In 2024, China’s leading electric vehicle manufacturer, BYD, achieved revenues of 777 billion yuan ($107 billion), surpassing Tesla in annual sales. According to a filing on Monday, BYD reported a 29% increase in sales from the previous year, delivering 4.27 million cars, including fully electric vehicles and hybrids. In contrast, Tesla’s revenue was $97.7 billion, with deliveries of 1.79 million battery-powered vehicles, marking its first annual delivery decline by 1.1%. BYD CEO Wang Chuanfu highlighted the company’s rapid development, stating that BYD has become an industry leader across sectors, reshaping the global market landscape. BYD also unveiled an ultra-fast charging system capable of adding 250 miles of range in five minutes, surpassing Tesla’s Supercharger technology. Additionally, BYD launched an advanced driver-assistance system for most of its models at no extra cost, increasing pressure on Tesla and other Chinese EV makers. Tesla’s Full Self-Driving (FSD) service remains stalled in China due to regulatory approval, while BYD dominates China’s largest auto market with a 32% share in new energy vehicle sales compared to Tesla’s 6.1%. — news from CNN
