BYD Overtakes Tesla as Global EV Leader with Record Revenue in 2024

Shenzhen, China - Chinese automaker BYD surpassed Tesla in 2024 to become the world's leading electric vehicle (EV) manufacturer. The company reported a record revenue of 777.1 billion yuan (approximately $107 billion USD), exceeding Tesla's $97.7 billion USD revenue. Founded in the mid-1990s, BYD has expanded globally, focusing on electric and hybrid vehicles. BYD's growth in 2024 reached 29%. The company sold over 50,000 vehicles in Europe in 2024. To avoid EU tariffs, BYD plans to open factories in Hungary and Turkey, with the Turkish plant aiming for a 150,000 vehicle annual production capacity. BYD also unveiled a "Super e-Platform" battery technology, enabling 470 km of range with a five-minute charge.