In 2024, BYD achieved over $100 billion in revenue, outperforming Tesla, which reported $97.7 billion. The Chinese EV leader sold 4.27 million vehicles, nearly doubling Tesla's 1.79 million deliveries, which marked its first annual sales decline in a decade. BYD's net profit of $5.55 billion also exceeded analyst expectations. The company continues to innovate, unveiling rapid charging technology that outpaces Tesla's. Tesla faces internal challenges, including a controversial cost-cutting strategy by CEO Elon Musk, affecting public perception and leading to backlash at its facilities.
BYD's impressive sales figures and innovations have positioned it as the leading EV manufacturer globally, surpassing Tesla and illustrating a transformative shift in the electric vehicle market.
Tesla's ongoing challenges are underscored by its first annual sales decline in a decade, revealing vulnerabilities in its market dominance and the intense competition posed by rivals like BYD.
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