BYD Surpasses Tesla in Revenue as Electric Vehicle Competition Intensifies
BYD has reported an annual revenue of 777 billion yuan for 2024, surpassing Tesla’s revenue of $97.7 billion. The company’s sales were boosted by hybrid vehicle sales and the launch of the competitively priced Qin L model. Despite Tesla’s strong electric vehicle sales, BYD’s total vehicle sales including hybrids reached 4.3 million. The firm continues to grow amidst challenges faced by Tesla related to Musk’s political controversies.
BYD, the Chinese electric vehicle manufacturer, has reported a significant increase in annual revenue for 2024, surpassing that of its chief competitor, Tesla. The company’s revenue rose by 29% to 777 billion yuan (approximately $107 billion), primarily driven by strong sales of its hybrid vehicles, exceeding Tesla’s reported revenue of $97.7 billion.
The recent launch of a competitively priced vehicle, the Qin L model, positions BYD against Tesla’s Model 3, historically the best-selling electric vehicle in China. The starting price of the Qin L is 119,800 yuan, while the basic version of Model 3 is priced at 235,500 yuan. This comes as the Chinese automotive market faces consumer spending cuts due to economic difficulties, including a property crisis.
In 2024, BYD sold about 1.76 million electric vehicles, comparable to Tesla’s 1.79 million. However, when accounting for BYD’s hybrid models, the company sold a total of 4.3 million vehicles worldwide. Additionally, BYD’s founder, Wang Chuanfu, has introduced a new battery charging technology that allows an electric vehicle to charge in five minutes, outperforming Tesla’s supercharger charging time of approximately 15 minutes.
BYD also announced that its advanced driver-assistance technology, known as “God’s Eye,” will be available for free across all its models. The company’s shares have experienced a surge of more than 50% this year, reflecting investor confidence, partly bolstered by backing from Warren Buffett.
Tesla faces challenges as a backlash against its CEO, Elon Musk, escalates, particularly following his involvement in political engagements and the controversies surrounding his connections to U.S. politics. Meanwhile, Chinese electric vehicle manufacturers, including BYD, continue to see growth despite facing tariffs imposed in various countries such as the U.S. and the European Union.
In summary, BYD has surpassed Tesla in annual revenue for 2024, with its strong hybrid sales contributing significantly to its success. The introduction of competitively priced models, innovative charging technology, and advanced driver-assistance systems demonstrate BYD’s commitment to expanding its market presence. Meanwhile, Tesla is experiencing challenges due to Musk’s political affiliations, which may impact its global standing amidst rising competition from Chinese manufacturers.
Original Source: www.bbc.com
