BYD Overtakes Tesla in Global Sales as Chinese EV Giant Eyes Further Expansion

It’s official: BYD has surpassed Tesla in global revenue, cementing its position as the world’s largest electric vehicle (EV) manufacturer. The Chinese auto powerhouse pulled in a staggering 777 billion yuan (AU$107 billion) in revenue for 2024, outpacing Tesla’s AU$97.7 billion and making it clear that the EV battlefield is shifting. With aggressive expansion plans and cutting-edge tech, BYD is no longer just a challenger, it’s a dominant force reshaping the global EV market, including here in Australia.

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BYD’s Meteoric Rise

For years, Tesla has been the undisputed leader in EVs, but BYD’s rapid growth, fueled by a combination of fully electric and hybrid vehicles, has changed the game. While both companies sold nearly the same number of pure EVs in 2024 (BYD at 1.76 million and Tesla at 1.79 million), BYD’s hybrid sales pushed its total deliveries to a staggering 4.27 million, putting it in the same league as legacy automakers like Ford.

And BYD isn’t slowing down. The company projects it will sell between 5 million and 6 million vehicles in 2025, with a blistering start already underway. Sales in January and February have already surged 93% compared to the same period last year.

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BYD vs Tesla: The Battle for Australia

Tesla still dominates Australia’s EV market, but BYD is catching up. The Chinese automaker has already gained traction with affordable yet feature-packed models like the Atto 3, Seal, and Dolphin, offering solid alternatives to Tesla’s premium lineup. With its aggressive pricing strategy and expanding dealership network, BYD is positioning itself as a major disruptor Down Under.

The brand is also pushing hard on innovation, recently unveiling ultra-fast charging technology that can add 400km of range in just five minutes—three times faster than Tesla’s Supercharger network. And with the rollout of its ‘God’s Eye’ advanced driver-assistance system in all models at no extra cost, BYD is sweetening the deal even further for tech-savvy Aussie drivers.

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Tesla Faces Hurdles, But Still Holds Strong

While BYD’s sales and revenue are soaring, Tesla isn’t going anywhere just yet. The American EV maker remains the most valuable automaker in the world, boasting a market valuation of around AU$800 billion, far beyond BYD’s AU$157 billion. It also continues to generate more absolute profits, reporting AU$7.6 billion in net income last year.

However, Tesla is facing increasing headwinds. Chinese sales, once a major pillar of its success, have been sliding for five straight months, while BYD continues to dominate its home market with a nearly 15% share of all passenger car sales, not just EVs.

Compounding Tesla’s challenges, CEO Elon Musk’s political controversies have sparked backlash in key markets, with critics accusing him of cozying up to divisive figures like Donald Trump. Meanwhile, geopolitical tensions and rising tariffs on Chinese EVs in Western markets threaten to slow BYD’s expansion in regions like the US and Europe.

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What This Means for Australian EV Buyers

For Aussie EV buyers, this changing of the guard could mean more choices, better features, and potentially lower prices. Tesla’s Model 3 and Model Y remain top picks, but BYD is proving it can deliver similar, if not better, value with high-tech features and competitive pricing.

BYD is also able to offer significantly more choice with the brand set to introduce more models in 2025 including BYD’s recently announced Tang L and the BYD Atto 2. This would bring BYD's line-up in Australia to 7 models.

Whether you’re after a sleek performance EV or a budget-friendly commuter, the BYD-Tesla showdown is pushing the industry forward, and that’s a win for the consumer.