Chinese electric car maker BYD has mentioned annual sales for 2024 that have leapfrogged rival Tesla.
The Shenzhen-based firm says revenue rose by 29% to 777 billion yuan ($107bn; £83bn), boosted by sales of its hybrid vehicles. This topped the $97.7bn stated with the aid of Elon Musk’s Tesla.
BYD has also just released a lower-priced automobile to rival Tesla’s Model 3, which has lengthy been the highest-selling electric vehicle (EV) in China.
It comes as Tesla faces a backlash around the world over Musk’s ties to US President Donald Trump, whilst Chinese carmakers were hit with price lists in Western nations.
BYD sold across the identical variety of EVs as Tesla ultimate yr – 1. Seventy-six million in comparison to 1. Seventy-nine million, respectively.
However, while hybrid car income from the Chinese business enterprise is considered, the overall is notably higher, attaining a file 4. Three million worldwide in 2024. BYD unveiled a brand new version on Sunday to compete with Tesla. Its Qin L model has a beginning fee in China of 119,800 yuan, at the same time as a primary model of Tesla’s Model three is priced at 235,500 yuan.
It comes as Chinese consumers are slicing spending in the face of financial challenges, which include an assets disaster, slowing growth, and high neighborhood authorities debt.
Last week, BYD’s founder Wang Chuanfu introduced new battery charging technology, which he said ought to charge an EV in 5 mins.
That compares with around 15 minutes to price a Tesla the use of its supercharger gadget.
In February, BYD introduced that its so-called “God’s Eye” superior motive force-help generation could be to be had unfastened in all its fashions.
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