According to its 2024 annual revenue report, Chinese electric car (EV) manufacturer BYD has surpassed rival Tesla. Sales of its hybrid cars helped the Shenzhen-based company’s income, which increased by 29% to 777 billion yuan ($107 billion; £83 billion). This exceeded Elon Musk’s Tesla’s reported $97.7 billion.
In addition, BYD recently introduced a more affordable vehicle to compete with Tesla’s Model 3, which has long held the top spot among EV sales in China. It occurs when Chinese automakers face tariffs in Western nations and Tesla faces international criticism for Musk’s connections to US President Donald Trump.
Last year, BYD and Tesla sold around the same amount of electric vehicles (1.76 million and 1.79 million, respectively). However, the Chinese company’s hybrid car sales are significantly higher, reaching a record 4.3 million vehicles worldwide in 2024. On Sunday, BYD unveiled a new model to compete with Tesla.
In China, the base variant of Tesla’s variant 3 costs 235,500 yuan, while the Qin L model starts at 119,800 yuan. Chinese consumers are reducing their expenditures in the face of economic difficulties, such as a real estate crisis, sluggish development, and significant local government debt.
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