BYD sales top Tesla as tech focus wins over Chinese drivers

BEIJING – BYD’s sales in 2024 surpassed the US$100 billion (S$134 billion) mark, leapfrogging Elon Musk’s Tesla on revenue, as the Chinese auto giant wows consumers with a range of electric and hybrid cars packed with high-tech features.

Shenzhen-based BYD reported revenue of 777 billion yuan (S$143 billion) for the 12 months ended Dec 31, up 29 per cent, according to a filing late on March 24, beating estimates for 766 billion yuan.

Tesla’s 2024 revenue was US$97.7 billion.

The Chinese electric vehicle maker’s net income rose 34 per cent year on year to 40.3 billion yuan, beating analyst estimates for 39.5 billion yuan.

BYD has risen quickly to the top of China’s car market – the world’s biggest and most competitive in terms of EVs.

In 2025 alone, BYD has unveiled a new ecosystem that allows EVs to charge for a distance of 400km in just five minutes and has introduced advanced driver-assistance technology in even its most basic models. Investors have sent its shares to a record high, and BYD’s Hong Kong-listed stock is up around 51 per cent in 2025.

BYD also sells about the same number of EVs as Tesla – 1.76 million in 2024 versus 1.79 million – but, when all of its other passenger hybrid car sales are included, it is much larger. BYD’s total deliveries in 2024 climbed to 4.27 million, almost as many as Ford Motor.

BYD has forecast it can sell between five million and six million vehicles in 2025. It is already off to a strong start, with sales in the first two months of 2025 up 93 per cent year on year to 623,300 units.

One area where Tesla still clearly leads, however, is market valuation. The US carmaker is worth about US$800 billion despite a share-price rout that