BYD, the Chinese electric vehicle manufacturer backed by major US investor Warren Buffett, has achieved a breakthrough in 2024. They recently passed a major milestone—speaking globally, they sold their 4.3 millionth vehicle. That remarkable achievement has ironically placed BYD’s annual revenue ahead of its competitor, Tesla. BYD’s revenue jumped by 29% to 777 billion yuan ($107 billion; £83 billion). This remarkable expansion is primarily driven by the exploding sales of its hybrid-electric vehicles, which now make up a bigger portion of the company’s business than any other segment.
The company’s bottom line boost was largely powered by its comparatively high sales of hybrids. BYD is taking a brave step to expand its market share. As part of new leadership, they brought out a new, lower-priced model to more directly compete with Tesla’s Model 3. This welcomed new model starts in at 119,800 yuan. That’s a fraction of the cost of Tesla’s most basic, bare-bones Model 3, starting in China at 235,500 yuan.
Wang Chuanfu, the founder of BYD, has recently announced a phenomenal new battery rapid recharging technology. Their innovation enables a typical electric vehicle to be fully charged within five minutes! This breakthrough places BYD at the forefront of rapid charging solutions, establishing a new benchmark within the EV market. In addition, BYD provides its “God’s Eye” advanced driver-assistance technology at no additional cost on all its models. This feature greatly enhances the safety and convenience of their vehicles.
BYD's aggressive pricing strategy and technological advancements reflect its commitment to expanding its global footprint while offering consumers cutting-edge solutions at competitive prices. All of this development in new technology and accessible vehicle alternatives will further solidify BYD’s growing impact in the market. This initiative is likely to bolster their burgeoning customer base.