BYD Is Suddenly Crushing Tesla

Chinese EV maker BYD is absolutely crushing Tesla, leapfrogging the Elon Musk-led company by passing the $100 billion mark in revenue last year.

As Agence France-Press reports, the Shenzhen-based manufacturer has quickly emerged as the clear leader in China's burgeoning EV market — and increasingly looking like a global contender — by beating out Tesla's $97.7 billion in revenue last year.

It's a notable inflection point, showing that the embattled carmaker's days of being the EV industry's clear frontrunner are numbered, if not already over. Experts have long warned that Chinese competition could catch up with Tesla, which doesn't bode well given the company's already faltering financials, spurred by its mercurial CEO's increasingly erratic and alienating behavior.

BYD announced earlier this year that it had sold nearly 4.3 million vehicles in 2024, up over 40 percent compared to 2023.

Monthly sales also skyrocketed by a stunning 161 percent in February, according to AFP — at the same time that Tesla saw massive declines in sales worldwide and a plunging share price.

BYD made headlines earlier this month when it revealed new battery tech allowing EVs to gain nearly 250 miles' worth of charge in just five minutes, leading to a surge in the company's share price. The system can reach peak speeds of 1,000 kilowatts, twice that of Tesla's latest Superchargers.

However, given the current animosities between China and the US, current rules that were established during the Biden administration that effectively ban nearly all Chinese cars and trucks in America will likely remain in place.

President Donald Trump has personally advertised Tesla's offerings during a baffling showroom event in front of the White House earlier this year, suggesting the EV maker will continue enjoying regulatory protection from its Chinese competition in the US.

Trump's tariff war aimed at China will also likely further isolate Tesla from overseas competition. Trump announced on Monday that automobile tariffs are coming soon.

But with sales in freefall in other parts of the world, Musk's carmaker could soon struggle to maintain its foothold outside of the US. According to the latest data, Tesla sales are dropping precipitously, tumbling 44 percent on average in Europe.

While Tesla's shares rallied this week, in large part due to Musk's efforts to pump the stock, shares are still down over 26 percent year to date.

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