- BYD surpassed Tesla in 2024 revenue, earning $107 billion compared to Tesla’s $97.7 billion, marking a major shift in the global EV landscape.
- The company is building a 50-square-mile EV factory in Zhengzhou, a site larger than San Francisco and over ten times the size of Tesla’s Nevada Gigafactory.
- BYD plans to recruit 200,000 additional workers, aiming to produce one million vehicles annually at its new mega facility.
Chinese electric vehicle (EV) manufacturer BYD has reached a major milestone, overtaking Tesla in annual revenue for the first time. The company reported earnings of $107 billion (777 billion yuan) in 2024, a 29% increase from the previous year, surpassing Tesla’s $97.7 billion. This financial triumph comes on the heels of BYD also outpacing Tesla in global EV production, firmly establishing the automaker as a leading force in the industry.
Although Tesla still leads in profitability—posting $7.1 billion in profits compared to BYD’s $5.44 billion—BYD’s revenue growth signals a broader shift in the global EV market. In China, a surge in demand for domestically made vehicles has helped BYD and other Chinese brands like Xiaomi capture increasing market share. Consumers are now favoring local EV manufacturers for their competitive pricing and advanced technology offerings.
BYD’s strategy extends far beyond sales. The company is making one of the boldest infrastructure plays in automotive history with the rapid expansion of its factory in Zhengzhou, the capital of China’s Henan province. The factory, still under construction, is projected to span approximately 50 square miles—roughly the size of San Francisco and more than ten times the size of Tesla’s Gigafactory in Nevada.
Currently, around 60,000 of BYD’s 90,000 employees are based at the Zhengzhou site. The automaker plans to recruit an additional 200,000 workers globally. The facility will not only serve as a manufacturing hub, but also provide housing and recreational amenities for its workforce. Once completed, it is expected to produce one million vehicles annually, accounting for a significant portion of BYD’s projected New Energy Vehicle sales.
BYD’s rapid rise marks a transformative moment in the global EV industry. With record-breaking revenue and a factory of unprecedented scale, the company is sending a clear message: the future of electrification is being shaped in China. As the Zhengzhou facility continues to expand, BYD appears well-positioned to lead the next era of the electric vehicle revolution.
