BYD outshines Tesla on total revenue—but there’s still some way to go before it takes Tesla’s place at the top of the EV sector

BYD, the Chinese EV giant, passed a significant milestone on Monday: it overtook Elon Musk’s Tesla in annual revenue. BYD generated 777.1 billion yuan ($107.1 billion) in annual revenue, up 29%. Not only is that past the $100 billion threshold, it’s greater than Tesla’s 2024 revenue of $97.7 billion.

It’s been a good few months for BYD. Shares in the company are up by around 50% so far this year, part of a broader rally in the Chinese tech sector. Tesla’s shares, on the other hand, are down 26.6% in 2025, due to a stale product lineup, Musk’s political controversies, and broader macroeconomic worries around U.S. tariffs.