Particle.news
Download on the App Store
9 ARTICLES
·
4w ago

BYD Surpasses Tesla in 2024 Revenue, Solidifying Global EV Market Leadership

The Chinese automaker reported $107.2 billion in revenue, driven by European expansion and advanced battery technology, but faces EU regulatory scrutiny and geopolitical challenges.

Image
This photo taken on April 18, 2024 shows BYD electric cars for export waiting to be loaded onto a ship at a port in Yantai, in eastern China's Shandong province.
Image
FILE - A display shows how the dual-mode electric S6DM sport utility vehicle from Chinese automaker BYD can be plugged into a charging station to recharge its onboard batteries, at the North American International Auto Show on Monday, Jan. 10, 2011, in Detroit. (AP Photo/Tony Ding, File)

Overview

  • BYD's 2024 revenue reached $107.2 billion, a 29% increase from 2023, surpassing Tesla's $97.7 billion for the year.
  • The company has aggressively expanded in Europe, launching a new compact EV model and unveiling ultra-fast charging technology capable of a five-minute charge for 470 kilometers of range.
  • BYD's new 1,000-kilowatt 'Super e-Platform' battery technology has boosted investor confidence, with its Hong Kong-listed shares hitting record highs.
  • Tesla continues to face declining sales in Europe, partly attributed to CEO Elon Musk's controversial political affiliations impacting the brand's perception.
  • BYD faces challenges from an EU investigation into alleged unfair subsidies for its Hungary factory and broader geopolitical tensions between China and Western nations.