BYD Surpasses Tesla in 2024 Revenue and Sales

Chinese electric vehicle manufacturer BYD has surpassed Tesla in 2024 revenue, reporting a record 777 billion yuan ($107 billion), significantly higher than Tesla's $97.7 billion. BYD's success is attributed to its strong sales of battery electric and hybrid vehicles, with a 40% increase year-on-year, and advanced technology such as a fast-charging system that adds 400 kilometers of range in just five minutes. Despite challenging U.S. tariffs, BYD has expanded its market presence globally, especially in Europe and Asia, while introducing competitively priced models like the Qin L sedan. This growth reflects China's strategic focus on the EV industry, supporting domestic companies like BYD with subsidies and infrastructure, which has helped the company nearly double Tesla's vehicle sales when including hybrids. The company plans to continue its international expansion and innovate in new areas such as AI, further solidifying its position as a leader in the global EV market.