For the first time since 2018, $BYD Co., Ltd.(BYDDY)$ $BYD COMPANY(01211)$ is now generating more revenue than $Tesla Motors(TSLA)$ .
CHINA'S BYD SURPASSES TESLA IN SALES Chinese electric vehicle manufacturer BYD has achieved a remarkable milestone by surpassing Tesla in revenue for the first time, reaching 777.1-billion yuan ($107.2-billion) in 2024.
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This 29% year-on-year increase outpaced Tesla’s revenue of $97.7-billion. BYD's success is driven by rapid sales growth, especially in Europe, where the company is expanding aggressively. Its innovative “Super e-Platform” battery technology offers peak charging speeds of 1,000 kilowatts, allowing for a 470-kilometre range in just five minutes, surpassing Tesla’s capabilities.
However, BYD faces challenges, including investigations into potential unfair subsidies in Europe and rising US tariffs on Chinese imports. Despite these hurdles, BYD's strong performance positions it as a key player in the global EV market.
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However, BYD's auto and batteries business was still smaller than Tesla's in 2024. The following $22B detail is never mentioned.
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Here are some highlights of two companies.
Background: Chinese multinational conglomerate headquartered in Shenzhen. It is a major player in the automotive, battery, and electronics industries.
Market Position: Dominates China's new energy vehicle (NEV) market with a 32% market share in 2024。Also a significant player in Southeast Asia.
Business Model: Diversified business including automotive, batteries, electronics, and new energy solutions.
Background: American multinational automotive and clean energy company founded by Elon Musk. It is a pioneer in electric vehicles and renewable energy.
Market Position: Strong presence in the US and European markets. However, it faces challenges in China due to regulatory issues with its Full Self-Driving (FSD) technology.
Business Model: Focuses primarily on electric vehicles and energy storage solutions.
Sales and Earnings
Metric | BYD (2024) | Tesla (2024) |
|---|---|---|
Revenue | $107.1 billion | $97.7 billion |
Net Profit | $5.6 billion | $7.1 billion |
Vehicle Deliveries | 4.27 million | 1.79 million |
Electric Vehicle Sales | 1.76 million | 1.79 million |
Gross Margin (Auto Sales) | 22.3% | Not specified |
Business Differences
Product Portfolio:
BYD: Offers a wide range of vehicles including plug-in hybrids and battery electric vehicles (BEVs). It also has a significant mobile handset business.
Tesla: Focuses exclusively on battery electric vehicles.
Geographical Focus:
BYD: Dominates in China and expanding rapidly in Southeast Asia.It has a limited presence in the US due to tariff issues.
Tesla: Strong in the US and Europe but faces challenges in China.
Technology and Innovation:
BYD: Recently launched an ultra-fast charging system capable of adding 250 miles of range in just five minutes。Also introduced advanced driver-assistance systems at no extra cost.
Tesla: Known for its Supercharger network and Full Self-Driving (FSD) technology, though FSD faces regulatory hurdles in China.
Profitability:
BYD: Lower net profit compared to Tesla but showing significant growth.
Tesla: Higher net profit but facing declining sales and market value.
Market Perception:
BYD: Positive market perception with a 51% increase in share price in 2025.
Tesla: Facing challenges including declining share price and consumer boycotts.
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