- BYD's 2024 revenue rose 29% to 777 billion yuan, surpassing Tesla's $97.7 billion
- BYD launched the Qin L, priced at 119,800 yuan, undercutting Tesla's Model 3
- The announcement comes amid China’s economic challenges, affecting consumer spending
Chinese electric vehicle (EV) manufacturer BYD has announced its 2024 annual revenue, surpassing Tesla for the first time.
The Shenzhen-based company reported a 29% increase in revenue, reaching 777 billion yuan ($107 billion; £83 billion), driven by strong hybrid vehicle sales. This figure surpasses the $97.7 billion reported by Tesla, led by Elon Musk.
BYD recently introduced a more affordable model designed to compete with Tesla’s Model 3, which has been the best-selling EV in China for years.
This comes as Tesla faces global backlash due to Musk’s connections with US President Donald Trump, while Chinese automakers are dealing with tariffs imposed by Western countries. Last year, BYD sold roughly the same number of EVs as Tesla—1.76 million compared to 1.79 million.
However, when factoring in BYD’s hybrid vehicle sales, the company’s total vehicle sales reached 4.3 million globally in 2024, a record high.
On Sunday, BYD unveiled its Qin L model, which is priced at 119,800 yuan in China. In comparison, Tesla’s Model 3 starts at 235,500 yuan.
The release comes as Chinese consumers reduce spending due to ongoing economic challenges, including a property crisis, slowing growth, and high local government debt. Last week, BYD’s founder, Wang Chuanfu, introduced new battery charging technology capable of fully charging an EV in just five minutes, a notable improvement over Tesla’s 15-minute supercharger time.
In February, BYD also announced it would offer its advanced driver-assistance technology, “God’s Eye,” for free in all its models.
