China EV Giant’s Stock Up 40%, Tesla Down 20%

By Douglas A. McIntyre Published Jun 28, 11:09AM EDT

Key Points

BYD Has Topped Tesla In Unit Sales
BYD dominates Its Home Market Of China

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China EV Giant’s Stock Up 40%, Tesla Down 20% — © Robert Daemmrich Photography Inc / Getty Images

It says a great deal about the EV industry that China’s BYD shares are up 40% this year, while America’s Tesla (NASDAQ: TSLA | TSLA Price Prediction) is off 20%. BYD has taken over from Tesla as the best selling EV company in the world. BYD is also moving into several markets around the world, going toe-to-toe with Elon Musk’s company. Only 100% tariffs keep BYD out of the US. Lower tariffs keep it out of much of Europe.

In 2024, BYD moved ahead of Tesla worldwide. It posted revenue of $107 billion and sold 4.27 million vehicles worldwide. That is about double Tesla’s 1.79 million deliveries. Tesla’s revenue was $97.7 billion. The two car sales metrics may not match exactly, Tesla calls a sale a “delivery.” BYD also topped Tesla in the EU in April. This is despite the fact that some BYD prices were burdened by tariffs.

BYD has had an advantage. Its home market is China, which is the largest EV market by far. EV sales were 7.43 million units in 2023. Total EV ownership at the end of the year was 20.4 million. Tesla is ranked 5th in market share in China (some estimates put it higher on the list.) The market is crowded with brands. NIO, XPeng, and Li Auto are BYD’s major competitors.

According to Reuters, BYD plans to sell half its cars outside its home market. Today it has beachheads in eastern Europe, Australia, and Southeast Asia. It has begun to ship cars to South America.

One of BYD’s advantages is the prices of its cars. While people in the US have been waiting for a Tesla priced at $25,000, BYD has a broad range of prices. Its Seagull sells for about $8,000.

BYD has another advantage. Tesla’s US sales have been damaged by CEO Elon Musk’s association with President Trump and Musk’s aggressive attempt to cut expenses from the federal budget. He has also made comments about elections in Europe. In the US, this has triggered boycotts.

BYD may not be able to sell cars in the US for years. US tariffs as high as 100% have made this nearly impossible The reason that US government has given is that BYD and other Chinese car companies are financially supported by the Chinese government

If BYD does make it into Tesla’s home market, Tesla will be in trouble with every other car company which sells cars in the US.

About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.