Beijing – Chinese electric vehicle (EV) manufacturer BYD has outpaced its American rival Tesla, reporting 777.1 billion yuan ($107.2 billion) in revenue for 2024, marking a significant 29% year-over-year increase and exceeding market expectations.
This milestone cements BYD’s position as China’s leading EV manufacturer, expanding its dominance both domestically and internationally. The company’s record-high net profit of 40.3 billion yuan represents a 34% jump from 2023, showcasing its sustained growth trajectory.
BYD’s Expansion and Competitive Edge
BYD’s surge in revenue was driven by robust global sales, with nearly 4.3 million vehicles sold in 2024, a 40% year-on-year increase. The momentum continued into 2025, with monthly sales in February soaring by 161%, significantly outpacing Tesla’s declining figures during the same period.
A key factor in BYD’s growing dominance is its cutting-edge battery technology. The company recently introduced its Super e-Platform battery system, which boasts 1,000-kilowatt peak charging speeds, allowing vehicles to charge in just five minutes for a range of 470 km (292 miles). This technological advancement positions BYD ahead of Tesla’s current 500-kilowatt Supercharger technology.
BYD’s European Expansion Amidst Challenges
BYD is aggressively expanding in Europe, where it aims to challenge legacy brands with affordable, high-performance EVs. The company has invested in marketing campaigns, including sponsoring the European Football Championships, and is opening new showrooms across the continent.
However, BYD’s global ambitions face potential obstacles:
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EU authorities are investigating whether BYD received unfair government subsidies for its first European factory in Hungary, set to begin production later this year.
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The U.S. has imposed new tariffs on Chinese imports, adding to previous restrictions on Chinese smart car technology.
Despite these hurdles, BYD remains optimistic, with Vice President Stella Li stating that registration numbers in Europe will “jump” in the coming months. The company has also pledged to cooperate fully with any investigations regarding its government funding.
Tesla’s Struggles Amid BYD’s Rise
While BYD surges ahead, Tesla faces growing challenges:
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The company’s fourth-quarter profits in 2024 fell short of expectations.
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CEO Elon Musk’s political affiliations have led to a decline in European sales.
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BYD’s rapid technological advancements have intensified competition in charging speed and battery performance.
With BYD surpassing Tesla’s 2024 revenue of $97.7 billion, the Chinese automaker is solidifying its position as the world’s leading EV brand. As it continues to expand globally and push technological boundaries, Tesla faces increasing pressure to maintain its competitive edge.
