Chinese electric vehicle giant BYD has surpassed Tesla in 2024, recording record revenue. The Shenzhen-based automaker, famous for its rapid domestic growth and innovation, has officially taken the lead in China’s rapidly growing EV market.
Based on financial statements, BYD’s revenue growth is witnessed against a backdrop of high demand for its affordable and environmentally friendly car models. Its strategy of fusing low prices with advanced technology has found takers among Chinese customers as well as global markets.
Industry observers contend that BYD’s success portends a changing game in the global EV competition, as Chinese automakers are increasingly encroaching on Western giants such as Tesla both in terms of production volume and market share.
As its momentum gathers steam, BYD now looks to expand further globally and gain deeper penetration into up-and-coming EV markets. In the meantime, Tesla will be forced to step up efforts to stay competitive, particularly in Asia.
