China’s EV giant BYD recorded revenues of 777 billion yuan ($107 billion) for 2024, surging ahead Elon Musk’s Tesla in annual sales amid intensifying competition in the global market for clean-energy cars.
In a filing on Monday, BYD reported a 29% jump in sales from the previous year on deliveries of 4.27 million cars, including fully electric vehicles and hybrids.
By comparison, Tesla’s 2024 revenue was $97.7 billion, and it delivered 1.79 million battery-powered vehicles. Its annual deliveries declined for the first time last year by 1.1%.
In its latest annual report, BYD CEO Wang Chuanfu said the company experienced “rapid development” last year.
“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,” he said.
BYD has been increasingly challenging the once dominant EV player Tesla.
Last week, BYD unveiled an ultra-fast charging system that it said was capable of adding 250 miles of range in just five minutes, outpacing Tesla’s charging technology. Tesla’s Superchargers take 15 minutes to charge and provide a range of 200 miles.
In addition, BYD launched an advanced driver-assistance system last month for most of its models at no extra cost. Analysts said the free upgrade of its proprietary “God’s Eye” system increased pressure on Tesla and other Chinese EV makers. In contrast, Tesla’s Full Self-Driving (FSD) service is available to US customers for a $99 monthly subscription or a one-time payment of $8,000.
“Eventually, Tesla may have to cut its FSD price in China,” Seth Goldstein, an analyst at Morningstar, wrote in a Monday research note.
Tesla has struggled to keep pace with BYD in China, particularly as its long-awaited FSD service remains stalled in the country, pending regulatory approval.
Tesla aims for a full rollout of FSD in China this year. Last week, it launched limited free FSD trials in China, only to halt them by Monday. Tesla’s customer support account on Chinese social media platform Weibo said it is working to secure regulatory approval for FSD.
“All relevant parties are actively advancing the process, and once everything is ready, we will roll out the updates as soon as possible,” it said in a statement in response to a recent post by Tesla vice president Grace Tao, whose account was flooded with user complaints about the trial’s abrupt suspension.
Chinese EVs are virtually locked out of the US market due to tariffs. But BYD dominates China, the world’s largest auto market.
In 2024, BYD had a 32% share of China’s total market for new energy vehicle sales, which includes hybrids. Tesla claimed only 6.1% of the market, despite reaching a record high in terms of shipments, according to the China Passenger Car Association.
Tesla is struggling in Europe, too, where its sales fell in February for the second consecutive month: The company sold around 40% fewer vehicles on the continent compared with February 2024, according to the European Automobile Manufacturers’ Association.
Anna Cooban contributed reporting.
