The Chinese electric vehicle maker (EV) BYD reported annual revenues for the year 2024 that the competition jumped.
The company, which is based in the Church, says the revenue increased by 29 % in 777 billion yuan (107 billion dollars; 83 billion pounds), supported by sales of its hybrid cars. This topped 97.7 billion dollars in Tesla Illon Musk.
BYD has also launched a low -priced car to compete with Tesla’s Model 3, which has long been the first sale in China.
This comes at a time when Tesla faces a violent reaction around the world because of his relations with US President Donald Trump, while Chinese car makers were exposed to a tariff in Western countries.
BYD was sold about the same number of EVS as Tesla last year – 1.76 million compared to 1.79 million, respectively.
But when the hybrid car sales of the Chinese company are taken into account, they are much larger, selling 4.3 million cars worldwide in 2024.
On Sunday, BYD announced a new model to face Tesla.
The QIN L model has a starting price in China of 119,800 yuan, while the price of the basic version of Tesla’s Model 3 is 235,500 yuan.
This comes at a time when Chinese consumers reduce spending in the face of economic challenges, including the property crisis, slow growth, and high local government debts.
Last week, the BYD founder Wang Chawanfo announced the new battery charging technology, which he said could charge EV charging in five minutes.
This compares with about 15 minutes to charge Tesla using its compassion.
In February, BYD announced that the so -called “God’s Eye” technology will be available for free in all its models.
The shares in the company, supported by veteran American investor Warren Buffett, jumped with more than 50 % so far this year.
A violent reaction against Musk and the car maker has gathered momentum since he was appointed as head of the Ministry of Governmental Efficiency Department in the Trump Administration (DOGE), which was assigned to reduce the tunnels of the federal government.
Musk also interfered in politics abroad, including giving its support to the Für Deutschland alternative before the parliamentary elections in Germany and criticizing politicians in the United Kingdom, such as Prime Minister Kiir Starmer.
Meanwhile, EV manufacturers in China have been targeted by definitions in large parts of the world, including the United States and the European Union.