BYD Surpasses Tesla in 2024 Revenue Amid Major Setbacks for the Rival EV Manufacturer
BYD reported $107 billion in 2024 revenue, outperforming Tesla amid significant sales declines for the latter in Europe and controversies surrounding its CEO.
Tesla just got even more bad news from Europe
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China's BYD surpassed Tesla in annual revenue for 2024
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Overview
In 2024, BYD achieved $107 billion in revenue, surpassing Tesla's $97.7 billion. BYD's growth, buoyed by 4.3 million vehicle deliveries and innovations like a rapid charging system, contrasts sharply with Tesla's challenges. In Europe, Tesla's sales plummeted 49% in early 2025, attributed to an aging vehicle lineup and backlash against CEO Elon Musk's political ties, particularly his endorsement of Germany’s far-right AfD party. This decline occurs despite a 28.4% growth in overall EV sales in the region. Tesla's global sales also fell, marking its first annual decline in over a decade, compounded by multiple recalls of the troubled Cybertruck.
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Analysis
- Tesla faces increasing competition from BYD, which reported higher revenues of $107 billion, signaling a significant shift in the EV market landscape and intensifying pressures on Tesla's market share.
- Recent vandalism and arson against Tesla's facilities, escalating amid Musk's political activities, highlight the backlash from his controversial public persona and decisions during a tumultuous business environment.
- Despite challenges, Tesla's stock experienced brief gains following a motivational meeting called by Musk aimed at rallying investor confidence, yet concerns remain as numerous analysts predict further declines.
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Business Insider·3M·FAQ
BYD's revenue growth in 2024 was driven by strong demand in its home market of China and a significant expansion of its global customer base. The company also had a record-breaking fourth quarter, contributing to its overall success.
In 2024, BYD sold 4.27 million vehicles, while Tesla delivered 1.79 million vehicles. This marked Tesla's first annual sales drop in over a decade.
BYD is enhancing its competitive stance with innovations such as a new fast-charging system capable of adding almost 250 miles of range to an electric vehicle in just five minutes.
Tesla's stock has faced significant challenges, with its value more than halving over the past three months amidst various controversies and competitive pressures.
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