Chinese electric vehicle manufacturer BYD achieved significant milestones in 2024, rivaling Tesla in electric car sales and surpassing the American automaker in revenue. BYD sold approximately 1.8 million electric vehicles last year, matching Tesla’s sales figures, and delivered a total of 4.3 million vehicles, which includes hybrid models.
The company’s revenue crossed the $100 billion mark for the first time, reaching an impressive 777 billion yuan ($107 billion). Net profits also surged to 40.3 billion yuan ($5.5 billion), marking a 34% increase compared to 2023. These achievements solidify BYD’s position as a dominant player in the competitive Chinese automotive market, the largest in the world.
Looking ahead, BYD has set ambitious targets for 2025, expecting to deliver between 5 million and 6 million vehicles. The year started strong, with sales nearly doubling year-on-year to 623,300 units in the first two months.
Meanwhile, Tesla reported a revenue of $97.7 billion and a profit of $7.6 billion for 2024. However, the American automaker faces challenges in the Chinese market, where sales have declined for five consecutive months on an annual basis, as BYD continues to gain market share. BYD’s remarkable growth underscores its rising influence in the global automotive industry and highlights the shifting dynamics within the electric vehicle sector.