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Chinese automaker BYD has reported over $107 billion in annual revenue, edging past Tesla as the competition between the two EV giants heats up.
The Shenzhen-based company announced its full-year revenue reached approximately $107 billion for 2024, surpassing market expectations and topping Tesla’s $97.7 billion in revenue for the same period.
BYD’s financial filing, which was released on Monday, reported a 34% increase in net profit year-over-year, rising to $5.56 billion — well above analyst forecasts.
Long a dominant force in China’s automotive sector, BYD has rapidly solidified its position as a global leader in the electric vehicle space.
China, the world’s largest EV market, remains a fiercely competitive battleground and BYD has leveraged its home-field advantage to achieve impressive growth across both fully electric and hybrid models.
Innovation played a key role in BYD’s stellar performance last year.
In 2024, the company launched a next-generation charging system capable of delivering up to 250 miles of range in just five minutes — a major breakthrough in EV infrastructure.
Additionally, BYD rolled out upgraded driver assistance features across its vehicle lineup, further enhancing consumer appeal.
These technological advancements have translated into investor confidence.
BYD’s Hong Kong-listed shares surged roughly 51% over the past year, reaching all-time highs and reflecting strong market optimism.
Tesla’s stock has taken a significant hit, falling nearly 50% from its post-election peak of around $490 back in December.
The company has lost close to $750 billion in market value, as investors grow increasingly uneasy about declining sales and concerns that CEO Elon Musk’s involvement with President Donald Trump’s administration is distracting him from leading the automaker effectively and may be harming Tesla’s public image.
Despite the slump, the stock saw a strong recovery on Monday following an internal meeting where Musk reassured employees about the company’s progress in autonomous driving and robotics — suggesting these advancements would drive long-term growth.
Tesla shares surged 11.9% to close at $278.39 on Monday — marking their biggest single-day rise since a 14.8% increase in early November.
Broader market optimism also played a role, as investors grew hopeful that the Trump administration might ease off on imposing harsh tariffs against Mexico and Canada — an issue especially critical to automakers reliant on cross-border parts supply chains.
While Tesla maintained a narrow lead in global electric vehicle sales — delivering 1.79 million units in 2024 — BYD was close behind with 1.76 million fully electric vehicles sold.
However, when hybrid vehicles are included, BYD’s total deliveries soared to 4.27 million — putting it nearly on par with Ford Motor Company’s overall vehicle sales.
Looking ahead, BYD is projecting even more aggressive growth.
The automaker expects to sell between 5 million and 6 million vehicles in 2025.
The momentum appears to be carrying into the new year, with BYD reporting a 93% year-on-year jump in sales for January and February, totaling over 623,000 units.
BYD’s rise marks a turning point in the global EV race.
While Tesla remains a formidable player, especially in the US market, BYD’s combination of affordability, innovation, and production scale is proving to be a winning formula — particularly in emerging markets and its domestic base.
As of early 2025, Tesla’s vehicle lineup in the US spans a broad price range.
The Model 3, Tesla’s most affordable offering, starts at approximately $42,490, while higher trims can reach up to $54,990.
The Model Y begins at around $46,630 for the rear-wheel drive version and goes up to $61,630 for the long-range all-wheel drive variant.
The Model S starts at $79,990, with the high-performance Plaid edition priced at $94,990.
Tesla’s Model X, the high-end electric SUV, starts at $79,380 and climbs to $99,990 for the Plaid version.
The newly released Cybertruck ranges from $60,990 for the base single-motor model to $99,990 for the tri-motor “Cyberbeast.”
In contrast, BYD offers a much more affordable range of electric vehicles, primarily aimed at its domestic and emerging markets.
The BYD Seagull, a compact city EV, starts at roughly $11,400, while the Dolphin hatchback is priced from about $13,900.
The Han EV, BYD’s flagship electric sedan, is positioned in the midrange market, with prices ranging between $32,800 and $40,000 depending on the trim and features.
The Xia MPV, a family-oriented multi-purpose vehicle, starts at approximately $34,000.
BYD’s passenger cars are not currently available in the US — unlike Tesla, which has access to both the American and Chinese markets.
EVs are cheaper in China mainly due to strong government support, including subsidies, tax breaks and investment in charging infrastructure.
BYD and other Chinese firms also benefit from lower labor and production costs, as well as localized supply chains for batteries and components.
A Tesla representative was not immediately available for comment.