Overview

• BYD posted a record $107 billion in EV revenue for 2024, surpassing Tesla to become the world’s leading electric-vehicle maker.
• In April, BYD sold 7,231 pure electric cars in Europe—169 percent more year-on-year—marking the first month it outsold Tesla in the region.
• A UBS survey found Tesla’s share of top-choice buyers fell to 14 percent in China and 15 percent in Europe as BYD claimed the technology-leader title and Xiaomi emerged as a fast-rising competitor.
• Over 15 years of Chinese government support have enabled local EV firms to deliver more affordable, advanced models while US automakers grapple with high fixed costs in their transition.
• US policy shifts under the Trump administration have stalled EV infrastructure spending and subsidies, and investor focus has shifted toward Tesla’s AI ambitions over its vehicle sales.