BYD races ahead of Tesla in 2024 EV showdown

China's top EV maker posts record profits and surges past Tesla in global sales, while both players double down on innovation and market expansion.

• BYD delivered 4.27 million vehicles globally in 2024—surpassing Tesla’s 1.79 million.

• BYD’s net profit hit $56.1 billion RMB ($7.8 billion USD), up 34% year-over-year, bolstered by strong domestic and global demand.

• Tesla’s growth slowed in 2024, citing margin pressures and global competition, while BYD leaned into hybrid EVs and affordable segments.

A tale of two electric giants

2024 marked a turning point in the global EV race—BYD officially overtook Tesla not only in total vehicle sales but also in revenue growth momentum and profitability.

While Tesla remains the dominant name in premium EVs and autonomous driving R&D, BYD’s mass-market strategy and deep integration into China’s supply chain ecosystem are powering what may be the auto industry's most formidable surge since Toyota’s rise in the 1990s.

BYD’s annual report, released March 25, revealed record revenue of RMB 777.1 billion ($107 billion USD) in 2024, up 29% year-over-year.

Net profits rose 34% to RMB 402.5 billion ($7.8 billion USD), far ahead of its domestic rivals and even surpassing Tesla's reported net income of $15 billion for the same period.

Tesla, in contrast, saw softer year-over-year growth, delivering 1.79 million vehicles—a slight drop compared to 2023's record 1.81 million deliveries, but significantly behind BYD’s 41% rise in volume.

Tesla's global leadership is now being tested—not by a startup, but by a state-backed powerhouse with vertically integrated operations, in-house battery tech, and a growing global footprint.

BYD dominates the mass market

While Tesla continues to lead the premium EV category, BYD’s strength lies in its broad, affordable product lineup.