BYD Revenue Passes Tesla, Making It No.1 In EVs Worldwide
China EV behemoth BYD’s 2024 revenue passed Tesla’s. Tesla has been the leader in the category for years. BYD’s revenue hit $107 billion for the calendar of 2024, up 29%. Tesla’s revenue was $97.7 billion in 2024.
According to Bloomberg, “BYD also sells about the same number of EVs as Tesla — 1.76 million in 2024 versus 1.79 million — but, when all of its other passenger hybrid car sales are included. BYD’s total deliveries climbed to 4.27 million last year, almost as much as Ford Motor Co.”
BYD Sales In China
BYD revenue is almost entirely from China, while Tesla’s is spread across that country, the US, the UK, and the EU. Tesla’s sales have slowed recently, and unit sales in the first quarter of 2025 may be lower than in the same period last year.
China has several other successful EV manufacturers that are growing quickly. However, that growth is almost entirely in China. These include locals Geely, Xaiomi, and Nio.
Tesla and legacy car companies like GM, who have entered the EV industry, are protected by tariffs in the EU and the US. In the US, those tariffs are 100%. However, BYD is making inroads in Asia, South America, and Africa. It is only a matter of time before a larger percentage of its sales are from outside China.
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