Chinese automobile manufacturer BYD has surpassed its American rival Tesla in revenue, posting an impressive €99 billion turnover last year. This achievement marks another significant milestone, following its overtaking of Volkswagen in China back in 2023.

According to BYD’s latest financial figures, the company’s net profit soared by around a third to reach 40.3 billion yuan (€5.1 billion) during the past year. The carmaker, specialising in electric vehicles (EVs), saw substantial revenue growth, increasing approximately 29% compared to the previous year. With total revenues now at €99 billion, BYD has notably outpaced Elon Musk’s Tesla, which reported earnings of €90.5 billion.

Despite the significant lead in revenue, BYD still trails behind Tesla in terms of fully electric vehicle sales. The Chinese company sold 1.76 million pure-electric cars last year, narrowing the gap but remaining behind Tesla. However, taking all vehicle types into account—including hybrids and other new-energy vehicles—BYD delivered a total of 4.25 million units. The company has ambitious targets for the current year, aiming to increase total vehicle sales to between five and six million.

A key driver of BYD’s impressive growth lies in its competitively priced electric vehicles. The electric car market in China continues to expand rapidly, making it difficult for many foreign manufacturers to compete, both in terms of cost and technology. BYD’s strong performance demonstrates its successful strategy of offering affordable yet advanced EVs, securing its dominant position within the world’s largest automotive market. Already in 2023, BYD had claimed leadership in China from German automotive giant Volkswagen.