BYD, Tesla’s Chinese competitor, significantly outperformed Tesla in 2024, reporting a 73 per cent surge in fourth-quarter profit and exceeding $100 billion USD in annual revenue—surpassing Tesla’s nearly $97.7 billion USD. This success was driven by a 40 per cent jump in sales of battery electric and hybrid vehicles, totaling approximately 4.3 million units. BYD’s recent launch of the Qin L EV sedan, a lower-priced alternative to Tesla’s Model 3, further strengthens its competitive position. The company also announced a new super-fast EV charging system.
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In 2024, BYD surpassed Tesla in annual revenue, reaching $107 billion compared to Tesla’s $97.7 billion, driven by strong sales of both EVs and hybrid vehicles. While BYD’s EV sales (1.76 million) closely matched Tesla’s (1.79 million), its total vehicle sales reached a record 4.3 million. This success is further bolstered by the recent launch of BYD’s competitively priced Qin L model and innovative advancements, such as five-minute charging technology and free advanced driver-assistance systems. This achievement comes amidst economic headwinds in China and geopolitical challenges facing Tesla.
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An investigation by Transport Canada is underway into a surge of 8,600 Tesla sales across four Canadian locations within 72 hours of the federal EV rebate program’s suspension. This resulted in $43 million in rebates, with one Toronto dealership reporting over 1,200 sales in a single day. The unusual sales spike has prompted concerns regarding potential misuse of the rebate system and whether Tesla had prior knowledge of the program’s impending pause. The Canadian Automobile Dealers Association has called for a thorough investigation into these questionable transactions.
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John Q. Hosedrinker