Chinese electric vehicle maker BYD reported an annual revenue for 2024 that surpassed Tesla’s, with a 29% increase reaching 777 billion yuan ($107bn; £83bn), driven by hybrid vehicle sales. This outpaced Elon Musk’s Tesla, which reported $97.7bn. BYD also launched a lower-priced car to compete with Tesla’s Model 3. The Qin L model starts at 119,800 yuan in China, compared to Tesla’s Model 3 priced at 235,500 yuan. BYD sold around the same number of EVs as Tesla last year—1.76 million versus 1.79 million—but including hybrid cars, BYD sold a record 4.3 million vehicles globally. BYD recently announced new battery charging technology capable of charging an EV in five minutes, compared to Tesla’s 15-minute supercharger system. Shares in BYD, backed by Warren Buffett, have surged over 50% this year. Meanwhile, Tesla faces backlash over Musk’s ties to US President Donald Trump, while Chinese carmakers encounter tariffs in Western countries. — news from BBC.com