BYD races past Tesla—surpasses $100 billion revenue milestone

The annual results for Chinese EV maker BYD mark several firsts: the first time its global revenue exceeded the $100 billion mark at $107 billion; and the first time it beat Tesla which clocked annual revenues of $97 billion. Tesla, incidentally, is yet to breach the $100 billion mark in revenue.

What makes BYD’s accomplishment particularly creditable is its absence from one of the world’s largest markets for EVs—the US— due to high tariffs imposed by the Biden administration.

The engines of growth have been Southeast Asia where BYD commands 40% of the EV market in Thailand and recently beat Toyota to become Singapore’s favourite car.

According to a report from investment bank Saxo, BYD surpassed Tesla in 2024 in total new energy vehicle (NEV) sales—a term that includes both EVs and hybrids—delivering 4.27 million cars, a 41% year-over-year increase. This quite comfortably beat Tesla’s 1.84 million BEVs (battery electric vehicles), making the company the world’s eighth-largest automaker by total sales.

In its home market, BYD is not only the largest EV manufacturer, accounting for 50% of all EV sales but also a vertically integrated entity that owns the charging infrastructure. Exports soared 83% year-over-year in early 2025, with Southeast Asia, Latin America, and the Middle East emerging as key markets.

Acknowledging the contribution of the region to its growth, Wang Chuanfu, chairman and president of BYD, said, "Amid the slow recovery of the global economy, the development of emerging markets in Asia became the main driver. The group has further consolidated its leading position in the mass market, achieved significant results in enhancing brand power, as well as accelerated the global expansion of its automobile business comprehensively, creating opportunities for the Chinese automobile industry to enter new markets. With new energy vehicles gradually becoming the mainstream trend, the Group has been working diligently to continuously launch a series of highly competitive technologies and products and reached a new milestone of rolling out 10 million new energy vehicles in November.”

BYD rolled out a slew of tech innovations, such as an advanced intelligent driving assistance system across its range, a battery charging system that takes just five minutes to charge, and an increase in fuel on a single charge.

While Tesla has remained a pureplay EV manufacturer, BYD has responded to customer demand by creating new energy vehicles (NEVs) that include both battery-operated EVs and hybrids. BYD has vehicles across a range of segments and price points. Its brand extensions include Denza, which covers the luxury segment, and compact electric cars like the BYD Sealion.

BYD has entered over 100 countries and regions across six continents. Factories have been set up in geographies like Uzbekistan and Thailand to meet demand.

A tale of two EVs

The gap between BYD and Tesla looks set to widen through the rest of 2025, as the latter grapples with headwinds. The proximity of Tesla CEO Elon Musk to the Trump administration has impacted the share price. As per news reports, its share price has fallen 32% after hitting a record high shortly after Trump’s victory.

Calls for boycotts of vehicles have on occasion led to violent demonstrations outside Tesla showrooms. Several influential content creators have of late highlighted possible problems with its vehicles. A video from former NASA engineer Mark Rober, who has nearly 66 million subscribers on YouTube, showed a Tesla crash into a painted backdrop. The video clocked in over 17 million views.

Led By Donkeys, a UK-based activist group has mounted a campaign against Tesla, drawing attention to Musk's alleged endorsement of right-wing imagery. 

The backlash across geographies and sources, accompanied by multiple recalls of cybertrucks, could severely dent Tesla's plans for EV domination.