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.

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.

South China Morning Post