BYD Exceeds Tesla With Yearly Sales of $100 Billion

BYD, Tesla’s competitor in China, announced a 73% increase in its fourth-quarter profit and revealed that its annual revenue for 2024 exceeded $100 billion US, outpacing the American automaker.

The Chinese manufacturer of electric vehicles recorded an unprecedented revenue of 777.1 billion yuan ($107 billion US or $153 billion Cdn) last year, driven by a 40% increase in sales of battery electric and hybrid vehicles.

For comparison, Tesla’s revenue in 2024 was almost $97.7 billion US ($140 billion Cdn).

The report that came out late Monday coincided with BYD’s earlier this week introduction of its Qin L EV sedan, a mid-sized vehicle comparable to Tesla’s Model 3 but priced at just over half the cost.

Last year, BYD’s net profit reached approximately 40 billion yuan (equivalent to $5.6 billion US), marking a 34% increase compared to the previous year.

The company announced last week that it was launching a super-fast EV charging system, which it declares is almost as quick as refueling at the gas station.

Last year, almost 80 percent of BYD’s sales were linked to its automotive businesses, representing the lion’s share. BYD announced that its sales of pure electric and hybrid vehicles last year were around 4.3 million.

Last year, nearly 29% of the company’s sales came from markets outside Greater China, including Hong Kong and Taiwan, marking a slight increase from 27% the previous year.

The car manufacturer has quickly broadened its export activities, although it has not yet attempted to sell in the U.S. market, where President Donald Trump has promised to increase tariffs on automobile imports. BYD is subject to a 17% tariff on its electric vehicle exports to the EU.

Tesla experiences another decline in sales and market share within Europe

According to the European Automobile Manufacturers Association, Tesla electric car sales in Europe were nearly halved in the first two months of this year compared to the same period last year, despite an overall increase in the market for battery-powered vehicles.

Besides the model line’s aging, sales drops are also partly attributed to CEO Elon Musk’s endorsement of Germany’s far-right party in the recent national election, his support for fringe political movements, and a gesture during a January Trump event that many interpreted as a Nazi salute.

With the increase in competition and the deceleration of European economies affecting overall car sales, Musk’s battery-electric vehicle (BEV) brand has seen a 42.6 percent decline in car sales in Europe this year to date, according to data released on Tuesday by the European Automobile Manufacturers Association (ACEA).

In February, Tesla’s share of the overall market was 1.8% and its share of the BEV market was 10.3%, a decrease from 2.8% and 21.6%, respectively, from the previous year.

In the European Union, Britain, and European Free Trade Association countries, it sold under 17,000 cars, whereas in the same month of 2024 the figure exceeded 28,000.

Before the launch of its new Model Y mid-size SUV this month, Tesla is also confronted with several challenges in Europe. The electric vehicle manufacturer has a smaller and aging lineup, while established automotive competitors and new entrants from China are consistently introducing new electric models that are often more affordable.