Shenzhen-based automaker BYD has reported a 29% rise in revenue, reaching 777 billion yuan ($107bn; £83bn), fueled by strong sales of its hybrid vehicles. This figure surpasses the $97.7bn reported by Elon Musk’s Tesla. Reports Technology News
The company has also introduced a lower-priced model to compete with Tesla’s popular Model 3, which has long been China’s best-selling EV.
Meanwhile, Tesla is facing global backlash over Musk’s ties to US President Donald Trump, while Chinese automakers are grappling with rising tariffs in Western markets.
BYD nearly matched Tesla’s pure EV sales in 2024, delivering 1.76 million electric vehicles compared to Tesla’s 1.79 million. However, when hybrid sales are included, BYD’s total deliveries soared to a record 4.3 million vehicles worldwide, making it a significantly larger player in the industry.
On Sunday, the company unveiled its latest offering, the Qin L, aimed directly at Tesla’s Model 3. The new model starts at 119,800 yuan in China, significantly undercutting the base price of the Model 3, which stands at 235,500 yuan.
This launch comes amid economic uncertainty in China, with consumers tightening their spending due to a slowing economy, a property market crisis, and mounting local government debt.
Last week, BYD’s founder Wang Chuanfu introduced groundbreaking battery charging technology, claiming it can recharge an EV in just five minutes—far quicker than Tesla’s supercharger system, which takes around 15 minutes.
In February, BYD announced that its so-called “God’s Eye” advanced driver-assistance technology would be available free in all its models.
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