BYD: Chinese electric car manufacturer sells more than Tesla
Within the industry, it was already rumoured that things were going very well for BYD and that the sales figures had overtaken those of Tesla. There is some truth to the rumour, as the official sales figures now show – the Chinese group's hybrid cars in particular experienced an all-time high. At the same time, EY reported: Although a decline in new registrations is being recorded throughout the EU, the market share of e-cars has increased – including in Austria.
Annual sales increased by 29 percent
The electric vehicle manufacturer BYD, founded in China in 1995, reported annual sales for 2024 – overtaking its competitor Tesla: 777 billion yuan, the equivalent of 99 billion euros. Tesla reported sales of 97.7 billion dollars for the previous year, or 90.56 billion euros. But profit is also positive and rose by 34 percent: the equivalent of 5.15 billion euros was achieved.
Hybrid vehicles extremely popular
BYD, based in Shenzhen, reported that the positive sales figures are mainly related to the strong sales of its hybrid vehicles. In 2024, a new record is expected to be reached with 4.3 million vehicles sold. BYD's hybrid vehicles are characterized by an engine that efficiently switches between combustion and electric modes, enabling long ranges and low consumption.
New electric model on the market
In terms of all-electric motor models, BYD sold about the same number as Tesla last year – 1.76 million versus 1.79 million. This sales rate was driven by strong sales of the BYD Dolphin, the long-best-selling electric vehicle in China.
In addition, BYD only announced a cheaper electric car on Sunday, which is to compete directly with Tesla's Model 3. It is the SUV Sealion 05 EV, which is to be equipped with a "completely new technology platform" and the God's Eye C intelligent driving system as standard. The driver assistance technology is to be available in all BYD models from now on.
Ultra-fast charging of e-cars
Last week, BYD presented an ultra-fast charging system for electric cars, which, according to the company, enables a range of up to 470 kilometers in just five minutes. As a result, the Chinese group's share price reached a new high. The system is expected to achieve an output of 1000 kilowatts and would thus eclipse Tesla's Superchargers, which were previously the leader with 500 kW.
Good timing
The timing is also good, because Musk is criticized worldwide - especially because of his controversial actions and connections to US President Donald Trump. Since he headed the Department for Government Efficiency (DOGE) in the Trump administration and was responsible for cuts in federal spending, the headwinds for him and his company have intensified.
However, BYD and other manufacturers from overseas have to deal with import duties that Western countries levy on electric cars. The best-selling Chinese-owned car brands in 2024 were Volvo, BYD and Polestar.
Change of perspective: European market
In February 2024, registrations of battery-powered electric vehicles (BEVs) in Europe reached a record high: 164,000 units, up 26 percent year-on-year, according to market research firm Jato Dynamics. And although Tesla is still strongly represented in the overall ranking of the best-selling BEVs in Europe, the rating shows that sales figures have fallen sharply recently with -56 percent (Tesla Model Y) and -14 percent (Tesla Model 3).
Market shares fell to 9.6 percent in February 2025 – the lowest value reached in the month of February in the last five years. The imminent market launch of the new Model Y is only one of several factors influencing the current figures.
Most popular electric car: Volkswagen ID.4
The best-selling electric car model in Europe in February 2024 was the Volkswagen ID.4, followed by the Volkswagen ID.3. Both models recorded large increases: 150 percent and 114 percent, respectively. Jato also shows that Chinese brands are also on the verge of overtaking Tesla on European soil.
In February, Chinese brands registered 19,800 BEVs in Europe, surpassing Tesla's 15,700 units. BYD (+94 percent) and Polestar (+84 percent) posted strong gains, while Xpeng and Leapmotor followed with solid numbers. According to the report, Tesla still has a great deal of influence in Europe, even if brands such as Volkswagen and BYD are increasingly competing with them.
Market share of electric cars rises to 15.4 percent
In a recent study by EY, figures were collected on the EU new car market: It also shrank by 3.4 percent in February and is therefore "not gaining momentum". "In February 2019 – i.e. before the Corona pandemic and the subsequent chip shortage – 17 percent more new cars were sold in the EU," says EY. In Austria, a decline in new registrations of 2.0 percent was registered. In the same month in 2019, sales were 22 percent higher.
On the other hand, more and more electric cars are being sold: The number of newly registered electric cars rose by 24 percent across the EU and by 27 percent in Austria compared to the same month last year. The electric market share also improved: In the EU, it climbed from 12.0 percent in February 2024 to 15.4 percent, which was also well above the average value for 2024 as a whole (13.6 percent). In Austria, the market share rose from 16.6 to 21.6 percent in February.
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