Chinese electric vehicle maker BYD has posted record annual revenue of 777 billion yuan (US$107bn) for 2024, overtaking Tesla as competition between the two rivals intensifies.
The Shenzhen-based company reported a 29% rise in revenue from the prior year, driven by surging hybrid sales and rapid international expansion. BYD also disclosed a 73% jump in fourth-quarter net profit, reaching a record US$3.3bn. In comparison, Tesla reported 2024 revenue of US$97.7bn.
Global sales surge, hybrids boost lead
BYD sold a record 4.3 million vehicles globally in 2024, including 1.76 million electric vehicles—nearly matching Tesla’s 1.79 million EV sales. Hybrid models, which remain a key part of BYD’s portfolio, made up the remainder. Overseas shipments rose almost 72%, accounting for 10% of the company’s total volume.
The results come as Tesla faces weakening demand and a sharp decline in share price, down more than 31% year to date.
BYD credits rapid development, foreign disruption
Wang Chuanfu, BYD’s chairman and president, said 2024 marked a turning point for the company. “BYD has become an industry leader in every sector from batteries, electronics to new energy vehicles, breaking the dominance of foreign brands and reshaping the new landscape of the global market,” he said.
The company has also unveiled new charging technology that it claims can deliver 400km of range in just five minutes. The so-called Super e-Platform reaches peak charging speeds of 1,000 kilowatts, double the fastest charging speeds currently on the market, including Tesla’s Supercharger.
“This is the first time in the industry that the unit of megawatt has been achieved on charging power,” said Wang. The system uses a fully liquid-cooled charging terminal to manage heat and maintain battery life during high-speed charging.
Two new BYD models, launching in April, will support the new technology. Around 4,000 ultra-fast chargers will be rolled out across China in the initial phase.
Analysts have described the breakthrough as significant. “If you could charge the car in five minutes, it becomes quite compelling,” said Stephen Bragg, motor energy industry partner at Pitcher Partners. However, he noted that Australia’s existing grid infrastructure could not yet support such charging speeds, calling it “a significant hurdle to get over”.
Cheaper models and global expansion fuel growth
BYD’s recent growth has been supported by a broader product refresh and expanding global footprint. The firm has launched lower-priced EVs targeting Tesla’s bestsellers, including the Qin L, which starts at 119,800 yuan in China—about half the cost of a base Model 3.
The company is also planning a third manufacturing facility in Europe, with Germany as a likely location.
BYD shares rise as Tesla brand takes a hit
Shares in BYD, which is backed by Warren Buffett’s Berkshire Hathaway, have surged more than 50% this year and recently hit record highs.
Tesla, meanwhile, continues to face consumer boycotts and brand rejection in several countries. UK sales have reportedly dropped 45% in a month, while social media trends have highlighted cases of owners removing Tesla badges or destroying their vehicles in protest.
