China’s BYD is Outselling Tesla
Chinese electric vehicle giant BYD has officially surpassed Tesla in annual sales and vehicle deliveries, marking a major milestone in the global EV race. In a Monday earnings release, BYD reported an impressive $107 billion in 2024 revenue, outpacing Tesla’s $97.7 billion.
The Shenzhen-based automaker also delivered a staggering 4.27 million vehicles—comprising both hybrid and battery electric models—compared to Tesla’s 1.79 million all-electric vehicles. This comes as Tesla posted its first annual sales decline in over a decade, amid a turbulent year of recalls, public backlash, and mounting pressure on CEO Elon Musk.
BYD’s Record Year
BYD’s stock jumped 5% following the earnings report, continuing a strong upward trajectory with a 55% increase year-to-date. The company’s dominance in China’s booming EV market and its continuous innovation have positioned it as a formidable global player.
One of its most buzzworthy developments is a new ultrafast charging system, capable of adding nearly 250 miles (400 kilometers) of range in just five minutes—comparable to the time it takes to refuel a gas-powered SUV. BYD plans to deploy 4,000 of these chargers across China, where EV infrastructure development continues to outpace that of the U.S.
Tesla’s Slide
While Tesla maintains a significantly larger market cap—around $800 billion compared to BYD’s $157 billion—its brand has been hit hard in 2025. Ongoing issues include large-scale vehicle recalls (including almost every Cybertruck ever made), and public protests over Musk’s increasing political entanglements, particularly his influence over U.S. government policy.
According to Inside Climate News, Tesla is facing a level of internal and external turmoil bordering on "corporate self-destruction."
Adding to its woes, Tesla trade-ins recently reached an all-time high. Despite these setbacks, the company’s stock has seen a modest recovery over the past week, gaining more than 15%—though it's still down 32% for the year.
The Global EV Power Shift
BYD’s rise comes amid shifting geopolitics around electric vehicles. Former President Trump has implemented new tariffs on Chinese imports and rolled back federal EV subsidies, aiming to protect American automakers. However, BYD’s growing footprint and technological edge suggest China’s EV industry remains highly competitive on the global stage.
As BYD continues to break records and Tesla works to stabilize, the balance of power in the electric vehicle industry appears to be shifting—fast.
