- 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.
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Chinese electric vehicle (EV) manufacturer BYD reported record-breaking sales revenue in 2024. These numbers surpassed those posted by U.S. competitor Tesla.
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.
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.
