Build Your Dreams, shortly known as BYD, has topped the world as the largest electric vehicle maker with an annual revenue of over 100 billion in 2024, sliding US competitor Tesla from the pole position.
The Chinese EV giant posted $107 billion in revenue in 2024, which surpasses that of Tesla, as the latter generated $97.9 billion in the same year.
BYD’s record sales come from electric cars and batteries. The company saw a remarkable growth of 40% in 2024. The company managed to sell 4.3 million electric and hybrid vehicles in 2024 alone.
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BYD beats Tesla to become largest EV maker with record revenues
At the same time, BYD filed a profit of $5.6 billion, which was a jump of 34% from 2023.
The EV industry is largely dominated by Tesla and Chinese firms. BYD, a Shenzhen-based automaker, remains a particular threat to the US company, and it’s also making strides in innovations.
Just recently, BYD unveiled a new charging system that provides over 400 km of range in a 5-minute charge. Such tech and innovation are giving BYD more steel as it heads into a very critical phase in competition en route to leading the industry from the top.
The only big and major challenge is that the company has not yet reached the US officially. Trump’s 25% tariffs and challenges from the EU pose challenges to BYD in its expansion plans.