BYD, a Chinese manufacturer of electric vehicles, has announced quarterly revenue for 2024 that has overtaken Tesla’s.
The Shenzhen-based business reported a 29 % increase in revenue to reach 777 billion yuan ($ 107 billion,$ 83 billion ), helped by sales of its hybrid vehicles. This exceeded Tesla’s$ 97.7 billion, according to Elon Musk.
Additionally, BYD has just introduced a lower-priced vehicle to compete with Tesla’s Model 3, which has long been the most popular electric vehicle ( EV ) in China.
Tesla is facing international outcry over Musk’s relations to US President Donald Trump, and Chinese automakers have been subject to tariffs in European nations as a result.
Tesla sold about the same amount of EVs as BYD last month, 1.76 million versus 1.79 million, both.
However, when hybrid car sales are taken into account, the Chinese company’s sales are little bigger, selling a record number of cars worldwide in 2024.
BYD unveiled a new vehicle for Tesla on Sunday.
Its Qin L model starts at 119, 800 renminbi, while a standard type of Tesla’s Model 3 starts at 235, 500 renminbi.
In response to economic challenges, including a slowdown in growth, higher regional government debt, and a house crisis, Chinese consumers are cutting investing.
Wang Chuanfu, the founder of BYD, made a fresh battery charging systems that he claimed could demand an EV in five minutes last week.
When using a Tesla’s compressor system, that takes about 15 hours to command.
BYD announced in February that all of its models may have access to its so-called” God’s Eye” advanced driver-assistance systems for free.
Stocks of the business, which is backed by former US investment Warren Buffett, have increased by more than 50 % this time.
Since Musk was appointed head of the Trump administration’s Department for Government Efficiency ( DOGE ), which has been given the task of slashing federal government spending, a backlash against him and his car has grown.
Musk has even made political moves abroad, including criticizing UK politicians like Prime Minister Keir Starmer and backing the far-right group Alternative für Deutschland in preparation for the parliamentary elections in Germany.
In addition, taxes have been levied against China’s EV makers in major nations, including the US and the European Union.