BYD, Tesla’s main rival, has reported $107 billion in revenue for 2024, surpassing Tesla’s annual revenue by about $10 billion. This marks the first time BYD has crossed the $100 billion revenue threshold. Additionally, BYD has introduced a new charging system that promises to deliver 250 miles of range after only five minutes of charging. The company’s Hong Kong-listed shares have risen over 50% this year.\n\nBYD’s success comes as Tesla faces challenges, including a nine-week streak of investors selling off their stock. Reasons for this include business concerns and Tesla CEO Elon Musk’s controversial political affiliations, which have altered the brand’s public perception. Musk recently held an all-hands meeting urging employees to hold onto their stock, leading to a slight rebound in Tesla shares. However, Tesla’s stock remains more than 40% below its December record high.\n\nIn Europe, Tesla sales dropped by 44% in February, while Chinese brands collectively increased by 82%. BYD’s competitive edge lies in its ability to produce sleek, tech-enabled cars at significantly lower costs. For instance, BYD’s entry-level EV starts at under $10,000 in China, compared to Tesla’s Model 3, priced at $32,000. BYD recently launched a new electric sedan with similar specs to the Tesla Model 3 but priced at half the cost. Tesla is reportedly developing a smaller, cheaper Model Y variant to regain market share in China, though mass production isn’t expected until 2026.— news from CNN
