Chinese electric vehicle manufacturer BYD has overtaken Elon Musk’s Tesla in revenue from car sales. According to a report by the BBC, BYD earned nearly $10 billion more than Tesla last year. The Chinese company has introduced affordable electric cars and advanced charging technology to compete with Tesla.

In 2024, BYD generated $107 billion in revenue from vehicle sales, marking a 29% increase compared to the previous year, while Tesla's revenue stood at $97.7 billion. BYD was close to Tesla in terms of electric vehicle sales, delivering 1.76 million units last year, compared to Tesla’s 1.79 million. However, with the inclusion of hybrid car sales, BYD surpassed Tesla in overall earnings, selling 4.3 million vehicles globally in 2024.

On March 23, BYD launched a new electric vehicle as a direct competitor to Tesla’s Model 3 but at a lower price. In China, the BYD Qin L model is priced at 119,800 yuan, significantly cheaper than the Model 3, which costs 235,500 yuan.

Additionally, BYD recently announced a new battery charging technology that allows electric vehicles to fully charge in just five minutes—significantly faster than Tesla’s 15-minute charging time. In February, the company also introduced an advanced driver assistance system called "God’s Eye" across all its models.