Chinese EV giant BYD reported a record-breaking $107 billion in 2024 revenue, overtaking Tesla in global sales as electric and hybrid vehicle demand continues to climb. With strong profits, global expansion, and new product launches, BYD is positioning itself as a dominant player in the EV race.
BYD, the Chinese electric vehicle powerhouse, has officially surpassed Tesla in annual revenue for 2024, raking in a record 777.1 billion yuan ($107 billion). The sharp rise comes on the back of a 40% year-over-year increase in EV and hybrid sales, cementing BYD’s place as a global leader in clean mobility.
By comparison, Tesla’s revenue for 2024 totaled $97.7 billion, placing it nearly $10 billion behind BYD.
Profits and Innovation Drive BYD Forward
BYD also posted a 34% jump in net profit, reporting 40 billion yuan ($5.6 billion) in earnings for the year. The strong financials were reported Monday, coinciding with the launch of the Qin L EV sedan, a mid-sized electric car seen as a direct competitor to Tesla’s Model 3—but at just half the price.
In addition to its expanding product line, BYD recently unveiled a next-generation ultra-fast EV charging system, promising refill speeds comparable to traditional gas stations—further pushing innovation in the EV space.
Global Expansion Gathers Pace
While nearly 80% of BYD’s revenue stems from its core automotive business, the company is aggressively expanding into global markets. 29% of its 2024 sales came from outside Greater China, including Hong Kong and Taiwan—up from 27% the previous year.
The automaker sold a staggering 4.3 million electric and hybrid vehicles over the year, reflecting continued strength in both domestic and international demand.
Despite its impressive financial report, BYD’s Hong Kong-listed shares dipped 3.2% on Tuesday, a move some analysts attributed to profit-taking or geopolitical risks around tariffs and trade policy.
Tariff Troubles and Market Strategy
BYD’s next major challenge may be navigating the U.S. and EU trade environment. The automaker has yet to enter the U.S. market, where President Donald Trump has pledged higher tariffs on imported vehicles. In the European Union, BYD’s electric cars currently face a 17% tariff, complicating its pricing strategy as it competes with local and American brands.
Nonetheless, BYD continues to scale up exports in regions such as Southeast Asia, Latin America, and parts of Europe, maintaining its momentum amid growing geopolitical pressure.
Looking Ahead
With accelerating innovation, global expansion, and sales now surpassing Tesla, BYD is no longer just a rising star—it’s a global EV juggernaut. While trade barriers pose real challenges, the company’s growth trajectory signals that the EV competition is only just heating up.