In 2024, BYD has outpaced Tesla to become the leading EV manufacturer globally, recording revenues of $107 billion from 4.27 million vehicle sales, while Tesla reported $97.7 billion and 1.79 million deliveries. Despite significant tariffs preventing entry into the US market, BYD is expanding its presence in Europe, Australia, and beyond. The company offers competitively priced models such as the $8,000 Seagull, capitalizing on its strong home market in China. Tesla faces challenges from market competition and public sentiment surrounding CEO Elon Musk's political associations, as BYD aims to sell half of its vehicles outside China.
It says a great deal about the EV industry that China's BYD shares are up 40% this year, while America's Tesla is off 20%.
BYD has taken over from Tesla as the best selling EV company in the world, with a revenue of $107 billion compared to Tesla's $97.7 billion.
The market is crowded with brands; BYD's major competitors include NIO, XPeng, and Li Auto, while Tesla is ranked 5th in market share in China.
US tariffs as high as 100% have made it nearly impossible for BYD to sell cars in the US, keeping them out of the largest market.
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