Chinese electric vehicle (EV) manufacturer BYD has remarkably surpassed Elon Musk's Tesla in annual revenue for 2024.
The company's revenue increased by 29%, reaching 777 billion yuan mainly due to strong sales of its hybrid vehicles.
As per BBC, this amount is greater than the $97.7 billion reported by Tesla.
BYD has also introduced a more affordable car the Qin L to compete with Tesla's Model 3 which has been a top-selling electric vehicle in China.
The Qin L has a starting price of 119,800 yuan in China, making it significantly cheaper than Tesla’s Model 3, which starts at 235,500 yuan.
At the same time, Tesla is facing criticism globally over CEO Musk’s association with US President Donald Trump, while Chinese automakers including BYD are dealing with increased tariffs in Western countries.
Related: Elon Musk’s Starlink secures approval to operate in Pakistan
BYD sold almost as many fully electric vehicles as Tesla in 2024 with 1.76 million compared to Tesla’s 1.79 million.
However, when including hybrid car sales, BYD is much larger, selling a total of 4.3 million vehicles worldwide last year setting a new record.
BYD's founder, Wang Chuanfu, recently introduced new battery charging technology that can charge an electric vehicle (EV) in just five minutes, making it significantly faster than Tesla’s supercharger system, which takes around 15 minutes.
In February, BYD also announced that its "God's Eye" advanced driver-assistance technology would be included for free in all its vehicle models.
Related: T-Mobile, Starlink partnership to end connectivity issues in remote areas
