Tesla’s No.1 rival is practically taunting Elon Musk now

There are three letters keeping Tesla bulls up at night: BYD.

That’s the carmaker eating everyone’s lunch in China, the world’s biggest auto market, and rapidly gaining market share around the globe (except in the United States, of course, because of longstanding trade restrictions on Chinese imports).

On Monday, BYD reported $107 billion in revenue for 2024 — crossing the $100 billion level for the first time and besting Tesla’s annual revenue by about $10 billion. That milestone came a week after BYD unveiled a charging system that it says will give its latest EV model 250 miles of range after plugging in for just five minutes.