“China’s BYD Surpasses Tesla in Annual Revenue, Hits $107.2 Billion Milestone”

by Ashraf Oluwatobiloba, Kaduna.

Chinese electric vehicle (EV) manufacturer BYD has overtaken Elon Musk’s Tesla in annual revenue, marking a significant shift in the global EV market. A stock filing released on March 24, 2025, confirmed that BYD recorded 777.1 billion yuan ($107.2 billion) in revenue for 2024, exceeding Tesla’s $97.7 billion revenue for the same period.

This 29% revenue growth from 2023 surpasses Bloomberg’s forecast of 766 billion yuan for the company. Additionally, BYD reported a net profit of 40.3 billion yuan ($5.5 billion), reflecting a 34% increase from 2023—a record high for the company.

BYD’s Rise as China’s EV Leader

BYD has solidified its position as China’s dominant EV maker, outperforming competitors in the world’s largest and most competitive electric vehicle market. Unlike Tesla, which primarily focuses on high-end EVs, BYD has a diverse lineup of both affordable and premium models, making EV adoption more widespread.

The company’s strategy includes:

• Aggressive global expansion, with increasing sales in Europe, Latin America, and Southeast Asia.
• Strong domestic production, enabling cost efficiency and supply chain stability.
• Cutting-edge battery innovation, positioning BYD ahead of global rivals.

BYD’s Breakthrough Battery Technology

A major factor behind BYD’s record-breaking financial performance is its latest battery technology innovation. The company recently introduced a battery capable of powering a vehicle for up to 470 kilometers (292 miles) after just a five-minute charge.

This breakthrough puts BYD’s 1,000 kW charging system ahead of Tesla’s Superchargers, which currently max out at 500 kW. Such advancements have boosted investor confidence, leading to an all-time high in BYD’s stock price earlier this month.

The Global EV Race: Can Tesla Keep Up?

BYD’s financial and technological strides signal an intensifying battle between the world’s top EV manufacturers. While Tesla remains a dominant force in the Western market, BYD’s aggressive expansion and affordability factor give it a competitive edge in emerging markets.

As the EV market continues to evolve, all eyes are on Tesla’s next moves to maintain its leadership against BYD’s rapid innovation and market penetration.