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Chinese EV giant BYD overtakes Tesla globally with record sales in 2024
BYD is also making a Europe push at a time when Tesla sales are dropping there over CEO Elon Musk's support for far-right political groups.
Chinese automaker BYD's revenue surged and surpassed $100 billion last year, meaning that it has now surpassed Elon Musk's Tesla which is one of its biggest rivals.
This comes as the electric vehicle (EV) giant accelerates its overseas expansion, including in Europe, with a new compact electric model and super-fast charging capabilities, according to a report by news agency AFP.
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BYD's revenue for 2024 was 777.1 billion yuan ($107.2 billion), according to its filing with the Shenzhen stock exchange on Monday. This is a 29 per cent increase from 2023.
In comparison, Tesla's revenue was $97.7 billion in the same time period.
BYD, whose nomenclature stands for "Build Your Dreams," is making the Europe push at a time when Tesla sales are dropping there over CEO Elon Musk's support for far-right political groups.
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On top of this, BYD's Hong Kong-listed shares rose to a record high after it unveiled its new 1,000 kilowatt "Super e-Platform" battery and charging technology which it claims can charge a vehicle in the same time it takes to fill up a petrol car, and allows it to travel up to 470 kilometres with a five-minute charge.
In contrast, Tesla's superchargers currently offer charging speeds of just 500 kilowatts.
However, BYD's main threats here are geopolitical and trade tensions between Beijing and Western capitals, along with European Union (EU) authorities reportedly investigating it to see if the Chinese government has given unfair subsidies for its Hungary factory which will begin to produce cars later this year.
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BYD though, has launched major advertising campaigns including sponsorships of last year's European Championships in football and has also opened numerous new showrooms across the continent, according to the report.
