BYD Surpasses Tesla, Exceeding $100 Billion Annual Revenue

Chinese EV heavyweight BYD has outpaced Tesla with a remarkable annual revenue of $107 billion in 2024, achieving a significant 29% growth over the previous year. 

This surge comes from BYD’s impressive delivery volume of 4.27 million vehicles, which includes fully electric cars and hybrid models. By contrast, Tesla generated $97.7 billion, delivering 1.79 million fully electric vehicles—a 1.1% decline, marking Tesla’s first-ever drop in annual deliveries.

BYD's CEO highlighted the company’s rapid progress, emphasizing the company’s leadership across critical segments such as batteries, automotive electronics, and new energy vehicles, challenging traditional dominance by international brands. 

Recently, BYD intensified competition with Tesla by introducing an ultra-fast charging system capable of delivering 250 miles of driving range within just five minutes—significantly outperforming Tesla’s Superchargers, which require 15 minutes for 200 miles.

Adding to Tesla’s challenges, BYD has begun offering its advanced driver-assistance technology, “God’s Eye,” free across most vehicle models, contrasting sharply with Tesla's Full Self-Driving (FSD), which costs U.S. consumers either a $99 monthly subscription or a one-time $8,000 fee. 

Analysts suggest Tesla might soon need to reduce FSD pricing in China, where regulatory delays have stalled its full launch.

What Does This Mean for Me?

Domestically, BYD holds a commanding 32% share of China’s new energy vehicle market, including hybrids, dwarfing Tesla’s 6.1% market share despite Tesla’s record shipments. 

Tesla is also feeling the pain in Europe, where February 2024 sales plunged by approximately 40% compared to the previous year. These setbacks highlight Tesla’s broader struggles in maintaining competitive momentum against an aggressively innovative BYD.