BYD surpasses Tesla in annual sales and consolidates its leadership in electric vehicles (Instagram @teslamotors @byd_global)
The Chinese automaker BYD surpassed Tesla in annual sales, recording a revenue of $107 billion in 2024, a 29% increase compared to the previous year, with 4.27 million vehicles delivered.
Meanwhile, Tesla had a revenue of $97.7 billion and delivered 1.79 million cars, experiencing its first annual decline of 1.1% in deliveries.
BYD CEO, Wang Chuanfu, highlighted the company’s accelerated growth, becoming a leader in the electric and hybrid vehicle sector, challenging the dominance of foreign brands.
BYD has also outpaced Tesla in innovation, launching an ultra-fast charging system capable of adding 400 km of range in five minutes, while also offering a free advanced driver assistance system. In contrast, Tesla charges for its Full Self-Driving (FSD) service and faces difficulties obtaining approval for its technology in China, where free FSD tests were abruptly stopped. Analysts suggest Tesla may need to lower the price of FSD to compete in the Chinese market.
Despite trade restrictions in the U.S., BYD dominates the Chinese market with 32% of new energy vehicle sales, while Tesla holds just 6.1%. In Europe, Tesla also faces challenges, with a 40% drop in sales in February compared to the previous year.
This scenario reinforces BYD’s growth as the new global power in electric vehicles, putting pressure on Tesla in its key markets.
Source: CNN | Photo: Instagram @teslamotors @byd_global | This content was created with the help of AI and reviewed by the editorial team
