BYD, the Chinese electric carmaker, surpasses Tesla in sales

Chinese electric vehicle maker BYD has reported a significant surge in annual revenue for 2024, surpassing rival Tesla. The Shenzhen-based company revealed a 29% increase in revenue, reaching 777 billion yuan ($107 billion; £83 billion), driven by strong sales of its hybrid vehicles. This outpaced Tesla’s reported revenue of $97.7 billion.

In addition to this, BYD has launched a new, more affordable model to compete with Tesla’s long-time best-seller, the Model 3, which has dominated the electric vehicle (EV) market in China. The announcement comes amid global backlash against Tesla over CEO Elon Musk’s ties to former U.S. President Donald Trump, while Chinese carmakers, including BYD, face tariffs in Western markets.

While BYD sold nearly as many EVs as Tesla last year—1.76 million compared to Tesla’s 1.79 million—it is much larger when including its hybrid vehicles. The company set a record, selling 4.3 million vehicles worldwide in 2024.

In a bid to take on Tesla, BYD introduced its new Qin L model, which starts at 119,800 yuan in China, significantly lower than the base price of Tesla’s Model 3, which is priced at 235,500 yuan. This comes at a time when Chinese consumers are tightening their spending amid economic challenges, such as a property crisis, slowing growth, and high local government debt.

In another major development, BYD’s founder, Wang Chuanfu, announced a breakthrough in battery charging technology, claiming the ability to charge an EV in just five minutes. This compares to approximately 15 minutes for a Tesla using its supercharger system. Additionally, BYD revealed that its advanced “God’s Eye” driver-assistance technology would be available for free in all its models.