BYD Surpasses Tesla in Revenue and Sales: Is the EV Crown Changing Hands?
By Team Dailyrevs March 26, 2025
BYD vs. Tesla: The Power Shift in the EV Space
Tesla has dominated the electric vehicle (EV) market for years, but recent developments indicate that the times are changing, with Chinese EV behemoth BYD overtaking Tesla's revenues for the first time. This success marks the increasing competition in the international EV industry and challenges the future of Tesla's dominance.
BYD surpasses Tesla with $107 billion revenue in 2024, delivering 4.27 million vehicles.
Tesla struggles with declining sales, losing market share in China and Europe.
BYD’s ultra-fast 250-mile charge in 5 minutes outperforms Tesla’s Supercharger.
BYD, short for "Build Your Dreams," transformed from a local brand to an international EV behemoth. The company posted an astronomical $107 billion in revenue in 2024, beating Tesla's $97.7 billion. This 29% increase year on year was driven by a whopping 4.27 million vehicle sales, both full electric and hybrids.
One of BYD’s biggest advantages lies in its aggressive pricing. The company recently launched a new electric sedan, the Qin L EV, which rivals the Tesla Model 3 in specifications but costs nearly 50% less at just $16,500. For a price-conscious market such as China, this affordability is a game-changer.
EV Sales Breakdown (February 2025)
| Manufacturer | BEV Sales |
|---|---|
| BMW & MINI | 19,000 |
| Tesla | 16,000 |
| Volkswagen | 15,500 |
| BYD | 12,000 |
| SAIC MG | 10,500 |
Tesla's Struggles: A Crisis Unfolding?
Although Tesla is still the top-selling EV brand in the U.S., the company is struggling on a global scale:
Slipping Sales: Global deliveries fell 1.1% in 2024, the first time in Tesla's history.
Loss of Chinese Market Share: Tesla holds only 6.1% of China's new energy vehicle (NEV) market, while BYD controls a commanding 32%.
Pressure from Competition: BYD's rapid innovation has put Tesla in a corner. The company's newly launched ultra-fast charging system offers 250 miles of driving range in five minutes, outrunning Tesla's Superchargers.
What's Next for Tesla?
Tesla is pushing back with a strategy to introduce a cheaper version of the Model Y by 2026, but will that come too late? In the meantime, regulatory issues have derailed Tesla's Full Self-Driving (FSD) rollout in China, preventing it from keeping pace with BYD's cutting-edge driver-assistance system, "God's Eye."
Elon Musk's personal controversies also overflowed to Tesla's brand reputation, particularly in Germany and Europe, where sales fell by 44% in February. With BYD quickly spreading its influence to foreign markets, Tesla's biggest enemy may no longer be internal ingenuity but Chinese foreign competition.
Final Thoughts
Tesla's dominance is no longer absolute. With the better pricing power, pace of innovation, and growing market share of BYD, the electric vehicle space is experiencing a structural change. The battle between the two giants will shape the future of electric mobility, and till now, BYD is getting the better of it.