Chinese automaker BYD’s sales are set to rise to 777.1 billion yuan ($107.2 billion) in 2024, surpassing Tesla’s $97.7 billion revenue.

Chinese carmaker BYD is set to overtake Elon Musk’s Tesla in 2024 after revenues topped $100bn (£77bn) for the first time.

The Shenzhen-based company, which has dozens of showrooms across the UK, has established itself as the leading rival to Mr Musk’s electric carmaker, with revenues rising 29% in 2024.

BYD’s sales rose to 777.1bn yuan ($107.2bn) in 2024, surpassing Tesla’s $97.7bn. It is the first time the Chinese company, whose investors include Warren Buffett, has surpassed Tesla’s revenues on an annual basis.

The milestone comes a week after BYD shocked the world by announcing it had developed a new fast-charging system capable of delivering a full charge in the same time it takes to fill a petrol tank.

The charger, which the company says allows a car to travel up to 470km (292 miles) in just five minutes of charging, has helped the company’s shares hit a record high this month.

Along with record annual revenue, BYD revealed its profits had also hit an all-time high, rising more than 30% to 40.3bn yuan (£4.3bn).

BYD’s shares rose 3% on 24 March and have risen more than 50% since the start of the year as the company cemented its leadership in China’s electric vehicle (EV) market, the world’s largest.

However, BYD’s market value is still less than 20% of its US rival, which is worth around $800m.

Tesla shares rose 4% in pre-market trading in New York on Tuesday after reports that US President Donald Trump’s tit-for-tat tariff plans would not be as severe as initially feared.

China has become the world’s largest market for battery-powered vehicles, and domestic giants such as BYD have invested heavily in making affordable vehicles.

BYD, which has pledged to “beat” Western rivals, has recently expanded beyond China by selling cars in the UK and Europe.

In January 2025, BYD overtook Tesla in UK sales for the first time as public opinion turned negative towards Mr Musk.

BYD sold 1,614 passenger cars, compared with Tesla’s 1,458, according to data released by the Society of Motor Manufacturers and Traders (SMMT). The figure represents a 500% year-on-year increase for BYD, while Tesla’s sales fell by around 8%.

BYD, a Chinese electric carmaker, has sold more cars than Tesla in the UK in a single month for the first time. The move comes as Tesla CEO Elon Musk has been criticised for his close relationship with the US President, which has upset some of Tesla’s traditional customers.

Tesla took the initiative to cut prices in late 2024 to boost sales. The move comes amid rising interest rates, which are increasing the cost of car loans, and new US government subsidy rules that could make electric cars more expensive for consumers.