A Chinese automotive manufacturer is rapidly overtaking Tesla - but you still can't buy one in the US.
BYD is a Shenzhen-based Chinese EV giant and it officially overtook Tesla in annual sales last year. The company pulled in 777.1 billion yuan (around $107.1 billion) in 2024 — a 29% increase year-on-year and well above Tesla’s $97.7 billion for the same period.
And it's far from lacking in innovation. Last week, BYD unveiled a revolutionary battery charging technology that provides 250 miles of range in five minutes, outpacing Tesla’s Superchargers which take 15 minutes to add 200 miles.
The company also launched it's 'God's Eye' feature that goes toe-to-toe with Tesla' Full Self-Driving feature - and at no extra cost.
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What was once a company CEO Elon Musk casually brushed off is now ahead of Tesla in sales, innovation and pricing.
So, who is BYD?
Founded in 1995 by chairman and chief executive officer Wang Chuanfu, BYD has grown into China’s biggest carmaker. And now, it's the world's largest manufacturer of electric vehicles, exporting to markets across Europe, South America, Southeast Asia and the Middle East.
Last year, BYD made up 32% of all new energy vehicle sales in China which is a huge lead over Tesla’s 6.1%. Also, it's worth noting that BYD produces both fully electric and hybrid cars, while Tesla sticks to battery-only vehicles.
BYD’s sales rose year-on-year in the first two months of 2025 whilst Tesla’s fell over the same period - this was likely due to a production pause ahead of a refreshed Model Y.
Why can't BYD sell vehicles in the US?
Despite its major success at home and internationally, BYD is essentially barred from selling its vehicles in the US.
This is because America has issued 100% tariffs on its passenger cars, which makes selling competitively priced cars nearly impossible.
Auto manufacturing is a key sector of the US economy, so to allow other imported carmakers to compete would devastate its industry.
Still, BYD is making tracks elsewhere. CEO Wang promised to increase its total shipments by nearly 30% this year and almost double its overseas sales to exceed 800,000 vehicles.
How is BYD keeping its prices so low?
BYD initially started as a battery manufacturer, which gave the company a huge edge in the EV world, Wang said.
“The bottleneck for electric vehicles is the battery,” he added. “If you master battery technology or accurately predict its future direction, you are essentially setting the strategic course for the entire EV industry.”
Much like Tesla's Musk and Apple founder Steve Jobs, Wang is deeply involved in the tech side of the business. He reportedly spends around 60% to 70% of his time on engineering and innovation, with the rest on management.
Unlike many automotive giants, BYD also makes many parts in-house, which helps cut costs and speed up production.
It also means the manufacturer can rely less on suppliers and have more control over pricing.
The SpaceX founder may not have to worry about Chinese competition entering US soil anytime soon, but if figures and sales are anything to go by, BYD's momentum is proving stronger than Tesla’s and it's showing no signs of slowing down.