Adapted by:
Alberto de la Torre
WriterI've been a journalist and audiovisual communicator since 2016. My specialty is the automotive sector, where I’ve been analyzing the industry and its developments for more than five years. I'm particularly interested in new forms of mobility and the changes that cities are experiencing, especially in urban planning and the promotion of cycling and personal mobility vehicles.
Alba Mora
WriterAn established tech journalist, I entered the world of consumer tech by chance in 2018. In my writing and translating career, I've also covered a diverse range of topics, including entertainment, travel, science, and the economy.
In 2024, two major electric car manufacturers were involved in a heated competition. BYD and Tesla companies fought for market dominance, ultimately ending in a draw.
Sales figures. BYD achieved impressive sales, delivering 4.27 million cars in 2024. In contrast, Tesla only sold 1.79 million cars, marking the first time in 10 years that the company fell short of its previous year’s total (1.81 million units).
However, Tesla maintained a lead over BYD when it came to purely electric vehicles. According to the Financial Times, the Chinese automaker sold 1.76 million electric cars in 2024, a figure confirmed in its 2024 financial report.
Beyond EVs. Although BYD sold nearly 2.5 million more cars than Tesla, a significant portion of BYD’s sales came from plug-in hybrids. In China, plug-in hybrids and electric vehicles are categorized together as “new energy vehicles” despite being different types of vehicles.
Additionally, BYD has capitalized on China’s subsidies for the purchase of electric cars, which also apply to new energy vehicles. The company recently celebrated the milestone of producing more than 10 million new energy vehicles. Notably, it took the company 15 years to reach its first five million units but only 15 months to produce the next five million.
A race to take the lead. When considering electric vehicle sales alone, BYD came very close to surpassing Tesla in 2024. Current projections suggest that the Chinese automaker may achieve its goal of selling 5.5 million new energy vehicles by 2025, although BYD hasn’t disclosed the specific number of electric vehicles sold.
If these targets are met, BYD could compete with Stellantis for the world’s fifth-largest car manufacturer title. Unlike all manufacturers that ranked above BYD in 2024 (Stellantis, General Motors, Hyundai/Kia, Volkswagen, and Toyota), this projection only accounts for plug-in hybrid models and electric cars.
Revenue winner. Looking at how 2025 has begun for Tesla, it seems likely that BYD will surpass it in electric vehicle sales this year. In 2024, BYD already overtook Tesla in revenue, which soared above $107 billion.
This milestone marks a significant achievement for BYD, surpassing Tesla’s revenue of $97.7 billion in 2024. BYD’s outlook for 2025 is even more ambitious, especially with the upcoming launch of new products.
No slacking off. In 2025, BYD is determined to keep up its momentum. The Chinese company has started deploying chargers that can provide a 250-mile charge in just five minutes. Only two of its vehicles are currently compatible with this charging speed, but new models are expected to join the lineup soon.
Additionally, BYD has confirmed that it’ll equip all its cars with its advanced driving assistance features, known as God’s Eye. This strategy poses a challenge for competitors seeking to profit from these features while the Chinese maker offers them for free.
New horizons. BYD stands to benefit significantly from entering new markets by April. While Tesla offers four models (including one exclusive to the U.S.), BYD is carving out a niche for its plug-in hybrids and electric vehicles.
By including combustion engines in its portfolio, BYD can penetrate European markets and countries where electric vehicle infrastructure is still developing. Despite not selling in the U.S., the company aims to sell 800,000 units outside of China in 2025–double the 2024 sales.
The battle for China. Moreover, Tesla is currently struggling in the Chinese market. BYD has captured a 15% share of total vehicle sales, not just within the new energy segment.
In stark contrast, Tesla’s performance has declined sharply, with sales dropping to just over 30,000 units in February 2024. According to CNEV Post, these are its lowest figures since July 2022. As the world’s largest electric car market, China seems ill-suited for a decline, especially for a company that exclusively sells electric vehicles.
Image | Joshua Fernandez
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