BYD's Wang Chuanfu gains $9.3 billion after surpassing Tesla in sales

In the competitive landscape of the electric vehicle (EV) market, BYD, a major Chinese EV manufacturer, has significantly expanded its lead over Tesla in China as of early 2025. Analysts predict that BYD will maintain its dominance in China's new energy vehicle market, which is recognized as the largest in the world. In 2024, BYD reported remarkable figures, delivering 4.27 million vehicles across the globe and achieving sales of 777 billion yuan, approximately $107 billion, marking a 29% increase from the previous year. In comparison, Tesla's sales amounted to nearly $97.7 billion, highlighting BYD's notable success and broader appeal. BYD's extensive range of products and competitive pricing strategies have attracted a larger consumer base, contributing to the company's growth. This trend is expected to continue as analysts forecast BYD to deliver 5.78 million vehicles in 2025, capturing a market share of 36% in China. However, the company faces challenges beyond domestic borders, as geopolitical tensions could hinder its international ambitions, particularly in the US and Europe. Concerns in Mexico regarding investment from Chinese companies could complicate BYD's plans to expand its market presence in North America. Meanwhile, the European Union has initiated investigations into the subsidies received by BYD's plant in Hungary, which may impact the company's growth in the European market. In Europe, where the company currently holds less than 3% of the pure electric vehicle market, BYD's progress is still in its early stages. Though the company has chosen to absorb tariff costs rather than increase vehicle prices, it has recently begun to ship hybrid vehicles to enhance its market reach. Analysts anticipate that BYD will increase its deliveries across Europe to 90,000 vehicles by 2025, up significantly from the previous year. Overall, while BYD shows promising domestic growth and market leadership in China, its international expansion faces significant headwinds due to regulatory scrutiny and geopolitical challenges.