Chinese battery electric vehicle (BEV) manufacturer BYD has once again outpaced Tesla in global electric vehicle sales. A recent financial report from the Shenzhen-based automaker revealed that BYD’s revenue surged by 29% in 2024, reaching an impressive $14.8 billion—eclipsing Tesla’s reported revenue of $13.5 billion for the same period.
BYD’s financial success was driven by strong hybrid vehicle sales and high demand for its competitively priced BEVs. The company has also introduced a more affordable BEV to compete directly with the Tesla Model 3, which has historically been China’s best-selling electric vehicle and remains one of Tesla’s most popular models globally.
At the same time, Tesla has begun phasing out the Model Y, reducing the number of available Tesla models and impacting the Texas-based automaker’s registration numbers. In contrast, BYD’s diverse lineup, which includes both BEVs and plug-in hybrid electric vehicles (PHEVs), allows it to serve a much broader consumer base than Tesla.
The Elon Musk-led company has also experienced a rough year across several key markets. Musk’s political endorsements, including support for far-right parties in Germany and involvement in U.S. politics, have alienated a significant portion of Tesla’s customer base. With Musk aligning himself with Republican President Donald Trump, many left-leaning consumers—who are statistically more likely to buy EVs—have begun moving away from Tesla.
Despite BYD and other Chinese automakers facing high import tariffs in several major global markets, BYD managed to sell 1.79 million BEVs in 2024, surpassing Tesla’s 1.76 million units. When hybrid vehicle sales are included, BYD’s total global vehicle sales reached a record 4.3 million units last year.
Although this isn’t the first time BYD has outsold Tesla in the BEV sector, analysts suggest that BYD could maintain its lead for longer this time. Tesla has lost significant market share in Europe, particularly Germany, and consumer sentiment in the U.S. and Canada is shifting toward less controversial brands. If backlash against Musk’s political involvement continues, Tesla’s declining sales trend may persist.
To solidify its dominance in the Chinese EV market, BYD has introduced the Qin L, a budget-friendly electric sedan designed to compete directly with Tesla’s Model 3. The Qin L starts at approximately $16,600, significantly undercutting the base Model 3, which costs around $32,600 in China.
With Chinese consumers becoming more price-conscious amid economic uncertainties, the lower-cost Qin L could prove to be a strong competitor against the Model 3. Additionally, BYD has unveiled new EV charging technology, which allows its vehicles to recharge in as little as five minutes—a major improvement over Tesla’s Supercharger network, which takes approximately 25 minutes for a comparable charge.
Other players in the industry, such as Mullen Automotive Inc. (NASDAQ: MULN), can learn from BYD’s rise that there is no limit to how far a company can grow if it sets the right strategies and works to attain them. It is just a matter of time before industry leaders are toppled by newer players determined to make it to the top.
NOTE TO INVESTORS: The latest news and updates relating to Mullen Automotive Inc. (NASDAQ: MULN) are available in the company’s newsroom at https://ibn.fm/MULN
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