Energy
China’s BYD surpassed Tesla in annual revenue for 2024
By Jack Aylmer (Energy Correspondent), Jake Larsen (Video Editor), Mohammed Ali (Senior Motion Designer)
- Chinese automaker BYD surpassed Tesla in total revenue for 2024, reporting $107 billion compared to the Elon Musk-led brand’s $97.7 billion. BYD’s revenue grew 29% year-over-year, while Tesla’s increased just 1%.
- Domestic market dominance, strong overseas demand and a record-breaking fourth quarter helped BYD sell nearly 4.3 million vehicles last year.
- BYD has already reported a 93% year-over-year increase in sales during the first two months of this year and projects annual sales numbers could reach as high as 6 million vehicles in 2025.
Full Story
Chinese electric vehicle (EV) manufacturer BYD reported record-breaking sales revenue in 2024. These numbers surpassed those posted by U.S. competitor Tesla.
Media Landscape
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Center 35%
Right 31%
Bias Summary
- BYD's sales exceeded Tesla's by $10 billion in 2024, reaching over $100 billion in revenue, compared to Tesla's $97.7 billion.
- BYD solidified its position as the world's largest EV maker by selling 4.27 million electric vehicles in 2024.
- Tesla experienced its first annual sales drop in a decade, delivering 1.79 million vehicles in 2024.
- BYD's net profit increased 34% year-over-year to just over 40 billion yuan, equivalent to $5.55 billion.
- BYD's net profit increased by 73.1% in the fourth quarter of 2024, reaching 15 billion yuan due to lower prices and higher sales than rivals.
- In 2024, BYD generated record revenue of 777.1 billion yuan and became the leader in China's car sales with 4.25 million vehicles sold.
- BYD aims to expand in Europe with a new compact electric model and fast charging technology to compete with local brands.
- BYD Vice President Stella Li stated that "registration numbers will jump" in Europe during March and April, indicating expected growth.
- BYD's revenue exceeded US$100 billion in 2024, surpassing Tesla, according to their filing on March 24.
- BYD's net income rose 34% year on year to 40.3 billion yuan, beating analyst estimates, and total deliveries reached 4.27 million in 2024.
- Chairman Wang Chuanfu stated that BYD is focusing on research, global competitiveness, and leading in intelligence-led vehicles.
Bias Comparison
Media outlets on the left
framed BYD’s ascendance as “trouble” for Tesla, implicitly critiquing established corporate giants and even associating Tesla with “Big Oil,” highlighting perceived “weakness” in its resource reliance.
Media outlets on the right
portrayed BYD’s success as a “win” fueled by technological superiority, subtly promoting national economic competition, exemplified by emphasizing BYD “soars past” Tesla.
Report an issue with this comparison
Bias Distribution
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101 other sources covering this story
Total News Sources
101
Leaning Left
16
Center
17
Leaning Right
15
Last Updated
1 day ago
Bias Distribution Powered by Ground News™
In 2024, BYD generated approximately $107 billion, marking a 29% increase from 2023. In contrast, Tesla reported $97.7 billion in revenue, reflecting a modest 1% year-over-year growth.
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What drove BYD’s success in 2024?
BYD’s growth was fueled not only by strong demand in its home market of China, but also by a significant expansion of its global customer base. While the automaker outperformed Volkswagen to claim the title of China’s top-selling car brand in 2024, it also saw overseas shipments surge about 72%.
In total, BYD sold 4.27 million vehicles last year. A strong fourth quarter contributed to these results, with BYD posting a net profit of approximately $2.1 billion — a 73% increase from the previous year.
What happens next?
The company’s momentum has continued into 2025, as BYD reported a 93% year-over-year increase in sales during the first two months of this year. Looking ahead, the automaker projects it could sell up to 6 million vehicles in 2025, a milestone that would put it on par with some of the largest automotive manufacturers in the world.
Tags: BYD, Climate Change, Donald Trump, Economy, Electric vehicles, Elon Musk, Europe, People’s Republic of China, Tesla, Volkswagen
[Jack Aylmer]
CHINESE ELECTRIC VEHICLE MAKER BYD SURPASSED TESLA IN TOTAL SALES REVENUE LAST YEAR.
