Chinese EV manufacturer BYD achieves record-breaking sales, unveiling groundbreaking battery technology

Chinese electric vehicle giant BYD has officially overtaken Tesla in annual revenue, reporting a record 777 billion yuan ($107 billion) for the fiscal year 2024. This milestone positions BYD at the forefront of the global electric vehicle (EV) industry, marking a pivotal moment in the ongoing competition between the two market leaders.

According to a financial filing released on Monday, BYD’s annual revenue jumped by 29% compared to the previous year, fueled by surging demand for its plug-in hybrid and battery electric vehicles. The impressive performance surpasses Tesla’s reported revenue of $97.7 billion for the same period.

Wang Chuanfu, Chairman and President of BYD, credited the company’s robust growth to its multi-sector leadership. “BYD has become an industry leader in every sector — from batteries and electronics to new energy vehicles — breaking the dominance of foreign brands and reshaping the global automotive market,” Wang stated.

BYD’s New Battery Platform Promises a Major EV Charging Breakthrough

BYD’s impressive financial results follow the recent announcement of a new battery technology that could revolutionize the EV charging experience. The company introduced its “Super e-Platform”, which promises to deliver up to 400 kilometers (approximately 249 miles) of range with just five minutes of charging — a development that could significantly reduce charging time anxiety among electric vehicle owners.

Although these claims have yet to be independently verified, the news has already generated excitement within the industry. Analysts have described the innovation as “out of this world,” highlighting its potential to shift consumer behavior and further accelerate the adoption of electric vehicles.

BYD Hits 10 Million New Energy Vehicles Milestone

In addition to surpassing Tesla in revenue, BYD became the first automaker in the world to produce 10 million new energy vehicles by November 2024. This achievement underscores the company’s dominance in the rapidly growing EV sector, particularly in China — the world’s largest electric vehicle market.

As the global EV race intensifies, BYD’s integrated approach across battery development, vehicle design, and manufacturing has proven to be a key differentiator. The brand’s ability to scale production and innovate in battery performance gives it a significant competitive edge, especially as demand for affordable and efficient electric cars continues to rise.

BYD Stock Soars as Tesla Struggles Amid Market Headwinds

Investors have responded positively to BYD’s strong performance. Hong Kong-listed shares of BYD have surged 46% year to date, reflecting growing investor confidence in the company’s trajectory and technological leadership.

In contrast, Tesla has faced a 31% decline in share value over the same period. The U.S. automaker is grappling with falling global demand, rising competition, and political controversy surrounding CEO Elon Musk’s public statements and affiliations. These factors have contributed to a wave of consumer boycotts and a weakening brand perception in key markets.

Key Highlights:

• BYD’s 2024 annual revenue reaches $107 billion, surpassing Tesla’s $97.7 billion.
• New “Super e-Platform” battery technology could offer 400 km range with only five minutes of charging.
• BYD becomes the first automaker to produce 10 million new energy vehicles.
• BYD stock up 46% year to date, while Tesla shares fall 31% amid growing market challenges.
• BYD’s multi-sector dominance signals a new era in the electric vehicle industry.

With record-breaking revenue, innovative battery advancements, and growing global market share, BYD is solidifying its position as the leading force in the electric vehicle industry. As the world transitions to sustainable transportation, the competition between BYD and Tesla is expected to further intensify — but for now, BYD is clearly in the driver’s seat.