In 2024, BYD revenue will exceed $107 billion, surpassing Tesla! The world’s leading EV manufacturer is adapting to new industry dynamics!
BYD has officially overtaken Tesla in revenue, becoming the world’s largest EV maker. In 2024, the Chinese automaker recorded the highest revenue of $107 billion, surpassing Tesla’s $97.7 billion. This achievement reinforces BYD’s position as the world leader in EVs. The company has maintained high sales in China while increasing its footprint in other countries.
BYD’s Strong Growth vs Tesla’s Struggle in 2024
BYD’s income increased by 40% over the previous year due to the sale of 4.25 million vehicles, including completely electric and hybrid models. With this spike in sales, BYD became China’s largest carmaker, overtaking Volkswagen, which had held the top spot for years.
While BYD succeeded, Tesla had a rough year. For the first time, Tesla’s vehicle shipments fell by 1.1% to 1.79 million units. The company’s revenue was $97.7 billion, while its stock value fell by more than 31%. Tesla has recently faced lower demand, consumer boycotts, and decreased revenue in important areas such as Europe.
Top EV Brand “BYD”
BYD’s success is due to its rapid global expansion and advanced technology. The company will be the first to produce 10 million new energy vehicles by 2024. Its advanced battery technology, the Super e-Platform, can charge the EV up to 249 miles in five minutes, outperforming Tesla’s Supercharger system.
BYD’s primary focus remains China, although the firm is expanding abroad. In 2024, sales from outside Greater China, including Hong Kong and Taiwan, will account for around 29%. However, BYD has yet to join the US market and faces high tariffs in the EU, which may slow its worldwide expansion.
Profit Growth and Industry Impact.
BYD also announced a net profit of $5.6 billion in 2024, up 34% from the previous year. Despite this great performance, the Hong Kong Stock Exchange share price fell 3.2% on Tuesday.
The rise of BYD represents a significant shift in the EV industry. Many see it as Tesla’s primary competitor, encouraging innovation and making EVs more affordable. However, due to trade barriers, BYD continues to face expansion issues outside of Asia. Meanwhile, Tesla remains the leading player due to its well-known brand and charging network.
BYD’s record-breaking year exemplifies how rapidly the electric vehicle market is evolving. While Tesla’s growth has slowed, BYD is gaining ground, paving the way for the future of clean-energy mobility.
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