BYD’s revenue hit $107 billion in 2024. That’s more than Tesla’s $97.7 billion. BYD’s profit jumped 34% to $5.56 billion.
The Chinese company is growing fast in the global electric car market. It’s using its home advantage to expand into electric and hybrid cars. New tech and innovations are key to BYD’s success. In 2024, it launched a new charging system that can charge cars to go 400 kilometers in just 5 minutes.
BYD’s stock surged 51% in the past year. It’s an all-time high. Investors are confident in the company’s strong market. Tesla’s stock, on the other hand, plummeted nearly 50% from its peak of $490 in December. Tesla lost almost $750 billion in market value.
Tesla still leads the global electric car market. It delivered 1.79 million cars in 2024. But BYD is close behind with 1.76 million cars sold. If you add hybrid cars, BYD sold 4.27 million vehicles.
BYD aims to sell 5-6 million cars in 2025. It’s seeing strong growth, with sales up 93% in January and February compared to last year.
BYD’s rise is a big change in the global electric car market. While Tesla still leads in the US and some markets, BYD’s competitive pricing, innovation, and large-scale production make it a strong competitor.
Tesla has a range of cars, including the Model 3 starting at $42,490 and the Model Y starting at $46,630. BYD’s cars are cheaper, with the Seagull starting at $11,400 and the Han starting at $32,800.
BYD’s growth shows it has the potential to take market share from Tesla. It’s got competitive pricing, innovative tech, and efficient production. Tesla faces new challenges, especially in the fast-growing electric car market.
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