Chinese EV giant BYD has reported a revenue of 777 billion yuan (~$10,000 crore or ₹9.17 lakh crore) for 2024, surpassing Elon Musk's Tesla in annual sales and intensifying competition in the global clean-energy vehicle market, as per reports.

The Shenzhen-based firm stated that its revenue jumped by 29%, driven by the growth of electric and hybrid vehicles. While both BYD and Tesla sold similar numbers of electric vehicles last year – 1.76 million for Tesla and 1.79 million for BYD – BYD’s overall sales are much larger when considering its hybrid vehicles. The company sold a record 4.3 million vehicles globally in 2024, including both electric and hybrid models.

In its latest annual report, BYD CEO Wang Chuanfu highlighted the company's ‘rapid development’ last year. "BYD has become an industry leader in the sector, from batteries to electronics to new energy vehicles, breaking the dominance of foreign brands and reshaping the global market," he said reportedly.

Wang also announced a groundbreaking new battery charging technology that could charge an EV in just five minutes, far outpacing Tesla's supercharging system, which typically takes around 15 minutes, noted the reports. =

In addition, BYD reportedly revealed that its advanced driving assistant technology, God's Eye, will be made available for free in all of its models starting in February.

Furthermore, BYD's adoption of the English slogan, "Build Your Dream," has resonated well with consumers and contributed to strong sales, bolstered by soaring stock prices. The slogan has helped strengthen the company’s brand identity on the global stage, further driving its success.