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The Chinese EV giant BYD officially overtook Tesla in revenue for 2024, pulling in $107 billion, a 29% jump year-on-year, compared to Tesla’s $97 billion.
BYD sold 4.3 million vehicles last year, up 40%, while Tesla deliveries declined.
The edge: unlike Tesla, BYD manufactures its own batteries. This vertical integration helps it cut costs and scale faster which is especially important as it pushes into global markets with ultra-competitive pricing and product cycles.
BYD’s playbook has particularly worked in Europe, where the company is rapidly gaining share. Their low cost models have been an instant hit.
Zoom out: Tesla may still win on margins and brand, but BYD’s momentum is hard to ignore. The company is dominating China, the world’s largest EV market and is now going global at a time when Tesla is facing political distractions, slowing growth, and rising competition.
