BYD, arguably the most popular and well-known Chinese EV company, has surpassed Tesla globally in the electric vehicle market.
The writing was on the wall, but now it’s official.
And we should remember that BYD achieved this despite being basically non-existent in the United States.
But there’s something else Tesla should worry about.
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After outselling Tesla in Europe for the first time, BYD also took the global crown in the electric vehicle market.
In 2024, BYD generated $107 billion in revenue versus Tesla’s $97.7 billion.
In terms of sales, different sources report different figures, but both are in the region of 1.7 million pure EVs sold. And, of course, BYD is already in the lead when we include sales of hybrids.
The writing was on the wall, like two Formula 1 drivers racing one another, but the one that’s trailing behind is gaining one second per lap, and there are still tens of laps to go.
That’s what happened with BYD. Because it’s been clear for a while that Tesla has been losing market share to both it and other Chinese EV companies.
Tesla kickstarted the EV frenzy in the late Noughties with the first-gen Roadster. The company then basically enjoyed a nearly competition-free market for the best part of a decade.
But that’s changing now.
Now, most legacy brands are struggling to find their footing in the electric vehicle market. And Chinese EV brands are catching up fast.
To be fair, Tesla has confirmed on several occasions that the goal was to accelerate the EV transition. So, well, mission accomplished.
Tesla’s CEO also once said that if ‘Tesla gets beaten, it’s still a good thing for the world‘, and it looks like that might actually be happening.
The biggest problem for it – and everyone else – is that Chinese automakers now account for over 50 percent of the global EV market, and that number is going up.
In addition to BYD, which, by the way, stands for Build Your Dreams, and other relatively famous names like Xiaomi and Huawei, pictured above, Tesla also has to deal with other Chinese companies’ progress.
They’re making EVs that are faster, have more range, and cost less than their European, Japanese, and American counterparts.
It’ll be interesting to see what’s going to happen in the market in the next few decades.
