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BYD Overtakes Tesla in Revenue as Global EV Momentum Builds

By: Phoebe Bulotano
March 25, 2025

BYD made more money than Tesla last quarter, showing a significant change in the electric car market. The company, based in China, sells more cars at home and in other countries.

Moreover, it offers electric and hybrid models, which are becoming more popular. As more people buy cleaner cars, BYD is becoming one of the top carmakers in the world.

BYD Revenue Surges in 2024 as EV Sales Break Records

The company’s full-year profit rose 34% to $5.56 billion, reflecting strong demand across its electric and hybrid vehicle lineup. BYD delivered 4.27 million vehicles in 2024, including battery electric and plug-in hybrid models. In comparison, Tesla sold 1.79 million EVs during the same period.

As a result analysts point to BYD’s diversified portfolio and domestic market scale as key drivers behind its rapid growth.

Unlike many competitors, BYD maintains in-house control over its supply chain, including battery manufacturing, which has helped it scale production and manage costs effectively.

BYD Blade Battery and Fast-Charging Tech Fuel EV Performance

Charging as Fast as Refueling. 400 km in Just 5 Minutes.

Introducing BYD Super e-Platform. The world’s first mass-produced full-domain 1,000V high-voltage architecture.

⚡ Megawatt Flash Charging delivers 2 km of range per second
⚡ 1,000 kW (1 MW) power enables 400 km in… pic.twitter.com/5s1OW9c6eU

— BYD (@BYDCompany) March 18, 2025

At the core of BYD’s product strategy is its Blade Battery technology, which was developed to enhance safety and performance. The company is also testing a high-speed charging system that could deliver over 230 miles of range in five minutes. This potentially reduces one of the major barriers to wider EV adoption.

Additionally, BYD’s battery subsidiary, FinDreams Battery, was the world’s second-largest EV battery maker in 2024, holding a 17.2% global market share.

BYD Expands Global EV Production with New Plants in Asia

To support its international ambitions, BYD opened production facilities in Thailand and Uzbekistan in 2024. Altogether, the company now operates in over 50 countries and regions, with growing demand across Asia, Europe, and Latin America.

In addition to vehicles, BYD develops solar energy products, semiconductors, energy storage systems, and rail transit solutions, positioning itself as a broader clean technology manufacturer.

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BYD Boosts EV Innovation with Massive R&D Investment and Hiring

As of late 2024, BYD employed more than 900,000 people, with over 100,000 working in research and development roles. Between 2003 and 2023, the company filed more than 13,000 patents.

Overall, its R&D investments continue to support advancements in vehicle performance, energy efficiency, and manufacturing processes.

Conclusion

Overall, with continued investment in new technologies, a growing international presence, and increasing consumer interest in electric vehicles, BYD is emerging as a central figure in the global transition to sustainable transport. Its competition with Tesla is likely to intensify as both companies expand into new markets and technologies.

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