Chinese EV giant BYD overtakes Tesla globally with record sales in 2024

Elon Musk's Tesla, one of its main competitors, has now been overtaken by Chinese automaker BYD, whose revenue soared and topped $100 billion last year. According to a report by news agency AFP, this comes as the electric vehicle (EV) behemoth speeds up its international development, notably in Europe, with a new tiny electric model and lightning-fast charging capabilities.

In its 2024 financial report, BYD reported 777.1 billion yuan ($107.2 billion) in revenue, as reported on Monday by the Shenzhen stock exchange. Compared to 2023, this is a 29% increase. In contrast, Tesla made $97.7 billion within that same time frame. BYD, which stands for "Build Your Dreams," is pushing for market share in Europe at a time when Tesla's sales are declining due to CEO Elon Musk's backing of far-right political organizations.

Furthermore, after revealing its new 1,000 kilowatt "Super e-Platform" battery and charging technology, which it claims can charge a vehicle in the same amount of time as filling up a gasoline car and enable it to travel up to 470 kilometers on a five-minute charge, BYD's Hong Kong-listed shares surged to a record high. By comparison, Tesla's superchargers can only charge at 500 kW at this time.