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Chinese electric vehicle (EV) giant BYD has officially outpaced Tesla in annual revenue, marking a significant shift in the global EV market.

According to BusinessTimes, the Shenzhen-based company reported a record-breaking $107.2 billion in revenue for 2024, surpassing Tesla's $97.7 billion for the same period.

This achievement highlights BYD's rapid expansion and growing dominance in the EV industry.

According to BYD's latest financial filing, the company's net profit increased by 34% year-over-year, reaching $5.56 billion—well above market forecasts.

The company also announced a dividend payout, signaling confidence in its continued growth trajectory. This financial success reflects BYD's ability to capitalize on China's booming EV market and expand globally.

China remains the world's largest EV market, providing BYD with a strong advantage. The company's sales surged by 161% in February, selling 318,000 vehicles, while Tesla reported a decline in the same period.

BYD also expects to sell between five and six million vehicles in 2025, fueled by a 93% year-over-year jump in sales in January and February alone.

Innovation has been a key factor in BYD's growth. In 2024, the company introduced a cutting-edge charging system capable of delivering up to 250 miles of range in just five minutes.

This breakthrough in battery technology has positioned BYD as a leader in EV infrastructure. Additionally, the automaker enhanced its driver assistance features, increasing its appeal to consumers looking for advanced safety and automation.

BYD Stock Soars 51% as Tesla Faces Market Volatility

These technological advancements have also attracted investors. BYD's Hong Kong-listed shares surged by approximately 51% over the past year, reaching record highs.

In contrast, Tesla's stock has faced significant volatility, falling nearly 50% from its December 2024 peak before rebounding after CEO Elon Musk reassured investors about the company's future in autonomous driving and robotics.

Despite maintaining a narrow lead in global EV sales—delivering 1.79 million fully electric vehicles compared to BYD's 1.76 million—Tesla is struggling to keep pace, NY Post said. .

When hybrid models are included, BYD's total deliveries skyrocketed to 4.27 million, nearly matching Ford's overall vehicle sales. This broader range of offerings gives BYD a competitive edge in emerging markets.

Tesla has also faced investor concerns over declining sales and CEO Elon Musk's political ties. His involvement with the Trump administration has raised fears that distractions could impact Tesla's leadership and market performance.

Meanwhile, geopolitical factors, including new US tariffs on Chinese imports and EU investigations into subsidies, could present challenges for BYD's international expansion.

Looking ahead, BYD is aggressively expanding into international markets, particularly in Europe. The company has launched compact EVs featuring its new "Super e-Platform" battery, which enables charging speeds of up to 1,000 kilowatts—twice the power of Tesla's Superchargers.

BYD is also increasing its presence in European showrooms and sponsoring major sporting events to enhance brand recognition.

Tags

Revenue, Tesla