Chinese electric automaker BYD surpassed Tesla in revenue in 2024

BYD closed a record year, with the Chinese electric car company announcing on Monday that it surpassed $100 billion in revenue in 2024. During the same period, its net profit rose to $5.559 billion, marking an all-time high.

In a presentation in Shenzhen, where the company was founded, BYD executives highlighted that last year they surpassed Tesla in revenues. While the U.S. company earned $97.7 billion, they noted, its Asian competitor generated $107.2 billion.

Elon Musk's company was also outpaced last year in the number of cars produced, according to data collected by The Washington Post. For the first time, BYD took the lead with 1.78 million electric vehicles versus the 1.77 million produced by Tesla.

Although its stronghold remains the Chinese market, BYD is gaining momentum in international markets with a plan that includes building factories in Europe and South America. The company is also focusing on technological innovations to stay ahead of the competition, such as an advanced autonomous driving system and a battery that can last 290 miles with just five minutes of charging.