Chinese electric vehicle (EV) maker BYD has made headlines by surpassing Tesla in annual revenue for 2024. The company reported a 29% revenue increase, reaching 777 billion yuan (about $107 billion). This growth was largely driven by the robust sales of its hybrid vehicles, outpacing Tesla’s revenue of $97.7 billion.
BYD recently introduced a new lower-priced model to compete directly with Tesla’s Model 3, which has dominated the EV market in China. The launch comes at a challenging time for Tesla, which is facing criticism tied to CEO Elon Musk’s political affiliations, as well as tariffs affecting Chinese manufacturers in the West.
In terms of sales figures from last year, BYD sold approximately 1.76 million EVs, closely trailing Tesla at 1.79 million. However, when including its hybrid vehicles, BYD’s total skyrocketed to 4.3 million globally in 2024.
The newly announced Qin L model starts at 119,800 yuan, significantly less than the basic Tesla Model 3, priced at 235,500 yuan. This affordability may attract buyers, especially as Chinese consumers are tightening their budgets amid economic uncertainty, including a property crisis and slow growth.
Adding to BYD’s appeal, founder Wang Chuanfu revealed groundbreaking battery technology that promises to charge an EV in just five minutes, compared to 15 minutes with Tesla’s superchargers. Furthermore, BYD’s "God’s Eye" advanced driver-assistance system will be available for free across its entire lineup, showcasing their commitment to customer satisfaction.
The firm’s stock has surged more than 50% this year, reflecting investor confidence. Meanwhile, Musk’s political involvement has reportedly led to a growing backlash against Tesla, with his role in the Trump administration further complicating public perception.
As global interest in electric vehicles continues to rise, BYD stands out as a formidable competitor. Their innovative pricing and technology could reshape the EV landscape, particularly in a market that values both affordability and cutting-edge advancements.
For more in-depth insights on the electric vehicle market, you can check out this report from the International Energy Agency.
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