Chinese electric vehicle (EV) manufacturer BYD has outpaced Tesla in 2024, reporting annual revenue of 777 billion yuan ($107 billion), a 29% increase, surpassing Tesla’s $97.7 billion. BYD’s growth was driven by strong sales of hybrid vehicles, with the company selling 4.3 million vehicles globally, including both EVs and hybrids, compared to Tesla’s 1.79 million EVs.

BYD’s revenue boost also came from its recent introduction of a more affordable car, the Qin L, priced at 119,800 yuan in China, which directly competes with Tesla’s Model 3. While Tesla faces global backlash related to Elon Musk’s political ties, BYD’s success comes amid challenging economic conditions in China, including slowing growth and high local government debt.

Additionally, BYD’s technological advancements include a new battery charging system capable of fully charging an EV in just five minutes, compared to Tesla’s 15 minutes with its supercharger. Shares in BYD have surged by over 50% this year, as the company continues to outpace Tesla in both revenue and technological innovation. Meanwhile, Tesla is facing increased scrutiny and tariffs from Western countries targeting Chinese automakers.