BYD Surpasses Tesla Again as Annual Sales Exceed USD 100 Billion
- tech360.tv
- Mar 26
- 2 min read
BYD has once again outpaced Tesla in global electric vehicle (EV) sales, reporting a record-breaking annual revenue of 777 billion yuan (USD 101.1 billion) in 2024. This surpasses Tesla’s USD 97.7 billion in sales for the same period.
The Shenzhen-based automaker first overtook Tesla in unit deliveries in 2022 and extended its lead in the third quarter of 2024. The surge in sales is driven by strong demand in mainland China, supported by government subsidies aimed at boosting domestic EV consumption.
Despite its revenue growth, BYD still lags behind Tesla in profitability. The company’s earnings rose 34% to 40.25 billion yuan, about 20% lower than Tesla’s USD 7.1 billion, even as the U.S. automaker saw a 53% decline in profits.
BYD delivered 4.27 million vehicles in 2024, marking a 41% increase from the previous year. Around 90% of these sales were in China, with the remaining 10% in overseas markets. In contrast, Tesla’s deliveries fell 1.1% to 1.79 million units.
Tesla’s market share in China has declined significantly. After holding a 16% share in 2020, it dropped to 6% in 2024 and further to 4.3% in February 2025. The company’s Shanghai Gigafactory delivered 30,688 vehicles in February, a 49.2% drop from the previous year and the lowest since July 2022. Meanwhile, BYD’s deliveries surged 164% to 322,846 units in the same month.
Tesla’s struggles extend beyond China. In Europe, its sales fell 42.6% in February compared to the previous year, with 16,888 units sold, according to the European Automobile Manufacturers’ Association.
To counter its decline, Tesla is developing a more affordable version of its Model Y and investing in autonomous driving software for the Chinese market. Meanwhile, BYD and other Chinese EV makers are aggressively cutting prices and launching new models to attract buyers.
Deutsche Bank expects BYD to report a net profit of 6 billion yuan in the first quarter of 2025, a 31% increase year over year. The bank also forecasts a 60% rise in quarterly deliveries to 1 million units.
Analysts predict BYD’s annual revenue will reach USD 130.3 billion in 2025 and USD 154.2 billion in 2026. Tesla is expected to generate USD 110.3 billion and USD 133.4 billion in those years, respectively.
BYD reported USD 101.1 billion in revenue for 2024, surpassing Tesla’s USD 97.7 billion.
The Chinese automaker delivered 4.27 million vehicles, while Tesla’s deliveries fell to 1.79 million.
Tesla’s market share in China dropped to 4.3% in February 2025.
Source: SCMP
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