BYD overtakes Tesla with over $ 100 billion annual sales
BYD overtakes Tesla with over $ 100 billion annual sales
Hong Kong-The Chinese electric vehicle giant BYD achieved sales of 777 billion yuan ($ 107 billion) in 2024 and thus exceeded Teslas annual sales figures. This is done in the middle of an increasingly competitive global market for electric vehicles.
impressive sales figures from BYD
In a message from Monday, BYD announced an increase of 29% in sales compared to the previous year, with a total of 4.27 million vehicles delivered, including fully electric and hybrid models.
comparison with Tesla
In comparison, Tesla reported $ 97.7 billion income for 2024 and provided 1.79 million battery-electric vehicles. This marks the first decline in annual deliveries for Tesla, with a minus of 1.1% last year.
growth and leadership claim
in the latest annual report Byd CEO Wang Chuanfu that the company had experienced a “rapid development” last year. "BYD has become a industry leader in all sectors from batteries to electronics to new energy vehicles and has broken the dominance of foreign brands," he said.
Innovations of BYD in the electric car market
Last week, BYD set a Ultra-fast charging system can add a range of 250 miles in just five minutes. This surpasses the loading time of Tesla's superchargers who need 15 minutes to offer 200 miles.
progress in driver assistance systems
In addition, BYD brought a additional costs onto the market. Analysts noticed that this free upgrade of its proprietary "God's eyes" system increases the pressure on Tesla and other Chinese electric vehicle manufacturers.
price adjustments in the Teslamarkt
“Ultimately, Tesla could be forced to reduce the price of his FSD service in China,” wrote Seth Goldstein, an analyst at Morningstar, in a research note.
Tesla's challenges in China
Tesla has a hard time keeping up with BYD in China, especially since the long-awaited FSD service has so far been waiting for regulatory approval. Tesla is planning a complete rollout of the FSD system in China for this year and started Last Week restricted free FSD tests, which were already discontinued on Monday.
market shares in the Chinese car market
Chinese electric vehicles are practically excluded from the US market due to tariffs. However, BYD dominates the Chinese market, which is the largest car market in the world. In 2024, BYD had a market share of 32% in the sales of new vehicles with new energy, including hybrids. In contrast, Tesla claimed only 6.1% of the market, despite a record high in deliveries, according to the China Passenger Car " Association .
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