BYD Beats Tesla In Sales And Revenue!

Chinese Car Maker BYD Overtakes Tesla in Annual Revenue

Chinese car maker BYD outstripped Tesla in sales and revenue, boosting competition in the global electric vehicle (EV) market. Shenzhen-listed BYD recorded an annual revenue of $107 billion for the previous year, a 29% increase from the previous year. For the same period, Tesla's revenue was at $97.7 billion.

BYD's Hybrid Cars Power Sales Growth

While Tesla last year sold 1.79 million electric vehicles (EVs), BYD came close with 1.76 million EV sales. BYD's hybrid car segment, however, experienced enormous growth, contributing significantly towards its overall vehicle sales of 4.3 million units globally.

One of the company's newer hybrid models, the Qin L, has drawn praise for being affordable. The vehicle is priced at almost half the cost of a Tesla Model 3, and it's a viable alternative in the market.

BYD Competes with Tesla on Affordable EV Models

To further test Tesla, BYD has launched an affordable electric car that will compete with the Tesla Model 3. The launch is a part of China's overall drive to dominate the EV market and increase its presence in international markets.

Advanced Technology and Quick Charging Make BYD a Favorite

Apart from competitive prices, BYD has introduced new fast-charging technology that slashes charging time dramatically. Charging for just five minutes permits a BYD EV to cover a distance of 400 kilometers, while the Tesla car takes no less than 15 minutes to deliver the same mileage.

The company also unveiled an upgraded driver assistance system, titled "God's Eye," offered at no cost for its base models—boosting safety and driving experience.

Tesla Grapples with Political and Economic Challenges

At the same time, Tesla is grappling with political and economic challenges that may affect its sales. Elon Musk's close relationship with former U.S. President Donald Trump has reportedly affected consumer perception, resulting in a dip in Tesla's popularity. Furthermore, Western nations are slapping high taxes on Chinese-made cars, which presents additional challenges for BYD's global expansion.