Tesla’s Chinese competitor BYD recorded a 73 per cent jump in fourth-quarter profit on Monday and said its annual revenue for 2024 crossed the $100 billion US mark, surpassing the U.S. automaker.

The Chinese electric vehicle maker logged a record 777.1 billion yuan ($107 billion US, or $153 billion Cdn) in revenue last year as its sales of battery electric and hybrid vehicles jumped 40 per cent.

In comparison, Tesla’s 2024 revenue was nearly $97.7 billion US ($140 billion Cdn).

The report late Monday coincided with BYD’s launch earlier this week of its Qin L EV sedan, a mid-sized model similar to Tesla’s Model 3 but at just over half the price.

BYD’s net profit last year was about 40 billion yuan ($5.6 billion US), up 34 per cent from the year before.

Last week, the company announced it was rolling out a super fast EV charging system that it says is nearly as quick as a fill up at the pumps.

The lion’s share, nearly 80 per cent, of BYD’s sales last year were related to its automotive businesses. BYD reported it sold about 4.3 million pure electric and hybrid vehicles last year.

Nearly 29 per cent of the company’s sales were in markets outside Greater China, including Hong Kong and Taiwan, last year, up slightly from 27 per cent the year before.

The automaker has rapidly expanded its exports, though it has yet to try to sell in the U.S., where U.S. President Donald Trump has pledged to raise tariffs on car imports. BYD faces a 17 per cent tariff on exports of EVs to the European Union.

Tesla’s sales and market share in Europe drop again

European sales of Tesla electric cars were almost cut in half during the first two months of this year compared with a year earlier, even as the overall market for battery-powered cars grew, according to the European Automobile Manufacturers Association.

In addition to an aging model line, sales declines are also being blamed in part on CEO Elon Musk’s endorsement of Germany’s far-right party in last month’s national election, his embrace of fringe political movements and a gesture during a Trump event in January that many saw as a Nazi salute.

As competition grows and a slowdown in European economies hampers total car sales, Musk’s battery-electric (BEV) brand has sold 42.6 per cent fewer cars in Europe so far this year, data from the European Automobile Manufacturers Association (ACEA) showed on Tuesday.

Tesla commanded 1.8 per cent of the total market and 10.3 per cent of the BEV market in February, down from 2.8 per cent and 21.6 per cent respectively last year.

It sold fewer than 17,000 cars in the European Union, Britain and European Free Trade Association countries, compared to over 28,000 in the same month in 2024.

Tesla also faces a number of challenges in Europe, ahead of the launch of its new Model Y mid-size SUV this month. The EV maker has a smaller, aging lineup while traditional automaker rivals and new Chinese entrants alike continue to launch new, often cheaper electric models.