Chinese electric carmaker BYD sales beat Tesla

BYD, a prominent electric vehicle manufacturer from China, has recently announced impressive sales figures that have surpassed those of its main competitor, Tesla. The company, based in Shenzhen, reported a remarkable annual revenue of 777 billion yuan, which translates to approximately 107 billion dollars. This figure represents a significant increase of 29% compared to the previous year. In contrast, Tesla, led by Elon Musk, reported a revenue of 97. 7 billion dollars. The surge in BYD's revenue can be attributed to the strong sales of its hybrid vehicles, which combine both electric and gasoline power. Additionally, BYD has introduced a new, more affordable model aimed at competing with Tesla's Model 3, which has long held the title of the best-selling electric vehicle in China. This development comes at a time when Tesla is facing criticism globally due to Musk's connections with former US President Donald Trump, while Chinese automakers are grappling with tariffs imposed by Western countries. In terms of electric vehicle sales, BYD and Tesla were quite close last year, with BYD selling approximately 1. 76 million electric vehicles compared to Tesla's 1. 79 million. However, when including the sales of hybrid vehicles, BYD's total sales reached an impressive 4. 3 million vehicles worldwide in 2024. This substantial figure highlights BYD's growing dominance in the electric vehicle market. Recently, BYD unveiled its new Qin L model, which is priced at 119,800 yuan in China. In comparison, the basic version of Tesla's Model 3 is priced at 235,500 yuan. This price difference could attract more consumers to BYD, especially as many Chinese buyers are becoming more cautious with their spending due to economic challenges such as a property crisis and rising local government debt. Furthermore, last week, BYD's founder, Wang Chuanfu, announced groundbreaking battery charging technology that could fully charge an electric vehicle in just five minutes. This is a significant improvement compared to Tesla's supercharger system, which typically takes around 15 minutes to charge a vehicle. This new technology could enhance the appeal of BYD's electric vehicles to potential buyers. In February, BYD also revealed that its advanced driver-assistance technology, known as 'God's Eye,' would be available for free in all its models. This technology aims to improve safety and convenience for drivers. Shares of BYD have surged by over 50% this year, reflecting the company's strong performance and investor confidence. The company has the backing of renowned US investor Warren Buffett, which adds to its credibility in the market. However, Tesla and Musk have faced increasing scrutiny and backlash, particularly since Musk was appointed to lead the Trump administration's Department for Government Efficiency, which is focused on reducing federal spending. Musk's involvement in international politics, including his support for far-right parties in Germany and criticism of UK politicians, has also drawn attention. Meanwhile, Chinese electric vehicle manufacturers like BYD are facing challenges due to tariffs imposed in various regions, including the United States and the European Union. These tariffs can hinder their ability to compete effectively in those markets, adding another layer of complexity to the global electric vehicle landscape.