 2023, according to the European Automobile Manufacturers’ Association (ACEA).

BYD, Tesla, Revenue