BYD racked up more revenue than Tesla in 2024
For the first time in seven years, BYD made more money than its American rival, Tesla.
BYD brought in more money than Tesla in 2024, marking the first time the Chinese electric vehicle giant’s revenue surpassed its American rival in seven years.
BYD reported on Monday that it brought in 777 billion yuan, or $107 billion, of revenue in 2024. Tesla reported $97.7 billion.
BYD and Tesla sold roughly the same number of electric vehicles in 2024, about 1.8 million. But including BYD’s hybrid sales, the company sold more than 4 million cars.
BYD shares are up about 60% since the start of the year as its cheaper EVs gain popularity worldwide. Earlier this month, the company unveiled new technology that’s capable of charging its vehicle in five minutes.
At the same time, Tesla is growing increasingly unpopular in the US and its sales are falling around the world. Analysts have grown bearish on the company and investors have soured, sending the stock down more than 25% since the start of the year.
