Chinese EV firm BYD, backed by Warren Buffett, overtakes Tesla in 2024 revenue

Chinese electric vehicle (EV) manufacturer BYD has beaten US rival Tesla in annual revenue for 2024.

The Shenzhen-based automaker reported a 29% rise in revenue for 2024 to 777 billion yuan ($107 billion), surpassing Tesla’s $97.7 billion. The boost was driven by strong sales of its hybrid models, which have helped BYD outpace rivals in China and beyond.

BYD’s shares in Hong Kong have surged 51% year-to-date, briefly hitting an all-time high last week.

Tesla, led by billionaire Elon Musk, has long been a dominant force in the electric car market.

The Chinese automaker sold a record 4.3 million vehicles globally in 2024, including 1.76 million fully electric vehicles and a substantial contribution from its hybrid lineup. Tesla, by comparison, delivered 1.79 million EVs during the year.

BYD’s success comes amid a fierce price war in China’s EV sector. The company has aggressively rolled out lower-cost models, including the recently launched Qin L, priced at 119,800 yuan ($16,500), undercutting Tesla’s Model 3, which starts at 235,500 yuan ($32,400). The Qin L targets budget-conscious consumers grappling with China’s economic slowdown, property crisis, and high local government debt.

Last week, BYD unveiled a new super-charging technology platform, which company founder Wang Chuanfu claimed can fully charge an EV in just five minutes, three times faster than Tesla’s supercharger system.

The company also announced that its “God’s Eye” advanced driver-assistance system, a rival to Tesla’s Autopilot, will be offered at no extra cost across most of its lineup.

BYD’s Hong Kong-listed shares have soared 51% year-to-date, hovering near an all-time high hit last week. The company, backed by US investor Warren Buffett, raised $5.59 billion in a share sale earlier this month for research, development, and international expansion.

BYD’s success comes at a time when Tesla faces mounting challenges. Musk’s ties to US President Donald Trump, particularly his role as head of the Department for Government Efficiency (DOGE), have sparked a global backlash against the brand.