Chinese automaker BYD has reported annual revenues of over $100 billion, tempting past Tesla as competition between the two EV Giants heats up.
The deep Shenzhen-based company announced that annual revenues would reach around $100 billion in 2024, exceeding market expectations and exceeding Tesla's $97.7 billion revenues at the same time.
BYD's financial statement released Monday reported a 34% increase in net profit from the previous year to $5.56 billion, significantly surpassing analyst forecasts.
A long dominant force in China's automobile sector, BYD is rapidly cementing its position as a global leader in the electric vehicle space.
China, the world's largest EV market, remains a fiercely competitive battlefield, with BYD taking advantage of the advantage of its home field to achieve impressive growth in both fully electric and hybrid models.
Innovation played a key role in BYD's amazing performance last year.
In 2024, the company launched a next-generation charging system that can offer a range of up to 250 miles in just five minutes. This is a major breakthrough in EV infrastructure.
Additionally, BYD has deployed upgraded driver assistance features throughout the vehicle lineup, further enhancing consumer appeal.
These advances in technology have led to investors' trust.
BYD's Hong Kong listed stocks have skyrocketed around 51% over the past year, reaching an all-time high, reflecting strong market optimism.
Tesla stocks were a huge hit, falling nearly 50% from around $490 after the post-election peak in December.
The company lost nearly $750 billion in market value as investors are increasingly worried about declining sales and concerns that CEO Elon Musk's involvement with President Donald Trump's administration could lead the automaker effectively and harm Tesla's public image.
Despite the recession, stocks saw a strong recovery on Monday after an internal meeting where Musk reassured employees about the company's advances in autonomous driving and robotics. These advances suggest that they promote long-term growth.
Tesla shares surged 11.9%, closing at $278.39 on Monday.
Broader market optimism also played a role as investors hope that the Trump administration will be easier by imposing strict tariffs on Mexico and Canada.
Tesla had maintained a narrow lead in global electric vehicle sales offering 1.79 million units in 2024, while BYD had 1.76 million fully electric vehicles on sale.
However, if hybrid vehicles were included, the total BYD delivery surged to 4.27 million. It will be roughly equivalent to the overall vehicle sales of Ford Motor Company.
BYD is projecting even more aggressive growth in the future.
The automaker plans to sell between 5 and 6 million vehicles in 2025.
This momentum appears to be caught up in the New Year, with BYD reporting a 93% year-on-year jump in sales in January and February, totaling over 623,000 units.
The rise in BYD shows the turning point for the global EV race.
Tesla remains a formidable player, especially in the US market, but BYD's combination of affordability, innovation and production scales has proven to be a victory formula, especially in emerging markets and their domestic locations.
In early 2025, Tesla's vehicle lineup in the US spans a wide range of price ranges.
Tesla's most affordable Model 3 starts at around $42,490, with higher trims potentially reaching up to $54,990.
The Model Y starts at around $46,630 for the rear-wheel drive version, and goes up to $61,630 for the long-range all-wheel drive variant.
The Model S starts at $79,990, with the high-performance lattice version priced at $94,990.
The Tesla Model X, a high-end electric SUV, starts at $79,380 and rises to $99,990 for the plaid version.
The newly released CyberTruck ranges from $60,990 for the base single motor model to $99,990 for the Torimoto Cyberbeast.
In contrast, BYD offers much more affordable electric vehicles, primarily targeting domestic and emerging markets.
The BYD Segal, a compact city EV, starts at around $11,400, while the dolphin hatchback starts at around $13,900.
BYD's flagship electric sedan, the Han EV is located in the mid-range market, with prices ranging from $32,800 to $40,000 depending on the trim and feature.
The Xia MPV, a family-oriented, multi-purpose vehicle, starts at around $34,000.
BYD passenger cars are currently unavailable in the US. Unlike Tesla, which has access to both the US and Chinese markets.
In China, EVs are cheap, mainly with strong government support, including investments in subsidies, tax credits and infrastructure claims.
BYD and other Chinese companies benefit from lower labor and production costs as well as localized supply chains for batteries and components.
Tesla representatives could not immediately comment.
