Chinese electric vehicle (EV) giant BYD has officially overtaken America’s Tesla in the EV market as it reports profits of over $100 billion for the first time ever.
BYD’s annual financial report for 2024 stated that global revenues leapt by 29% last year to around $107 billion, surpassing Tesla revenues which stood at $97 billion, according to the Times.
The Chinese company also saw huge share surges in Hong Kong raising the equivalent of $5.59 billion in primary share sales on the nation’s stock exchange.
Only last week, BYD announced new flash-charging battery tech which drove quotas up by 6% per share, as well as its own advanced self-driving assistance system, dubbed ‘God’s Eye’.
Elon Musk’s Tesla shares have been yo-yoing in the last month with their value decreasing by more than 50%, followed by a rebound of 12%, all in the past 10 days alone, according to CNBC.
The American EV maker has also seen protests and vandalism at many of its properties across the United States over his influence within the Department of Government Efficiency (DOGE).
As Musk alienates customers, BYD has appealed to the masses by continuing to roll-out cheaper EV models, reaching a record of 4.25 million car sales in 2024.
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