BYD Surpasses Tesla in Global EV Sales and Revenue Growth

BYD, China’s largest electric vehicle (EV) manufacturer, achieved a historic milestone in 2024, selling 4.25 million vehicles globally, marking a 41% increase from the previous year. With ambitious plans, the company aims to sell between 5 million and 6 million vehicles in 2025, potentially outpacing Tesla’s growth rate.

China Leads BYD’s Market Expansion

China remains BYD’s stronghold, with 3.49 million vehicles sold domestically, generating $58 billion (420.7 billion yuan) in revenue. Additionally, exports saw a massive surge, reaching 417,204 units—a 71.9% increase compared to 2023. This demonstrates BYD’s aggressive global expansion strategy.

Dominance in the New Energy Vehicle (NEV) Segment

BYD’s success is driven by its focus on New Energy Vehicles (NEVs), which include Battery Electric Vehicles (BEVs) and Plug-in Hybrid Electric Vehicles (PHEVs). The company sold 4.27 million NEVs in 2024, a 41.26% year-over-year growth.

• BEV Sales: 1.76 million units (+12.08% YoY)
• PHEV Sales: 2.49 million units (+72.83% YoY)

BYD’s decision to discontinue internal combustion engine (ICE) vehicles in April 2022 has proven successful, as its focus on clean energy vehicles continues to pay off.

Outpacing Tesla: BYD’s Market Advantage

While Tesla still led in global BEV sales for the full year, BYD outperformed Tesla in Q4 2024, delivering 1.52 million vehicles, more than triple Tesla’s total for the quarter.

Key Comparisons: BYD vs. Tesla in 2024

BYD’s dominance is fueled by affordable pricing and expanding global reach, particularly in non-Western markets like Latin America and Southeast Asia, where Tesla has a smaller footprint.

Competitive Pricing: A Key Factor in BYD’s Success

One of BYD’s greatest strengths is its aggressive pricing strategy. The company’s average selling price per vehicle is $16,700, significantly lower than Tesla’s Model 3 and other premium offerings. In 10 key markets, BYD’s entry-level models are cheaper than Tesla’s equivalent cars, making them more accessible to a broader audience.

BYD’s Strong Start in 2025

The momentum continues into 2025, with January sales reaching 300,358 vehicles (+49% YoY) and February sales hitting 322,846 units (+164% YoY). This rapid growth suggests that BYD could achieve its ambitious target of 5.5 million vehicle sales in 2025.

Conclusion: BYD’s Rise as the Global EV Leader

BYD has solidified itself as a dominant force in the global EV market, surpassing Volkswagen and Mercedes-Benz in China and challenging Tesla worldwide. With strong sales growth, affordable EVs, expanding exports, and advancements in autonomous driving, BYD is well-positioned to maintain its lead in the electric vehicle revolution.

As 2025 unfolds, all eyes are on BYD as it aims to further disrupt the EV industry and reshape the future of sustainable transportation.

Afsheen Gohar

Afsheen Gohar is a seasoned writer with a wealth of experience in crafting authentic and well-researched articles. Her dedication to delivering high-quality content is evident in her work, where she combines a passion for storytelling with a commitment to accuracy and depth. Afsheen’s writing reflects her ability to engage readers with compelling narratives while providing valuable insights on a diverse range of topics.