The Chinese electric vehicle manufacturer BYD surpassed Tesla in revenue to become the leading EV company; signaling a major shift in the global EV landscape. BYD surpassed Tesla in revenue when it generated more than $100 billion last year compared to Tesla’s $97.7 billion. This milestone shows BYD’s fast growth in China’s booming EV market along with its expanding global competitive position.
The company reported selling nearly 4.3 million vehicles in 2024, demonstrating a remarkable 40% increase compared to the previous year. Furthermore, BYD’s monthly sales experienced an astounding 161% surge in February.
Conversely, Tesla is facing challenges. The company experienced substantial worldwide sales drops together with a falling stock price. The current financial state becomes more worrying due to the erratic behavior being displayed by its CEO Elon Musk.
However, given the current animosities between China and the US, current rules that were established during the Biden administration that effectively ban nearly all Chinese cars and trucks in America, Tesla will likely remain in a leadership position. Although, it’s dominance outside the US appears to be weakening. Recent data reveals a substantial 44% average drop in Tesla’s sales across Europe.
The competitive advantage of BYD receives additional boost from its continuous technological advancements.The company recently introduced an advanced battery technology which enables EVs to gain approximately 250 miles of charge in just five minutes.
The new breakthrough resulted in substantial growth of BYD’s stock value. The system can reach peak speeds of 1,000 kilowatts, twice that of Tesla’s latest Superchargers. The future of the EV market will likely involve increased competition and innovation as these two major players navigate the evolving landscape.
Reference- Reuters, Agence France-Press reports, Inside EVs, Futurism