BYD surpasses Tesla in 2024 sales with $107 billion revenue

BYD sold 4.27 million vehicles, including EVs and hybrids — a 29% increase from the previous year. Tesla, by contrast, delivered 1.79 million all-electric vehicles, with its deliveries falling 1.1% — the first annual decline.

In BYD’s annual report, CEO Wang Chuanfu said: “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.”

Last week, BYD unveiled an ultra-fast charger that adds 250 miles in five minutes, beating Tesla’s 15-minute/200-mile Superchargers.

It also rolled out its advanced “God’s Eye” driver-assistance system at no extra cost. In comparison, Tesla’s Full Self-Driving (FSD) costs $99/month or $8,000 upfront in the U.S.

“Eventually, Tesla may have to cut its FSD price in China,” wrote Seth Goldstein of Morningstar.

Tesla’s FSD is still awaiting approval in China. A free trial was launched last week but then paused, prompting user complaints.

Tesla responded: “All relevant parties are actively advancing the process... we will roll out the updates as soon as possible.”

BYD dominates China’s EV market with a 32% share, while Tesla holds just 6.1%. BYD is also growing fast with new technologies and pricing strategies.

Tesla continues to face challenges in China and Europe, where its sales declined again in February.

Earlier, it was reported that a petition had been launched in Canada demanding that Elon Musk, a senior adviser to U.S. President Donald Trump, be stripped of his citizenship on the grounds that he is “engaging in activities that contradict the national interests of the country.”