Byd, the Chinese electric vehicle giant, surpasses Tesla, with annual sales reaching $100 billion
Tesla’s Chinese rival BYD recorded 73% of its fourth-quarter profit on Monday and said its annual revenue in 2024 exceeded US automakers’ $100 billion, surpassing US automakers.
The Chinese electric car maker hit a record 777.1 billion yuan ($107 billion, or $153 billion in CDN) last year, as sales of its battery-electric and hybrid vehicles rose 40%.
By comparison, Tesla’s revenue in 2024 is close to $97.7 billion ($140 billion CDN).
The report coincided with BYD’s launch of Qin L EV Sedan earlier this week, a mid-size model similar to Tesla’s Model 3 but at a price of just over half.
BYD’s net profit last year was about 40 billion yuan (US$5.6 billion), an increase of 34% from the previous year.
Last week, the company announced that it was launching an ultra-fast electric vehicle charging system, which it said was almost as fast as the pump fills.
Last year, nearly 80% of BYD’s Lion share of sales was linked to its automotive business. BYD reported that it sold about 4.3 million pure electric and hybrid vehicles last year.
Last year, nearly 29% of the company’s sales were in markets outside of Big China, including Hong Kong and Taiwan, slightly higher than 27% of the previous year.
The automaker has rapidly expanded exports, although it has not been sold in the United States yet, and U.S. President Donald Trump has pledged to raise tariffs on imports and exports of cars. BYD faces 17% tariffs on EU electric vehicle exports.
Tesla’s sales and market share in Europe decline again
According to the European Automobile Manufacturers Association, sales of Tesla electric vehicles in Europe were almost cut in half in the first two months of the year, while the overall market for even battery-powered cars has increased compared to the same period last year.
In addition to the aging model line, the decline in sales has been blamed on CEO Elon Musk’s recognition of Germany’s far-right parties in the national election last month, his embrace of the marginal political movement and his stance at the Trump event in January, many viewed many as a tribute to the Nazis.
Musk’s battery-electric battery (BEV) brand sold 42.6% of cars as competition growth in European economies and hindered European economic growth, according to data from the European Automobile Manufacturers Association (ACEA).
Tesla accounted for 1.8% of the total market in February and 10.3% of the BEV market, down from 2.8% and 21.6% last year.
It sold fewer than 17,000 cars in the EU, UK and EFTA countries, compared with more than 28,000 in the same month of 2024.
Tesla faces many challenges in Europe before launching its new model Y mid-size SUV this month. Electric car manufacturers have a smaller aging lineup, while traditional automakers and New China contestants continue to launch new, often cheaper, electric models.
