China’s BYD has toppled Tesla as the world’s biggest manufacturer of battery electric cars, a decade after Elon Musk laughed off the idea of a Chinese rival challenging his US company.
New figures shows BYD sold 2.26 million vehicles last year, up 28% and well above Tesla whose sales slumped 9% to 1.64m.
Tesla has held the title of the world’s largest seller of battery EVs since 2018.
When including plug-in hybrid vehicles, BYD surpassed Tesla’s sales for 2024. In total, BYD shipped 4.6 million vehicles last year. Tesla does not sell hybrids.
The data confirms China’s rise as the dominant force in the sector with other state-owned companies such as SAIC and Chery.
A withdrawal of subsidies for EVs and emissions regulations by Donald Trump has not helped Tesla sales which were also hit by a backlash against Musk’s political statements which affected sales in Europe.
Responding to his dismissal of Chinese vehicles, Musk has recently said: “That was many years ago. Their cars are highly competitive these days.”
BYD’s rise has been dramatic since its launch as a battery company in Shenzhen in 1995.
It has also built a reputation for technological innovation, introducing five-minute EV charging and free autonomous driving features over the past year.
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