Setback for Tesla: China’s BYD Surpasses It in Sales

Tesla, one of the leading electric vehicle (EV) companies, has been overtaken in annual sales by China’s BYD. Last year, BYD’s total sales amounted to $116 billion. This figure exceeds that of billionaire Elon Musk’s Tesla. However, BYD has witnessed a decline in its profits.

Over the past few years, BYD has expanded its operations into Europe and Latin America. Nevertheless, China remains a major market for the company. It has taken significant strides in terms of technology; most recently, the company unveiled a powerful battery featuring fast-charging capabilities. According to a media report, BYD sold approximately 2.26 million EVs last year, whereas Tesla’s sales stood at around 1.64 million units. Last year, the revenue generated by this American EV manufacturer totaled $94.8 billion.

However, intensifying competition—both within China and across international markets—is impacting BYD’s profitability. Last year, the company’s profit stood at approximately $4.7 billion, marking a decline of roughly 19 percent compared to the previous year. With the company’s new battery and charging system, EVs can be charged from 10 percent to 97 percent in approximately nine minutes under standard conditions. Furthermore, the system addresses the challenges typically associated with charging in low-temperature environments. The company has stated that, even in temperatures as low as -30 degrees Celsius, this battery can be charged from 20 percent to 97 percent with a time increase of just three minutes compared to standard conditions.

BYD developed this new battery following approximately six years of research and development. The company announced that it has increased the energy density of the new version of its “Blade Battery” by approximately five percent compared to its predecessor. The new design incorporates lithium-ion high-speed channels and an updated thermal management system. Additionally, the company has introduced a new high-power charging system named “FLASH.” It supports a single-connector output of up to 1,500 kW. Recently in India, BYD launched a special Anniversary Edition of the Sealion 7 to mark the one-year anniversary of its launch. A major update in this electric SUV is the incorporation of LFP technology for the low-voltage battery.