Chinese automaker BYD has reported annual revenue of 777 billion yuan ($107 billion) for 2024, surpassing U.S. rival Tesla in a significant milestone for the electric vehicle (EV) industry. The company’s revenue surged 29% from the previous year, bolstered by robust sales of its hybrid vehicles and its growing dominance in the Southeast Asian market.
BYD’s achievement comes as it opens its first EV factory in Southeast Asia, located in Rayong, Thailand. The region is a fast-growing EV market where BYD has become the dominant player. The factory underscores the company’s aggressive expansion strategy as it seeks to solidify its position as a global leader in the EV sector.
Wang Chuanfu, chairman and president of BYD, hailed the company’s “rapid development” in 2024, noting that BYD became the first automaker globally to roll out 10 million new energy vehicles in November. “BYD has become an industry leader in every sector from batteries, electronics to new energy vehicles, breaking the dominance of foreign brands and reshaping the new landscape of the global market,” Wang said in a statement.
The revenue announcement follows BYD’s recent unveiling of a new battery technology, the Super e-Platform, which it claims can charge EVs to achieve 400 kilometers (roughly 249 miles) of range in just five minutes. While CNBC could not independently verify these claims, analysts have praised the technology as groundbreaking, suggesting it could revolutionize EV charging behavior.
BYD’s success contrasts with Tesla’s struggles in 2024. Tesla reported annual revenue of $97.7 billion, a 1% drop in deliveries to 1.8 million vehicles. The company has faced challenges from cheaper competitors, including BYD, as well as controversies surrounding CEO Elon Musk. Tesla’s European sales also declined by 44% in February 2024, lagging behind legacy carmakers like Volkswagen and BMW.
Despite Tesla’s recent setbacks, its stock rose around 10% on hopes of tariff reductions under the U.S. administration. However, Tesla’s share price remains down approximately 40% since its all-time high in mid-December, while BYD’s stock has soared more than 30% in the same period.
Danni Hewson, head of financial analysis at broker AJ Bell, noted that BYD’s results “will have gone down like sour milk” with Tesla executives. “The Chinese car maker was once dissed by Elon Musk as not having a great product, but that product has just scored BYD record sales in 2024, motoring past Tesla,” she said.
As BYD continues to innovate and expand globally, the competition between the two EV giants is expected to intensify, reshaping the future of the automotive industry.