BYD posts robust growth in car sales as it takes on Tesla globally

Chinese electric vehicle champion BYD has reported a 60% surge in sales in the first quarter of the year as archrival Tesla stumbles.

Chinese electric vehicle champion BYD has reported a 60% surge in sales in the first quarter of the year as archrival Tesla stumbles. The EV maker based in the southern Chinese megacity of Shenzhen sold just over one million new-energy vehicles in the first three months of 2025 – including battery-powered cars, hybrids and commercial vehicles – according to a CNN calculation based on its latest stock exchange filing. Its sales of pure EVs soared 39% to more than 416,000 units. BYD has been on a roll. Just last week, it reported a record annual revenue of $107 billion last year. By contrast, Tesla’s 2024 revenue was $97.7 billion, and its annual deliveries declined for the first time last year by 1.1%. The vast majority of BYD’s shipments last year were delivered to domestic customers with just 10% exported to overseas markets. As a result, investors and analysts are bullish on BYD’s growth potential as the automaker advances in markets like Europe, Southeast Asia and South America. In Europe, where BYD is making inroads and building two manufacturing plants, Tesla is struggling with slumping sales. In February, Tesla’s sales there plunged around 40% from the same month in 2024, according to the European Automobile Manufacturers’ Association. Last week, Wang Chuanfu, BYD’s founder and CEO, pledged to boost total shipments by nearly 30% this year and nearly double its overseas deliveries to more than 800,000 vehicles, according to state media.