BYD Co. has overtaken Tesla in revenue, marking a significant shift in the global electric vehicle (EV) market. The Chinese auto giant reported a record-breaking revenue of 777 billion yuan ($107 billion) for the year ending December 31, 2024, surpassing Tesla’s $97.7 billion. This achievement comes as BYD dazzles consumers with its diverse range of electric and hybrid vehicles, packed with high-tech features that are particularly popular in its home market of China.
BYD’s net income also saw a significant boost, rising 34% to 40.3 billion yuan, outperforming analyst estimates. While the company’s shares fell 2.3% early Tuesday in Hong Kong trading, they’ve experienced a remarkable 48% increase in 2025, with last week’s share price hitting a record high.
In 2024, BYD delivered 1.76 million EVs, almost on par with Tesla’s 1.79 million. However, when including its hybrid models, BYD’s total deliveries reached 4.27 million vehicles, nearly matching the entire production of Ford Motor Co. BYD is forecasting even higher numbers in 2025, aiming for between 5 million and 6 million vehicle sales.
The company has introduced cutting-edge features such as a charging ecosystem that can charge an EV for 400 kilometers in just five minutes, as well as advanced driver assistance technology across even its most basic models. These innovations are helping BYD maintain its dominance in China, where it holds nearly 15% of the passenger car market, including both new-energy vehicles and traditional cars.
Despite BYD’s impressive performance, Tesla still leads in terms of market valuation, standing at about $800 billion, compared to BYD’s $157 billion. Tesla remains profitable, with a net income of $7.6 billion in 2024, but the U.S. automaker is losing ground in China, where its shipments have declined for five consecutive months.
BYD, which does not currently sell cars in the U.S. due to tariffs, has made significant strides in markets across Europe, Asia, and Australia. Wang Chuanfu, BYD’s chairman, emphasized the company’s commitment to further research and development, as well as its ambition to lead in the era of intelligence-led vehicles. He also highlighted the shift in Chinese auto brands, which are now taking the lead in the global EV market rather than merely following Western trends.
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