China: Shenzhen-based electric vehicle (EV) giant BYD has reported annual revenue for 2024 that surpasses Tesla, solidifying its dominance in the global market. The company’s revenue surged 29 percent to $107 billion (777 billion yuan; £83 billion), outpacing Tesla’s $97.7 billion.
BYD’s growth has been fueled by strong sales of its hybrid models, which continue to gain traction with evolving consumer preferences. While both automakers sold a comparable number of fully electric vehicles—BYD at 1.76 million and Tesla at 1.79 million—BYD’s total vehicle sales, including hybrids, reached a record 4.3 million units.
In a direct challenge to Tesla’s dominance, BYD has unveiled the Qin L, a budget-friendly EV with a starting price of $16,500 (119,800 yuan). This undercuts Tesla’s Model 3, which starts at $32,500 (235,500 yuan) in China. The launch comes as Chinese consumers tighten their spending due to economic headwinds, including a property crisis, slowing growth, and high local government debt.
BYD is also ramping up innovation, with its founder Wang Chuanfu recently announcing groundbreaking battery technology capable of charging an EV in just five minutes—far faster than Tesla’s supercharger system, which takes around 15 minutes. Additionally, BYD’s advanced driver-assistance technology, known as “God’s Eye,” will now be standard across all models at no extra cost.
Musk’s political ties spark backlash
Tesla is facing increasing scrutiny worldwide, partly due to controversies surrounding CEO Elon Musk. His appointment as head of the Trump administration’s Department for Government Efficiency (DOGE) has sparked criticism, as has his political involvement abroad, including support for Germany’s far-right Alternative fur Deutschland party and his criticism of UK Prime Minister Keir Starmer.
Meanwhile, Chinese EV manufacturers, including BYD, are dealing with mounting tariffs in key markets such as the US and the European Union, adding to industry-wide tensions.
Despite these challenges, BYD’s shares—backed by US investor Warren Buffett—have skyrocketed by over 50 percent this year, reflecting strong investor confidence in the company’s trajectory.
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