Chinese EV giant BYD outpaces Tesla with annual sales of more than $100 billion

Chinese automaker BYD reported annual revenue of 777 billion yuan ($107 billion) for 2024, leapfrogging U.S. rival Tesla as competition between the two electric vehicle rivals heats up.

In a filing published Monday, BYD posted a 29% increase in revenue from the previous year, bolstered by sales of its hybrid vehicles. This figure exceeded the $97.7 billion annual revenue reported by Elon Musk’s Tesla.