Chinese automaker BYD is on the rise, reaching past the $100 billion mark in revenue and nearly matching Tesla in sales of electric vehicles.
BYD surpassed Tesla in revenue in 2024, reporting 777 billion yuan ($107 billion) to Tesla’s $97.7 billion. Net income also rose for BYD by 34% year-on-year to 30.4 billion yuan.
BYD is also catching up to Tesla in sales. In 2024, the company reported 1.76 million in EV deliveries, compared to Tesla’s 1.79 million. While Tesla has the lead for now, BYD massively outsells the Elon Musk-led company in overall sales if one adds in the automaker’s hybrid and passenger models. BYD reported 4.27 million deliveries in 2024 and expects to sell between 5 and 6 million in 2025.
The EV manufacturer has a significant leg up in its home country, where competition and demand for EVs are strong. In addition to enticing features like semi-autonomous driving and a fast-charging battery, BYD vehicles are relatively inexpensive, with models starting at $16,500.
BYD is far and away the most popular car brand in China, with its EV and hybrid vehicles capturing just under 15% of the market. Tesla, by comparison, has seen a marked decline in its sales in the region due in part to increased competition.
Restrictive tariffs have kept BYDs contained in China, but the company has made efforts to expand in smaller Asian markets like Thailand and Singapore. The company reported an expansion in its yearly exports in 2024 and said it sold over 57,000 vehicles to overseas buyers in December.
BYD’s stock valuation is also on a roll, with shares up over 50% since the start of the year. BYD’s stock surge comes as Tesla deals with a significant drop in its stock valuation. While the company enjoyed a boost in the wake of President Trump’s election victory in November, Tesla’s stock price has plunged over 40% since the start of the year.
Still, Tesla beats out BYD in terms of overall valuation, beating out the Chinese automaker by about $650 billion. Tesla is also beating BYD in income, reporting around $7.6 billion in 2024 to BYD’s $5.6 billion.
