BYD Surpasses Tesla in Global Sales: Shenzhen Giant’s Revenue Soars
BYD, the Chinese electric vehicle (EV) and hybrid car manufacturer, has surpassed Tesla in sales, achieving over $107 billion in revenue for 2024. This remarkable achievement highlights the growing global competitiveness of Chinese automakers and their innovative capacity within the rapidly evolving EV landscape. According to a Bangkok Post report, BYD’s success stems from its diverse product offerings, advanced technological features, and strategic focus on both domestic and international markets.
The Shenzhen-based company reported impressive 777 billion yuan ($107 billion) in revenue for 2024, a significant 29% increase compared to the previous year. This surpasses Tesla’s reported revenue of $97.7 billion for the same period. BYD’s net profit also saw a substantial increase, rising 34% to 40.3 billion yuan ($5.6 billion), exceeding analysts' projections.
BYD Chairman and founder Wang Chuanfu, during a briefing in Hong Kong, refined the company’s 2025 sales target to approximately 5.5 million vehicles, including 800,000 units for overseas markets. This represents a more focused approach than the previously announced target of 5–6 million vehicles with one million exports.
This impressive performance builds on BYD’s robust growth. In the fourth quarter of 2024, the company posted a remarkable 73% year-on-year surge in net profit, reaching 15 billion yuan on 275 billion yuan in sales. Analysts at leading financial institutions such as Citibank and Morgan Stanley deemed the results in line with expectations. Citi analyst Jeff Chung commented:
“This was a good set of results with very high earnings quality.”
BYD’s rapid ascent to the top of China’s highly competitive automotive market—the world’s largest and a hotbed of EV innovation—is remarkable. This year, the company unveiled groundbreaking technologies, including an ecosystem enabling EVs to charge to a 400-kilometer range in just five minutes, and advanced driver-assistance systems integrated into even its most basic models.
While BYD’s EV sales figures are comparable to Tesla’s—1.76 million versus 1.79 million in 2024—BYD’s overall sales volume, including hybrid vehicles, is significantly larger. Total deliveries for BYD last year soared to 4.27 million, rivaling industry giants like Ford. The company’s momentum continues into 2025, with sales in the first two months registering a staggering 93% year-on-year increase, reaching 623,300 units.
This shift in the automotive landscape reflects broader global trends. Countries across Europe and Asia are witnessing a surge in EV adoption, driven by environmental concerns and government incentives. While Tesla maintains a higher market capitalization, BYD’s robust sales figures present a compelling narrative of growth and innovation.
Key Highlights of BYD’s Performance:
- Surpassed Tesla in total revenue for 2024.
- Achieved a net profit exceeding analysts' estimates.
- Announced a refined and ambitious sales target for 2025.
- Introduced innovative charging and driver-assistance technologies.
Despite Tesla’s higher profitability and market valuation, BYD’s rapid expansion and technological advancements pose a formidable challenge. The company’s success underscores the dynamic nature of the EV market and the increasing prominence of Chinese automakers on the global stage.
What is driving BYD’s success?
BYD’s success is fueled by its innovative technology, diverse product range catering to various consumer preferences (including both EVs and hybrids), and strategic international market expansion.
Will BYD enter the US market?
While BYD does not currently sell passenger cars in the US due to tariffs, the company’s expansion into other international markets suggests a potential US entry in the future.
In conclusion, BYD’s surpassing of Tesla in sales revenue signals a significant shift in the global automotive industry. While Tesla retains dominance in market valuation and profitability, BYD’s performance underscores the increasing competitiveness of Chinese automakers, their innovative capabilities, and the evolving dynamics of the EV market. The race for EV dominance is far from over, and BYD’s trajectory suggests a compelling story of growth and transformation in the years to come.
