In 2024, BYD has outperformed Tesla by achieving $107 billion in annual revenue, a 29% increase from the previous year, highlighting its rapid growth. This achievement comes as competition in the EV market intensifies, particularly in China where consumers are increasingly favoring domestic brands like BYD. Meanwhile, BYD plans to expand its significant factory in Zhengzhou, potentially rivaling the size of San Francisco. Although Tesla still leads in profits, BYD's revenue growth suggests a potential shift in market dominance in the global automotive landscape.
BYD's impressive revenue growth reflects the changing dynamics in the global EV market, where consumers increasingly prefer domestic brands, championing BYD as a leader.
Hitting $107 billion in 2024 marks a significant milestone for BYD, emblematic of its rapid ascent, especially amidst intensifying competition with Tesla.
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