Market Dominance and Innovations
BYD's 2024 revenue reached $107 billion with 4.27 million car deliveries, overtaking Tesla's $97.7 billion revenue and 1.79 million vehicle deliveries, marking a significant shift in the global EV market.
BYD introduced an ultra-fast charging system and an advanced driver-assistance system for free, enhancing its competitive edge over Tesla, which faces challenges in keeping pace, especially in .
Global Expansion and Challenges
Counterpoint Research forecasts BYD will capture a 15.7% global market share in 2025, surpassing Tesla, due to its aggressive growth strategy and technological advancements.
Tesla faces declining sales in and challenges in China, including regulatory hurdles for its Full Self-Driving service, amid rising competition from BYD and geopolitical tensions.