BYD Co. Ltd. (OTC:BYDDY), the Chinese electric vehicle (EV) giant, has officially dethroned Tesla Inc. (NASDAQ: TSLA) as the world’s largest EV maker, marking a significant milestone in the rapidly evolving automotive landscape. The Shenzhen-based company, once known primarily for its battery manufacturing, now leads the industry in EV sales and is making bold moves to solidify its dominance, particularly by targeting the European market.
BYD’s Record-Breaking Sales in 2024
In 2024, BYD achieved a historic sales milestone by selling 4.27 million vehicles globally, reflecting a 41% increase from the previous year. This marked the first time BYD surpassed the 4 million vehicle mark in a calendar year.
Key sales figures include:
- 1.76 million full-electric vehicles (BEVs), up 12% year-over-year.
- 2.48 million plug-in hybrid electric vehicles (PHEVs), a 72.8% increase from 2023.
- In comparison, Tesla sold 1.79 million EVs in 2024, falling short of BYD’s total EV sales.
The rapid growth of BYD’s plug-in hybrid sales was a key driver behind its record-breaking performance, helping it surpass Tesla’s all-electric fleet.
Ultra-Fast Charging to Rival Gasoline Refueling
BYD is also transforming EV charging capabilities, addressing one of the major pain points for consumers—charging speed.
On March 17, 2025, the company announced the introduction of its Super e-Platform, featuring a megawatt charging system. This technology enables BYD EVs to gain:
- 400 km (249 miles) of range in just five minutes of charging.
- Charging speeds equivalent to gasoline refueling, revolutionizing EV convenience.
This is significantly faster than Tesla’s Superchargers, which provide approximately 275 km of range in 15 minutes. It also beats Mercedes-Benz’s CLA EV, which offers 325 km of range with 10 minutes of charging.
First Vehicles to Feature BYD’s Super e-Platform
The BYD Han L and Tang L models, set for release in China in April 2025, will be the first vehicles equipped with the Super e-Platform.
BYD plans to build a megawatt-capable supercharging network across China. However, the company has indicated it will initially limit this charging infrastructure to its home market before expanding internationally.
Innovative Battery and Chip Technology
Alongside its ultra-fast charging capabilities, BYD is also investing heavily in next-generation battery and power chip technology to boost EV performance.
Key innovations include:
- Flash-Charging Battery: Equipped with a 10C charging multiplier, it reduces internal resistance by 50%, speeding up charging cycles.
- Silicon Carbide (SiC) Power Chips: Automotive-grade SiC power chips rated up to 1,500 volts, improving efficiency and performance.
These technological advancements aim to make BYD vehicles more powerful, efficient, and faster-charging than rival models.
Expanding European Presence
BYD is ramping up its expansion in Europe, identifying the region as a primary export market. The company’s strategy includes:
- Local production: BYD is establishing manufacturing facilities across Europe to reduce costs and avoid import tariffs.
- Strategic partnerships: BYD is collaborating with European charging network providers to ensure its megawatt-charging stations are widely available.
By localizing production and infrastructure, BYD aims to bypass EU tariffs on Chinese EVs while capitalizing on the region’s growing demand for affordable electric cars.
BYD’s Origins and Key Leaders
Founded in November 2024 in Shenzhen, China, BYD initially specialized in battery manufacturing before expanding into the automotive sector in the early 2000s.
Key figures behind BYD’s rise include:
- Wang Chuanfu – Founder, Chairman, and CEO, often referred to as “China’s Elon Musk.”
- Stella Li – Executive Vice President overseeing Europe and North America operations.
- Isbrand Ho – Managing Director of BYD Europe, leading the company’s expansion strategy.
- Alfredo Altavilla – Former Fiat Chrysler executive, now a special adviser for BYD’s European operations.
BYD’s Global Production Network
BYD operates over 30 industrial parks and production bases worldwide, with major manufacturing hubs in:
- Xi’an, China
- Shangluo, China
- Shaoguan, China
- Shenzhen, China
The company’s expanding production footprint allows it to meet rising global demand and reduce logistical challenges for its international markets.
Challenges Ahead for Tesla
BYD’s rise comes as Tesla faces growing challenges, including:
- Production delays: Tesla has struggled to ramp up production for new models, including the Cybertruck.
- Intensifying competition: Chinese automakers, including BYD, are dominating their domestic market and gaining ground in global EV sales.
- Price wars: Tesla has been forced to cut prices multiple times to remain competitive, affecting its profit margins.
Conclusion
BYD’s rapid growth, technological innovations, and expansion into European markets are reshaping the global EV industry. With record-breaking sales, faster charging capabilities, and advanced battery technology, BYD is now positioned as the world’s leading EV manufacturer, dethroning Tesla.
As the company continues to expand its presence globally, it is set to play a pivotal role in the future of electric mobility.
For latest Business and Finance News subscribe to Globalfinserve, Click here.