The Chinese automaker surges past Tesla with record-breaking $107.2bn revenues and a game-changing EV charger.

Tesla’s dominance in the electric vehicle (EV) industry has been further eroded as BYD, the Chinese automotive giant, officially surpassed Elon Musk’s company in annual revenues for the first time. The Shenzhen-based manufacturer, backed by Warren Buffett, reported a staggering $107.2 billion (£77bn) in 2024 sales—a 29% year-on-year increase—overtaking Tesla’s $97.7 billion.

This milestone follows BYD’s continued expansion outside China, including record-breaking UK sales, and its unveiling of a revolutionary ultra-fast EV charger. The company claims its new charging system can provide a 292-mile (470km) range in just five minutes, rivalling petrol refuelling times—a breakthrough that sent its stock soaring to record highs.

BYD’s Profit Surge and Market Impact

In addition to surpassing Tesla in revenue, BYD’s profits skyrocketed by more than a third, reaching an all-time high of 40.3bn yuan (£4.3bn). Its stock surged 3% on Monday, extending its 50% growth since the start of the year, further solidifying its position as China’s EV market leader.

However, despite this financial triumph, Tesla still dwarfs BYD in market value, with Musk’s company worth approximately $800bn, compared to BYD’s significantly smaller valuation.

Tesla’s stock also saw a 4% boost on Monday following reports that former US President Donald Trump’s proposed tariffs on Chinese imports may not be as severe as initially feared.

BYD’s Global Expansion and Tesla’s Decline

BYD’s aggressive global expansion strategy has also paid off, particularly in the UK and European markets, where it is rapidly gaining traction. In January 2025, BYD outsold Tesla in the UK for the first time, selling 1,614 cars compared to Tesla’s 1,458, according to the Society of Motor Manufacturers and Traders (SMMT).

This represents a staggering 500% year-on-year increase for BYD, while Tesla’s UK sales declined by 8%.

Tesla has been engaged in a price war to boost declining sales, slashing prices in late 2024 as rising interest rates and tightening US subsidy rules made EVs less affordable. Meanwhile, Musk’s political associations have alienated parts of Tesla’s traditional customer base, further complicating the company’s market position.

What’s Next in the EV Battle?

BYD has made its ambitions crystal clear—pledging to “demolish” Western competitors and dominate the global EV sector. With its record revenues, soaring profits, and breakthrough technology, the company is rapidly emerging as Tesla’s most formidable rival.

As The Masters of the EV Market shift, Tesla faces mounting pressure to innovate and fight back against BYD’s relentless rise.