The Chinese manufacturer BYD has just achieved a symbolic feat: it has surpassed Tesla in annual revenue. This rapid growth is explained by a well-honed strategy, combining hybrid models, aggressive pricing, and technical innovations.
This is a turning point in the world of electric cars. Tesla, long the leader in the sector, has just been surpassed by the Chinese BYD in revenue. In 2024, the Shenzhen-based group recorded record revenue of approximately €98 billion, compared to €91 billion for its American rival. This performance was driven by sharply rising sales, driven in particular by the manufacturer's hybrid models.
In one year, BYD sold 4.3 million vehicles worldwide, compared to Tesla's 1.8 million. Both brands sold close to a volume of 100% electric cars, but the Chinese giant benefited from the addition of its hybrid models to the statistics. The company is also gaining ground internationally: its exports have jumped 72%, and a third production site in Europe is planned, this time in Germany. At the same time, Tesla is seeing its sales slow in several key markets, notably the United Kingdom.
BYD combines low prices and offers ultra-fast charging to rival Tesla
To strengthen its lead, BYD is multiplying its initiatives. The manufacturer has launched the Qin L, an electric sedan selling for 119,800 yuan, or around 15,300 euros. For comparison, the Tesla Model 3 is available in China for 235,500 yuan, or around 30,000 euros. This more accessible pricing positioning comes at the right time, as Chinese drivers are reducing their expenses in the face of the economic slowdown.
In addition to its aggressive pricing, BYD is innovating in charging. Its new Super e-Platform technology would allow an electric car to be charged in just five minutes, compared to fifteen for the best current superchargers. This performance is almost equivalent to the time needed to fill up a tank of gas. The manufacturer plans to install 4,000 stations in China before an international rollout. While Tesla faces controversies related to Elon Musk, the latter is gaining credibility on the technical, commercial and industrial aspects. Its more discreet and product-centric brand image allows it to avoid controversy and focus on its objectives.
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