BYD, China’s leading electric vehicle manufacturer, reported $107 billion in revenue for 2024, surpassing Tesla’s $97.7 billion for the same period, according to an earnings release on Monday. This marks a significant milestone, as BYD also delivered 4.27 million hybrid and battery electric vehicles, more than double Tesla’s 1.79 million EVs.
Tesla reported its first annual sales decline in over a decade. BYD’s strong performance has contributed to a 5% increase in its ADR shares today, with its stock up more than 55% since the beginning of the year.
BYD has recently drawn additional attention for its development of an ultrafast EV charging system. The company says the new chargers can add 400 kilometers (approximately 250 miles) of range in five minutes. Plans are underway to deploy 4,000 of these chargers across China.
Tesla, meanwhile, has faced several challenges in early 2025. The company issued a recall affecting nearly every Cybertruck manufactured and continues to face criticism related to CEO Elon Musk’s role in U.S. political matters. Trade-ins of Tesla vehicles have reached an all-time high, and the company’s stock has dropped 32% since January. However, Tesla shares have rebounded over the past week, rising more than 15%, according to Yahoo Finance.
Despite losing ground in unit sales and annual revenue, Tesla maintains a higher market valuation at around $800 billion, compared to BYD’s $157 billion, Bloomberg data shows. U.S. trade policy continues to affect the EV sector, with recent tariff increases on Chinese imports and reductions in EV subsidies under President Trump’s administration.
