Chinese EV giant BYD overtakes Tesla with annual sales topping $100 billion US

The Associated Press

· Posted: Mar 25, 2025 10:07 AM EDT | Last Updated: 3 minutes ago

Tesla's Chinese rival BYD recorded a 73 per cent leap successful fourth-quarter nett connected Monday and said its yearly gross for 2024 crossed the $100 cardinal US mark, surpassing the U.S. automaker.

The Chinese electrical conveyance shaper logged a grounds 777.1 cardinal yuan ($107 cardinal US, oregon $153 cardinal Cdn) successful gross past twelvemonth arsenic its income of artillery electrical and hybrid vehicles jumped 40 per cent.

In comparison, Tesla's 2024 gross was astir $97.7 cardinal US ($140 cardinal Cdn).

The study precocious Monday coincided with BYD's motorboat earlier this week of its Qin L EV sedan, a mid-sized exemplary akin to Tesla's Model 3 but astatine conscionable implicit fractional the price.

BYD's nett net past twelvemonth was astir 40 cardinal yuan ($5.6 cardinal US), up 34 per cent from the twelvemonth before.

Last week, the institution announced it was rolling retired a ace accelerated EV charging strategy that it says is astir arsenic speedy arsenic a capable up astatine the pumps.

The lion's share, astir 80 per cent, of BYD's income past twelvemonth were related to its automotive businesses. BYD reported it sold astir 4.3 cardinal axenic electrical and hybrid vehicles past year.

Nearly 29 per cent of the company's income were successful markets extracurricular Greater China, including Hong Kong and Taiwan, past year, up somewhat from 27 per cent the twelvemonth before.

The automaker has rapidly expanded its exports, though it has yet to effort to merchantability successful the U.S., wherever U.S. President Donald Trump has pledged to rise tariffs connected car imports. BYD faces a 17 per cent tariff connected exports of EVs to the European Union.

Tesla's income and marketplace stock successful Europe driblet again

European income of Tesla electrical cars were astir chopped successful fractional during the archetypal 2 months of this twelvemonth compared with a twelvemonth earlier, adjacent arsenic the wide marketplace for battery-powered cars grew, according to the European Automobile Manufacturers Association.

In summation to an aging exemplary line, income declines are besides being blamed successful portion connected CEO Elon Musk's endorsement of Germany's far-right enactment successful past month's nationalist election, his clasp of fringe governmental movements and a motion during a Trump lawsuit successful January that galore saw arsenic a Nazi salute.

As contention grows and a slowdown successful European economies hampers full car sales, Musk's battery-electric (BEV) marque has sold 42.6 per cent fewer cars successful Europe truthful acold this year, information from the European Automobile Manufacturers Association (ACEA) showed connected Tuesday.

Tesla commanded 1.8 per cent of the full marketplace and 10.3 per cent of the BEV marketplace successful February, down from 2.8 per cent and 21.6 per cent respectively past year.

It sold less than 17,000 cars successful the European Union, Britain and European Free Trade Association countries, compared to implicit 28,000 successful the aforesaid period successful 2024.

Tesla besides faces a fig of challenges successful Europe, up of the motorboat of its caller Model Y mid-size SUV this month. The EV shaper has a smaller, aging lineup portion accepted automaker rivals and caller Chinese entrants alike proceed to motorboat new, often cheaper electrical models.