Advances with hybrid Chinese automaker BYD has surpassed Tesla in annual revenue for 2024, driven by strong sales of hybrid vehicles and aggressive pricing strategies. The Shenzhen-based company reported revenue of 777 billion yuan ($107 billion), up 29% from a year earlier — surpassing the $97.7 billion reported by Tesla.
Although both sold a similar number of pure electric vehicles last year — 1.76 million for BYD versus 1.79 million for Tesla — the Chinese company’s lead is consolidated when including its hybrid models, with a total of 4.3 million cars sold in 2024.
New offensive in the Chinese market
BYD has stepped up its offensive by overseas data announcing the Qin L, designed to compete directly with the Tesla Model 3. With a starting price of 119,800 yuan, the vehicle costs almost half of the most basic version of Tesla’s model, which starts at 235,500 yuan. The move comes at a time when Chinese consumers are facing a drop in purchasing power amid the housing crisis and high levels of local public debt.
In addition to its aggressive pricing
BYD has been investing in technological innovations. Recently, founder Wang Chuanfu revealed a new charging system capable of advances with hybrid recharging an electric car’s battery in just five minutes — three times faster than that required by a Tesla supercharger.
Advances in assistance and political impact
In February, BYD announced that its advanced website down: how to prevent your page from going offline driver-assistance technology, called “God’s Eye,” would be available for free on all of the brand’s models. Meanwhile, Tesla is facing political and image challenges, compounded by Elon Musk’s direct involvement in U.S. and European politics. Musk took over as head of the Trump administration’s Department of Government Efficiency (DOGE) and has publicly supported far-right politicians, including Germany’s AfD party.
Global market in dispute
Even with its impressive growth, BYD and other Chinese fresh list automakers have faced trade barriers abroad. The United States and the European Union have imposed tariffs on Chinese electric vehicles amid rising geopolitical tensions. Still, investors seem confident: BYD shares are up more than 50% in 2024 alone.
In contrast Tesla is grappling with a series of crises
from mass recalls of the Cybertruck to protests against Musk’s policies and statements. The competition between the advances with hybrid electric giants is intensifying, with BYD gaining on both numbers and innovation.