Chinese EV giant BYD overtakes Tesla globally with record sales in 2024
By : Sandhya
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.