Tesla Knocked Off the Top: BYD’s $107B Year and Battery Breakthrough Stun Industry
Chinese automaker BYD reported a record annual revenue of 777 billion yuan ($107 billion) for 2024, overtaking U.S. rival Tesla as the competition in the electric vehicle (EV) market intensifies. This marks a 29% year-over-year increase, driven largely by strong hybrid vehicle sales. In comparison, Tesla reported $97.7 billion in revenue.
"BYD has become an industry leader across batteries, electronics, and new energy vehicles, breaking the dominance of foreign brands and reshaping the global market landscape," said Wang Chuanfu, BYD chairman and president.
Wang also highlighted BYD’s milestone achievement of producing 10 million new energy vehicles globally as of November 2024—a first for any automaker.
The earnings report follows BYD’s announcement of a breakthrough in battery technology. Its newly unveiled "Super e-Platform" claims to offer 400 kilometers (about 249 miles) of driving range with just five minutes of charging—comparable to refueling a gasoline car. While these claims have yet to be independently verified, analysts have described the technology as “out of this world,” suggesting it could significantly shift EV consumer behavior.
