Chinese Electric Vehicle Company Surpasses Tesla Sales By $10 Billion

Chinese electric vehicle (EV) manufacturer BYD has surpassed Tesla in annual revenue by nearly $10 billion.

The Details: BYD reported figures of 777 billion yuan ($107 billion) for 2024; Tesla reported $97.7 billion in annual revenue.

For Context: BYD's recent announcement of a new battery technology, which can purportedly charge EVs nearly as quickly as filling a gasoline car, has increased competition in the market between Tesla and BYD. Tesla sales in Europe dropped by 44% in February, while Chinese EV brand sales increased 82%. Reuters (Center bias) noted Tesla commanded 1.8% of the European market in February, "down from 2.8%... last year." Tesla’s market cap as of March 2025 is $926.80 billion; BYD is worth $157.43 billion.

How the Media Covered It: An analysis from CNN (Lean Left bias) blamed the fall partially on “Musk’s support for a far-right German party accused of sympathizing with Nazis,” noting that Tesla sales in Germany sank by 75% in February. CNBC (Lean Left) reported that Tesla stock has dropped 31% this year, claiming this is “driven in part by Musk’s rise as a hard-line conservative political figure.” CNN described BYD’s revenue as a “rather satisfying dunk on Tesla CEO Elon Musk,” who CNN called a “rather unpopular member of the Trump administration.” Investor's Business Daily (Lean Right) analyzed quarterly revenues for both companies as far back as 2022, only briefly mentioning Musk’s role in the company or in politics. Fortune (Center) wrote in its headline that BYD still has “some way to go before it takes Tesla’s place at the top of the EV sector.”

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