BYD, the Chinese electric vehicle (EV) titan, has elbowed past Tesla in the 2024 revenue race, raking in 777 billion yuan ($107 billion) to Tesla’s $97.7 billion.
Fuelled by a hybrid boom and a new budget brawler, the Shenzhen-based firm’s not just catching up—it’s rewriting the road.
A 29% revenue leap—thank 4.3 million global sales, including a hybrid haul—put BYD in the driver’s seat. Tesla moved 1.79 million EVs; BYD matched that with 1.76 million, then lapped it with hybrids. “We’re not just electric anymore,” BYD signalled, flexing its dual-engine muscle against Elon Musk’s pure-EV empire.
Sunday’s Qin L launch was a gauntlet drop—119,800 yuan ($16,500) to take on Tesla’s Model 3, priced at 235,500 yuan ($32,400). It’s a savvy jab as China’s shoppers tighten belts amid a property slump and sluggish growth. Add last week’s five-minute battery charge tech—trouncing Tesla’s 15-minute Supercharger—and BYD’s gunning for more than wallets; it’s after bragging rights.
Tesla’s skidding on Musk’s Trump ties—his DOGE gig slashing U.S. spending and his far-right nods in Germany and UK barbs have sparked global backlash. BYD’s not unscathed—U.S. and EU tariffs sting Chinese EV makers—but Warren Buffett-backed shares still soared 50% this year. Free “God’s Eye” driver-assist tech in all models? That’s BYD betting big.