BEIJING, China – Chinese electric vehicle (EV) giant BYD has surged ahead of its competitors, posting record revenues of 777.1 billion yuan ($107.2 billion) for 2024, surpassing Tesla’s $97.7 billion in the same period.
The Shenzhen-based carmaker, which has emerged as a leader in China’s vast EV market, is rapidly expanding its global footprint, particularly in Europe.
BYD’s 2024 revenue marks a 29% year-on-year increase, outpacing Bloomberg’s forecast of 766 billion yuan.
The company’s net profit also soared by 34% to 40.3 billion yuan, reaching an all-time high. In the fourth quarter alone, BYD posted a record profit of 15 billion yuan.
The automaker sold 4.3 million vehicles in 2024, a 40% increase compared to 2023.
February sales rose 161% to 318,000 units, far outstripping Tesla’s declining figures in the same period.
Additionally,BYD unveiled its “Super e-Platform” battery system, capable of peak charging speeds of 1,000 kilowatts.
This allows cars to travel up to 470 kilometers after just a five-minute charge, doubling the capability of Tesla’s Superchargers, which currently offer 500-kilowatt speeds.
The company is aggressively targeting Europe, launching major advertising campaigns and opening showrooms across the continent.
It has also pledged to boost sales through new models and advanced charging technology.
BYD Vice-President Stella Li stated that the company expects “registration numbers to jump” in Europe during March and April.
The firm has begun construction of its first European factory in Hungary, where production is set to start by the end of the year.
However, EU authorities are investigating whether Beijing provided unfair subsidies to support BYD’s international growth.
BYD’s ascent comes at a time of increasing geopolitical and trade tensions.
Allegations of state subsidies and stricter tariffs from Western governments could impact the company’s global expansion plans.
In the United States, new tariffs on Chinese imports and restrictions on Chinese technology in smart cars have added to the hurdles faced by Chinese automakers.
Despite these challenges, BYD remains confident in its transparency and readiness to cooperate with regulatory investigations.
In contrast, Tesla reported lower-than-expected profits for Q4 2024, capping a mixed year in which its streak of annual car volume growth ended.
Tesla’s CEO, Elon Musk, faced backlash in Europe over his political affiliations, leading to a decline in Tesla’s market share on the continent.
