Tesla’s battle to remain the world’s top EV company faces new challenges as BYD, the Chinese EV giant, reported annual revenues of approximately $107 billion for 2024. This surpasses Tesla’s $97.7 billion in annual revenue. BYD’s net profit increased by 34% year-over-year to about $5.55 billion, slightly below Tesla’s $7.1 billion profit.
BYD’s sales have surged significantly, selling nearly twice as many EVs as Tesla in January. By early December, BYD had already surpassed its annual sales target, selling over 3.7 million cars in 11 months and ultimately reaching 4.27 million EVs sold in 2024. In contrast, Tesla experienced its first annual sales decline in over a decade, delivering 1.79 million vehicles in 2024, down 1% from the previous year.
BYD also unveiled super-fast 1,000 kW chargers that can add almost 250 miles of range in five minutes, outpacing Tesla’s current 250 kW chargers. Despite these challenges, Tesla’s stock jumped 10% after CEO Elon Musk held an all-hands meeting with staff.
BYD faces challenges in global expansion due to tariffs from countries like Russia, the US, and the EU. The company’s executive vice president, Stella Li, criticized these tariffs and dismissed claims of unfair state subsidies, emphasizing BYD’s innovation and stylish designs compared to European automakers. — news from Business Insider
