Chinese EV giant BYD outpaces Tesla with record-breaking revenue in 2024

Chinese automaker BYD reported record revenue of 777.1 billion yuan ($107.2 billion) for 2024, surpassing Tesla’s $97.7 billion, according to a stock filing on Monday. This marks a 29% increase from the previous year, exceeding Bloomberg’s forecast of 766 billion yuan.
The Shenzhen-based company has solidified its position as the leader in China’s EV market and is expanding internationally, targeting Europe with a compact electric model and fast-charging technology. BYD’s net profit reached 40.3 billion yuan, a 34% rise from 2023, with a record-breaking 15 billion yuan in the fourth quarter.
Sales have surged, with nearly 4.3 million vehicles sold in 2024, up over 40% from the prior year. February’s monthly sales jumped 161% to 318,000 units, outpacing Tesla’s decline. BYD’s stock hit a record high this month following the announcement of its "Super e-Platform" battery, which charges a car in minutes, doubling Tesla’s Supercharger speed.
The company is aggressively marketing in Europe, launching ad campaigns and showrooms, but faces geopolitical hurdles. EU regulators are investigating alleged unfair subsidies tied to BYD’s Hungary factory, while U.S. tariffs on Chinese imports could impact growth.
Tesla, meanwhile, reported lower-than-expected Q4 profits, ending a streak of annual car volume growth amid CEO Elon Musk’s controversial political stances.