Chinese electric vehicle manufacturer BYD has overtaken Tesla in global revenue, cementing its position as a serious contender for dominance in the electric vehicle (EV) market.
The Shenzhen-based company reported a 29 per cent surge in global revenues for 2024, reaching 777 billion yuan (£84 billion / $107 billion), crossing the $100 billion milestone for the first time. In comparison, Tesla’s revenue stood at $97.7 billion over the same period.
Founded in 1995 and backed by US billionaire Warren Buffett, BYD – short for “Build Your Dreams” – has been rapidly expanding its international footprint, including a growing network of showrooms in the UK. Its rise has been accelerated by aggressive pricing, particularly in its home market, and a growing portfolio of models across both all-electric and plug-in hybrid segments.
Unlike Tesla, BYD produces a mix of zero-emission vehicles and petrol-electric hybrids, enabling it to appeal to a broader consumer base. While pure electric vehicle deliveries for both manufacturers are closely matched at just under 1.8 million units annually, BYD’s more affordable pricing has played a pivotal role in boosting its market share.
The company also recently made waves with its announcement of a breakthrough charging technology, claiming to deliver 232 miles of range in just five minutes – though this has yet to be independently verified in the UK or Europe.
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