Hong Kong – March 25, 2025 – BYD Co. Ltd. (OTC: BYDDF), China’s electric vehicle (EV) powerhouse, officially surpassed Tesla Inc. (NASDAQ: TSLA) in annual revenue and sales for 2024, marking a historic shift in the global EV market.
In its annual report released Monday, BYD announced:
- 💰 Revenue: ¥777 billion yuan ($107 billion USD), up 29% year-over-year.
- 🚗 Deliveries: 4.27 million vehicles, including both fully electric and hybrid cars.
In contrast, Tesla reported:
- 💰 Revenue: $97.7 billion, trailing BYD by nearly $10 billion.
- 🚗 Deliveries: 1.79 million EVs, reflecting a 1.1% annual decline—the first drop in Tesla’s history.
🔥 BYD’s Technological Edge: Faster Charging, Free Driver Assistance
BYD is rapidly gaining ground with superior technology and aggressive pricing strategies, outpacing Tesla on multiple fronts:
- ⚡ Ultra-Fast Charging: Last week, BYD unveiled a 250-mile range charge in just 5 minutes, significantly faster than Tesla’s Supercharger, which offers 200 miles in 15 minutes.
- 🚦 Free Advanced Driver Assistance: BYD introduced its proprietary “God’s Eye” driver-assistance system across most models at no extra cost.
- 🆚 In contrast, Tesla’s Full Self-Driving (FSD) service requires a $99 monthly subscription or a one-time payment of $8,000 in the U.S.
- 🇨🇳 In China, regulatory hurdles have stalled Tesla’s FSD rollout, while BYD’s system is already widely available.
🇨🇳 BYD Dominates China’s EV Market
BYD maintains a stranglehold over China, the world’s largest auto market:
- 🚘 BYD Market Share: 32% of China’s new energy vehicle (NEV) market in 2024, which includes both EVs and hybrids.
- 🔻 Tesla’s Share: Just 6.1%, despite achieving record shipments in the region.
🌍 Tesla Struggles in Europe and Beyond
Tesla is also losing ground in Europe, where its sales plunged 40% in February 2025 compared to the same month last year.
- 📉 This marked the second consecutive monthly decline in the region.
- 🇪🇺 With Chinese-made EVs flooding the European market, Tesla’s aging model lineup and higher price points are making it less competitive.
⚠️ Tariffs, Trials, and Troubles for Tesla
While Chinese EVs face tariffs in the U.S., locking them out of the market, BYD’s dominance in China and Europe is growing.
- 💥 Tesla’s FSD trials in China were halted abruptly last week due to regulatory issues, drawing complaints from users on Chinese social media platform Weibo.
- 🚫 Tesla’s customer support account confirmed that the company is still awaiting regulatory approval for a full FSD rollout.
💬 Industry Experts: Tesla at Risk of Losing Leadership
Analysts warn that Tesla’s premium pricing model and subscription-based services could become a competitive disadvantage.
- 💡 Seth Goldstein, an analyst at Morningstar, wrote:
“Eventually, Tesla may have to cut its FSD price in China to compete with BYD’s free driver-assistance system.”
📊 The Numbers Don’t Lie: BYD Is Winning the EV Race
Key 2024 Figures:
- 🚗 BYD Deliveries: 4.27 million vehicles (EVs + hybrids)
- 🚗 Tesla Deliveries: 1.79 million EVs
- 💰 BYD Revenue: $107 billion
- 💰 Tesla Revenue: $97.7 billion
- 🌍 China Market Share: BYD at 32%, Tesla at 6.1%
✅ Bottom Line: BYD Surpasses Tesla as the Global EV Leader
BYD’s lower-cost hybrids, faster charging technology, and aggressive pricing strategies are propelling it ahead of Tesla.
- 🇨🇳 In China, BYD is the undisputed leader, while Tesla struggles with regulatory barriers.
- 🌍 In Europe, BYD is gaining ground as Chinese-made EVs flood the market, squeezing Tesla’s sales.
- 🔥 With faster innovation and a broad product lineup, BYD is reshaping the global EV landscape and directly challenging Tesla’s dominance.
📊 Verdict: Tesla’s first-ever delivery decline and shrinking market share signal that BYD has officially overtaken Musk’s company as the new leader in the global EV race.
