BYD Overtakes Tesla with $107 Billion in Sales, Leading the Global EV Market

Chinese electric vehicle (EV) leader BYD has overtaken Tesla in annual sales, generating 777 billion yuan ($107 billion) in revenue for 2024. The company’s sales surged 29% year-over-year, delivering 4.27 million vehicles, including fully electric and hybrid models.

In contrast, Tesla reported $97.7 billion in revenue with 1.79 million EV deliveries in 2024. Notably, Tesla’s annual deliveries declined by 1.1%, marking its first-ever drop.

BYD’s Rapid Growth Reshapes the Global EV Market

BYD’s CEO, Wang Chuanfu, described 2024 as a year of “rapid development,” crediting the company’s leadership in batteries, electronics, and new energy vehicles (NEVs).

“BYD has broken the dominance of foreign brands and is reshaping the global automotive market,” Wang stated in the company’s annual report.

As Tesla faces growing challenges, BYD is expanding aggressively, offering cutting-edge technology and competitive pricing, solidifying its position as a dominant EV player.

BYD’s Technology Outpaces Tesla

Ultra-Fast Charging Gives BYD an Edge

Last week, BYD introduced an ultra-fast charging system capable of adding 250 miles of range in just five minutes. This surpasses Tesla’s Superchargers, which require 15 minutes for a 200-mile range.

Advanced Driver Assistance for Free

BYD also launched its “God’s Eye” advanced driver-assistance system across most of its models at no extra cost. This move intensifies competition, as Tesla’s Full Self-Driving (FSD) software costs $99 per month or $8,000 upfront in the U.S.

Analysts suggest Tesla may be forced to reduce its FSD pricing in China to remain competitive.

Tesla Faces Regulatory and Market Challenges in China

Tesla continues to struggle in China, where its FSD software remains pending regulatory approval. The company recently launched limited free trials in China but halted them within days, citing approval delays.

Despite its global reputation, Tesla holds only a 6.1% market share in China’s NEV sector, while BYD dominates with 32% of the market, according to the China Passenger Car Association.

Tesla’s Declining Sales in Europe

Tesla’s challenges extend beyond China. In Europe, Tesla’s sales fell by 40% in February 2025 compared to the same period in 2024, marking the second consecutive month of declining sales, according to the European Automobile Manufacturers’ Association.

BYD Strengthens Its Position as a Global EV Leader

While Chinese EVs face restrictions in the U.S. due to tariffs, BYD continues to dominate the world’s largest auto market, China. With a strong market presence, cutting-edge technology, and rapid expansion, BYD is now Tesla’s biggest competitor on the global stage.

Key Takeaways:

✔ BYD reported $107 billion in revenue for 2024, surpassing Tesla’s $97.7 billion
✔ BYD delivered 4.27 million vehicles, while Tesla delivered 1.79 million
✔ BYD’s ultra-fast charger beats Tesla’s Supercharger in speed
✔ BYD offers free driver-assistance tech, while Tesla charges for FSD
✔ Tesla faces market share struggles in China and Europe