Chinese EV firm BYD reported $107B in annual revenue — beating out rival Tesla

Chinese EV firm BYD reported $107B in annual revenue — beating out rival Tesla

  • 24.03.2025 18:19
  • nypost.com
  • Keywords: dangerous, danger

Chinese EV maker BYD surpassed Tesla with $107 billion in annual revenue for 2024, driven by innovation and affordability. Meanwhile, Tesla faces declining sales and a nearly 50% drop in its stock price amid concerns over leadership and market performance.

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Context

Analysis of BYD's Surpassing Tesla in Annual Revenue

Key Financial Performance

  • BYD's 2024 Revenue: $107 billion (up 34% year-over-year)
  • Net Profit: $5.56 billion, exceeding analyst forecasts
  • Tesla's 2024 Revenue: $97.7 billion

Market Position

  • BYD has solidified its position as a global EV leader, surpassing Tesla in annual revenue.
  • China remains the largest EV market, with BYD leveraging its home-field advantage.

Competitive Landscape

  • BYD's Growth: Sold 4.27 million vehicles (including hybrids) in 2024, nearly matching Ford's total sales.
  • Tesla's Sales: Delivered 1.79 million units globally, maintaining a narrow lead but with BYD close behind.

Innovation and Strategy

  • Launched a next-generation charging system delivering up to 250 miles of range in five minutes.
  • Upgraded driver assistance features across its lineup, enhancing consumer appeal.

Pricing and Affordability

  • BYD's Vehicle Range: Prices start as low as $11,400 (Seagull) to $34,000 (Xia MPV).
  • Tesla's Pricing in the US:
    • Model 3: $42,490 - $54,990
    • Model Y: $46,630 - $61,630
    • Model S: $79,990 - $94,990
    • Cybertruck: $60,990 - $99,990

Global Presence and Strategy

  • BYD focuses on emerging markets and its domestic base with affordable pricing.
  • Tesla operates in both the US and Chinese markets but faces challenges in maintaining growth.

Regulatory Environment

  • BYD benefits from government support in China, including subsidies, tax breaks, and infrastructure investment.

Future Outlook

  • BYD's Projection: Aiming to sell 5-6 million vehicles in 2025.
  • Tesla's Recovery: Stock surged 11.9% post-Musk's internal meeting reassurance on autonomous driving and robotics progress.

Strategic Considerations

  • BYD's combination of affordability, innovation, and production scale is proving effective in capturing market share globally.
  • Tesla faces investor concerns over declining sales and leadership effectiveness under Elon Musk.

This analysis highlights the shifting dynamics in the global EV race, with BYD emerging as a formidable competitor to Tesla.