• BYD reports $107 billion in revenue for 2024, surpassing Tesla's $97.7 billion.
• The Chinese EV maker's sales reached 4.27 million vehicles, helped by strong domestic demand.
• BYD plans to double international sales by targeting Europe, Latin America, and Southeast Asia.

In a significant development in the electric vehicle (EV) market, China's BYD (Build Your Dreams) has overtaken Tesla in annual revenue for the first time, reporting an impressive $107 billion for 2024, about $10 billion more than Tesla's $97.7 billion, according to BBC. The Shenzhen-based company recorded a remarkable revenue increase of 29% compared to the previous year, fueled by robust domestic sales of both electric and hybrid vehicles and a surge in global demand.

BYD's achievement underscores its growing dominance in the world's largest automobile market. The company delivered approximately 4.27 million vehicles in 2024, indicating a 41% increase from the prior year. This growth comes as Tesla grapples with declining sales and public backlash, particularly in Europe where Tesla's deliveries recently dropped by 42.6% from the previous year according to South China Morning Post.

As Tesla faces challenges stemming from negative public opinion tied to its CEO Elon Musk's political affiliations, BYD is strategically expanding its international presence. The firm aims to double its overseas sales by targeting markets in the U.K., Southeast Asia, and Latin America, with expectations to sell over 800,000 cars internationally by 2025, as reported by Newsweek.

Key to BYD's recent success is its ability to offer high-quality vehicles at competitive prices. For example, the launch of the Qin L model, priced significantly lower than Tesla’s offerings, positions BYD favorably in the evolving market landscape. Furthermore, BYD's introduction of high-speed charging technology that provides 250 miles of range in just five minutes has enhanced its competitive edge against Tesla.

Despite the favorable outlook for BYD, Tesla remains a substantial player in the U.S. market, buoyed by trade restrictions on Chinese imports. Nevertheless, analysts believe that shifts in trade policies could open the door for BYD to enter the American market, potentially intensifying the competition in the EV sector. Various analysts predict strong revenue growth for BYD, with expectations to reach $130.3 billion by 2025, contrasting with Tesla’s anticipated growth.

As the global EV landscape evolves, the rivalry between BYD and Tesla is poised to reshape market dynamics, with BYD's commitment to innovation and expansion setting the stage for a transformative competition ahead. For more insights, visit India Times.