With the exception of the United States, where trade barriers on Chinese imports have long existed, the automaker is quickly gaining market share worldwide and eating everyone’s lunch in China, the largest auto market in the world.
BYD announced $107 billion in revenue for 2024 on Monday, surpassing Tesla’s yearly revenue by almost $10 billion and breaking above the $100 billion mark for the first time. That significant event occurred one week after BYD announced a charging technology that, according to the company, will give its newest EV model 250 miles of range after only five minutes of charging. This year, BYD’s shares listed in Hong Kong have already increased by more than 50%.
Tesla CEO Elon Musk, who once mocked the notion of BYD as a rival and is today a somewhat unpopular part of the Trump administration, should take a lot of pride in the Chinese company’s week of explosive news.
Once a favourite among upwardly mobile lefties, Tesla has become a symbol of America’s right wing due to Musk’s extracurricular role as President Donald Trump’s hatchet man. Even while demand in used EVs is growing, used Tesla prices are plummeting.
Also Read:
DP World’s Deep-Water Port Project in DR Congo is Moving Forward
