Chinese electric vehicle (EV) maker BYD has reported annual revenue for 2024 that has leapfrogged rival Tesla.
The Shenzhen-based firm says revenue rose by 29% to come in at 777 billion yuan ($107bn; £83bn), boosted by sales of its hybrid vehicles. This topped the $97.7bn reported by Elon Musk’s Tesla.
BYD has also just launched a lower-priced car to rival Tesla’s Model 3, which has long been the top-selling EV in China.
It comes as Tesla faces a backlash around the world over Musk’s ties to US President Donald Trump, while Chinese carmakers have been hit with tariffs in Western countries.
BYD sold around the same number of EVs as Tesla last year – 1.76 million compared to 1.79 million, respectively.
But when sales of the Chinese company’s hybrid cars are taken into account it is much bigger, selling a record 4.3 million vehicles globally in 2024.
On Sunday, BYD announced a new model to take on Tesla.
Its Qin L model has a starting price in China of 119,800 yuan, while a basic version of Tesla’s Model 3 is priced at 235,500 yuan.
It comes as Chinese consumers are cutting spending in the face of economic challenges, including a property crisis, slowing growth, and high local government debt.
Last week, BYD’s founder Wang Chuanfu announced new battery charging technology, which he said could charge an EV in five minutes.
That compares with around 15 minutes to charge a Tesla using its supercharger system.
In February, BYD announced that its so-called “God’s Eye” advanced driver-assistance technology would be available free in all its models.
Shares in the firm, which is backed by veteran US investor Warren Buffett, have jumped by more than 50% so far this year.
A backlash against Musk and his carmaker has gathered momentum since he was appointed head of the Trump administration’s Department for Government Efficiency (DOGE), which has been tasked with slashing federal government spending.
Musk has also intervened in politics abroad, including giving his backing to far-right party Alternative für Deutschland ahead of Germany’s parliamentary election and criticising UK politicians such as Prime Minister Keir Starmer.
Meanwhile, China’s EV manufacturers have been targeted with tariffs in large parts of the world, including the US and the European Union.
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