The global automobile industry has reached another milestone as Chinese electric vehicle (EV) giant BYD reported more than $100 billion in sales last year, overtaking Elon Musk’s Tesla in revenue. The achievement highlights BYD’s rapid rise as a dominant force in the EV and hybrid market, driven by cutting-edge technology and competitive pricing.
BYD (Build Your Dreams) is a Chinese multinational company specializing in the automotive and renewable energy sectors. Founded in Shenzhen in 1995, the company has grown into one of the world’s largest manufacturers of electric vehicles and batteries, playing a pivotal role in China’s green energy push.
According to a company filing on Monday, BYD’s revenue for the year ending December 31, 2024, reached 777 billion yuan ($107 billion), surpassing projections of 766 billion yuan. In contrast, Tesla reported $97.7 billion in revenue for the same period. BYD also posted a 34% year-on-year increase in net income, reaching 40.3 billion yuan ($5.5 billion), exceeding market expectations.
China remains the largest and most competitive market for electric vehicles, and BYD has established itself as a dominant player. The company recently introduced a new charging system that allows EVs to charge for 400 kilometers in just five minutes and rolled out advanced driver assistance technology across all its models. These innovations have driven BYD’s stock to record highs, with its Hong Kong-listed shares soaring by 51% this year.
In terms of EV sales, BYD was nearly on par with Tesla, selling 1.76 million electric cars in 2024, compared to Tesla’s 1.79 million. However, when factoring in hybrid vehicles, BYD’s total deliveries reached 4.27 million, putting it on par with Ford Motor Co.
BYD aims to sell between 5 million and 6 million vehicles in 2025. The company has already seen a strong start, with sales in the first two months of the year surging 93% year-on-year to 623,300 units. With its continued expansion and technological advancements, BYD is cementing its position as a global leader in the electric vehicle revolution.
