Chinese EV maker BYD surpasses Tesla in revenue, challenging Elon Musk’s dominance
China's BYD surpasses Tesla in 2024 annual revenue, reporting $107 billion, driven by strong domestic demand and global expansion. BYD's affordable high-quality EVs and a breakthrough charging system threaten Tesla's market position. As Tesla contends with declining demand and competition, BYD's success highlights potential shifts in the EV industry landscape, particularly if US trade barriers fall.
China's BYD surpasses Tesla in 2024 annual revenue, reporting $107 billion, driven by strong domestic demand and global expansion. BYD's affordable high-quality EVs and a breakthrough charging system threaten Tesla's market position. As Tesla contends with declining demand and competition, BYD's success highlights potential shifts in the EV industry landscape, particularly if US trade barriers fall.
