Chinese electric vehicle (EV) manufacturer BYD has achieved record-breaking revenue in 2024, surpassing rival Tesla for the first time. The company’s revenue reached 777.1 billion yuan ($107.2 billion), outpacing Tesla’s $97.7 billion for the same period. This 29% year-on-year increase exceeded Bloomberg’s forecast and marked a new milestone for the Shenzhen-based firm.
BYD’s strong financial performance was supported by rapid sales growth, particularly in Europe where the company is aggressively expanding. BYD’s latest battery technology — the “Super e-Platform” — offers peak charging speeds of 1,000 kilowatts, allowing cars to gain a 470-kilometre range in just five minutes. This innovation puts BYD ahead of Tesla’s Superchargers, which offer 500-kilowatt speeds. The company’s strong European push has included major marketing campaigns and new showroom openings, further strengthening its presence.
Despite its success, BYD faces geopolitical challenges. European authorities are probing potential unfair subsidies linked to its upcoming Hungarian factory, while heightened US tariffs on Chinese imports pose further risks. Nevertheless, BYD’s sustained growth, supported by Beijing’s financial backing, positions it as a dominant player in the global EV market, while Tesla grapples with declining European sales and political controversies.