Chandigarh 25 March 2025 : Chinese automaker BYD’s revenue surged and surpassed $100 billion last year, meaning that it has now surpassed Elon Musk’s Tesla which is one of its biggest rivals.
This comes as the electric vehicle (EV) giant accelerates its overseas expansion, including in Europe, with a new compact electric model and super-fast charging capabilities, according to a report by news agency AFP.
BYD’s revenue for 2024 was 777.1 billion yuan ($107.2 billion), according to its filing with the Shenzhen stock exchange on Monday. This is a 29 per cent increase from 2023.
In comparison, Tesla’s revenue was $97.7 billion in the same time period.
BYD, whose nomenclature stands for “Build Your Dreams,” is making the Europe push at a time when Tesla sales are dropping there over CEO Elon Musk’s support for far-right political groups.
On top of this, BYD’s Hong Kong-listed shares rose to a record high after it unveiled its new 1,000 kilowatt “Super e-Platform” battery and charging technology which it claims can charge a vehicle in the same time it takes to fill up a petrol car, and allows it to travel up to 470 kilometres with a five-minute charge.
In contrast, Tesla’s superchargers currently offer charging speeds of just 500 kilowatts.
Summary: BYD overtakes Tesla as the world’s top EV seller in 2024, setting a new sales record and reshaping the electric vehicle market.