Chinese electric vehicle maker BYD reported 2024 annual revenue of 777 billion yuan ($107 billion; £83 billion), a 29% increase, surpassing rival Tesla’s $97.7 billion. The Shenzhen-based firm’s hybrid vehicle sales boosted the company.
BYD sold 1.76 million EVs in 2024, nearly matching Tesla’s 1.79 million. However, BYD’s total vehicle sales, including hybrids, reached a record 4.3 million globally.
On Sunday, BYD introduced the Qin L model, starting at 119,800 yuan in China. This directly challenges Tesla’s Model 3, which starts at 235,500 yuan and had been the country’s top-selling electric vehicle.
This move happens against the backdrop of Chinese consumers cutting spending due to economic challenges. The slowdown is related to issues as a property crisis, slowing growth, and high local government debt.
Last week, BYD’s founder, Wang Chuanfu, unveiled a new battery charging technology. He claimed it could charge an EV in just five minutes, compared to Tesla’s supercharger system, which takes around 15 minutes.
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In February, BYD announced its “God’s Eye” advanced driver-assistance technology. The system would be available for free in all BYD models.
Shares in BYD, backed by investor Warren Buffett, have surged over 50% this year.
Tesla has faced increased backlash related to CEO Elon Musk’s appointment as head of the Trump administration’s Department for Government Efficiency (DOGE). Musk has also been criticized for political interventions abroad, including, supporting the far-right party Alternative für Deutschland in Germany and criticizing UK politicians, like Prime Minister Keir Starmer.
Chinese EV manufacturers, including BYD, have been targeted with tariffs in the US and the European Union.