IN 2024, BYD MADE ABOUT 107 BILLION DOLLARS-
A 29 PERCENT INCREASE FROM THE PREVIOUS YEAR.
MEANWHILE, TESLA REPORTED REVENUE OF NEARLY 98 BILLION DOLLARS-
JUST A ONE PERCENT INCREASE FROM 2023.
THIS GROWTH FOR BYD DIDN’T COME SOLELY DUE TO SUCCESS IN ITS HOME MARKET OF CHINA-
BUT ALSO AS A RESULT OF EXPANDING THE COMPANY’S GLOBAL CUSTOMER BASE.
WHILE BYD OVERTOOK VOLKSWAGEN TO BECOME CHINA’S TOP-SELLING AUTOMAKER IN 2024-
IT ALSO SAW OVERSEAS SHIPMENTS SURGE NEARLY 72 PERCENT.
IN TOTAL, THE AUTOMAKER SOLD ALMOST 4.3 MILLION VEHICLES.
HELPING BYD ATTAIN THESE NUMBERS WAS A RECORD BREAKING FOURTH QUARTER.
DURING WHICH ITS NET PROFIT TOTALED ABOUT 2.1 BILLION DOLLARS, A 73 PERCENT JUMP-
MOMENTUM CARRIED OVER INTO THE FIRST TWO MONTHS OF 2025, WITH SALES UP 93 PERCENT YEAR OVER YEAR.
LOOKING AHEAD, BYD FORECASTS IT COULD SELL AS MANY AS 6 MILLION VEHICLES THIS YEAR-
WHICH WOULD PUT IT ON PAR WITH SOME OF LARGEST AUTOMAKERS IN THE WORLD.
FOR STRAIGHT ARROW NEWS, I’M JACK AYLMER.
Media Landscape
See how news outlets across the political spectrum are covering this story. Learn more
Left 33%
Center 35%
Right 31%
Bias Summary
- BYD's sales exceeded Tesla's by $10 billion in 2024, reaching over $100 billion in revenue, compared to Tesla's $97.7 billion.
- BYD solidified its position as the world's largest EV maker by selling 4.27 million electric vehicles in 2024.
- Tesla experienced its first annual sales drop in a decade, delivering 1.79 million vehicles in 2024.
- BYD's net profit increased 34% year-over-year to just over 40 billion yuan, equivalent to $5.55 billion.
- BYD's net profit increased by 73.1% in the fourth quarter of 2024, reaching 15 billion yuan due to lower prices and higher sales than rivals.
- In 2024, BYD generated record revenue of 777.1 billion yuan and became the leader in China's car sales with 4.25 million vehicles sold.
- BYD aims to expand in Europe with a new compact electric model and fast charging technology to compete with local brands.
- BYD Vice President Stella Li stated that "registration numbers will jump" in Europe during March and April, indicating expected growth.
- BYD's revenue exceeded US$100 billion in 2024, surpassing Tesla, according to their filing on March 24.
- BYD's net income rose 34% year on year to 40.3 billion yuan, beating analyst estimates, and total deliveries reached 4.27 million in 2024.
- Chairman Wang Chuanfu stated that BYD is focusing on research, global competitiveness, and leading in intelligence-led vehicles.
Bias Comparison
Media outlets on the left
framed BYD’s ascendance as “trouble” for Tesla, implicitly critiquing established corporate giants and even associating Tesla with “Big Oil,” highlighting perceived “weakness” in its resource reliance.
Media outlets on the right
portrayed BYD’s success as a “win” fueled by technological superiority, subtly promoting national economic competition, exemplified by emphasizing BYD “soars past” Tesla.
Report an issue with this comparison
Bias Distribution
Far
Left
Left
+0
Click to close
Click to close
Click to close
Click to close
Click to close
Far
Right
Right
+0
Click to close
Untracked Bias
Click to close
101 other sources covering this story
Total News Sources
101
Leaning Left
16
Center
17
Leaning Right
15
Last Updated
1 day ago
Bias Distribution Powered by Ground News™
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