BYD has surpassed Tesla in annual revenue for 2024, achieving 777 billion yuan fueled by hybrid vehicle sales. The launch of the Qin L model offers a cheaper alternative to Tesla’s Model 3. BYD’s innovative charging technology and free driver-assistance features bolster its competitive stance as Tesla faces political backlash and tariffs.

Chinese electric vehicle manufacturer BYD has eclipsed Tesla in annual revenue for 2024, reporting a remarkable increase of 29%, resulting in a total of 777 billion yuan (approximately $107 billion or £83 billion). This revenue surge is primarily attributed to the success of its hybrid vehicle sales, surpassing the $97.7 billion achieved by its rival, Tesla.

BYD has recently introduced a competitive model aimed at challenging Tesla’s Model 3, historically the bestselling electric vehicle in China. This move occurs as Tesla grapples with worldwide criticism tied to CEO Elon Musk’s political affiliations, particularly his connections to former President Donald Trump, amid escalating tariffs imposed on Chinese automakers in Western markets.

In terms of electric vehicle sales, BYD closely matched Tesla’s figures, selling approximately 1.76 million EVs compared to Tesla’s 1.79 million. However, when hybrid vehicle sales are included, BYD’s total rises significantly, reaching an impressive 4.3 million vehicle sales globally in 2024.

Recently, BYD introduced the Qin L model, priced at 119,800 yuan, which starkly undercuts the starting price of Tesla’s Model 3 at 235,500 yuan. This strategic pricing comes as Chinese consumers face tightening budgets due to an economic landscape fraught with challenges such as a property crisis and high government debt.

Additionally, BYD’s founder, Wang Chuanfu, announced innovative battery charging technology capable of fully charging an electric vehicle in just five minutes, contrasting with Tesla’s supercharger system, which requires approximately 15 minutes. Moreover, BYD revealed that its advanced driver-assistance technology, dubbed “God’s Eye,” will be provided for free in all its models.

Investors have responded positively, as BYD shares, supported by prominent investor Warren Buffett, have surged over 50% this year. Concurrently, backlash against Musk has intensified since his appointment to a prominent position in the Trump administration, where he has actively engaged in political issues both domestically and internationally, resulting in increased scrutiny from critics and the media.

In conclusion, BYD’s remarkable revenue growth and strategic product launches have positioned it as a formidable competitor to Tesla in the electric vehicle market. With innovative pricing and technology, BYD is not only matching Tesla in EV sales but also expanding its market reach through hybrid models. This development comes amidst shifting political dynamics and economic challenges, further complicating Tesla’s market position.

Original Source: www.bbc.com

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