BYD Annual Sales Dwarf Tesla's in A Year Marked By Stiff Competition

China’s EV giant BYD recorded revenues of $107 billion for 2024, surging ahead of Elon Musk’s Tesla in annual sales amid intensifying competition in the global market for clean-energy cars, CNN reported.

In a filing on Monday, BYD reported a 29% jump in sales from the previous year on deliveries of 4.27 million cars, including fully electric vehicles and hybrids.

By comparison, Tesla’s 2024 revenue was $97.7 billion, and it delivered 1.79 million battery-powered vehicles. Its annual deliveries declined for the first time last year by 1.1%.

In its latest annual report, BYD CEO Wang Chuanfu said the company experienced “rapid development” last year.

“BYD has become an industry leader in every sector from batteries, electronics to new energy vehicles, breaking the dominance of foreign brands and reshaping the new landscape of the global market,” he said.

BYD has been increasingly challenging the once dominant EV player Tesla.