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BYD Surpasses Tesla in Sales and Revenue as China’s EV Market Leader Tightens Its Grip. Chinese electric vehicle giant BYD posted $107 billion in revenue for 2024, overtaking Tesla’s $97.7 billion and asserting its lead in the global EV race. BYD’s annual sales jumped 29% year-on-year with 4.27 million vehicles delivered, including both fully electric cars and hybrids. In contrast, Tesla delivered 1.79 million battery EVs in 2024, marking its first annual decline in deliveries with a 1.1% drop. BYD CEO Wang Chuanfu called 2024 a year of “rapid development,” noting that the company is reshaping the global market and breaking the dominance of foreign brands. BYD recently unveiled an ultra-fast charger capable of delivering 250 miles of range in five minutes, significantly faster than Tesla’s Superchargers. The Chinese automaker also introduced its “God’s Eye” driver-assistance system for free across most models, raising competitive pressure on Tesla, which charges up to $8,000 for its FSD software. In China, Tesla’s Full Self-Driving service has yet to secure regulatory approval. A brief trial rollout last week was quickly suspended. Tesla’s customer support on Weibo said it is actively working on regulatory clearance, but users flooded executive Grace Tao’s account with complaints about the halt. BYD commands 32% of China’s new energy vehicle market, compared to Tesla’s 6.1%, despite Tesla hitting record shipment levels. Tesla is also facing setbacks in Europe, with sales down 40% in February compared to the same month last year, according to EU auto data.
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