BYD overtook Tesla as the best-selling EV maker in China in the fourth quarter of 2023, finally surpassing the company in terms of sales in the region.

Is Tesla really losing to BYD, or just playing a different game?

The Chinese market is one of the most competitive in the world, especially for EVs, as the industry is healthy with young and scrappy companies looking to sell the best possible tech in their vehicles.

BYD reported its earnings on Thursday and said that its profit had slumped by 33 percent compared to the same quarter last year. For this year’s third quarter, BYD reported a net profit of 7.8 billion yuan ($1.1 billion), a 32.6 percent decrease compared to the same period in 2024.

Its revenue was 195 billion yuan ($27.4 billion), which was only a 3 percent decrease compared to Q3 2024.

The drop in profits and revenue can mostly be attributed to the ongoing growth of competition in the Chinese market. The increased competition in China has pushed companies to turn to overseas markets in response, according to CnEVPost.

BYD is one of those companies, and it is attempting to push sales upward by entering new markets, especially in Europe, where the company sold more than 13,000 units in EU countries in September alone.

This was a 272 percent increase year over year, a major piece of evidence that it has a lot of potential in foreign markets.

The drop in financial figures is likely a short-term issue for BYD, as it has already established itself as a formidable competitor to many companies in many markets. In Q1, it reported an increase in profit by 100 percent compared to the same time span the year prior.

As it works to expand to even more markets in the world, it will continue to build upon its already-solid reputation.

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BYD’s Yangwang U9 Track Edition is a new configuration of the U9 supercar that hit the Chinese Ministry of Information Technology (MIIT) database recently.

The vehicle was first spotted on the MIIT database by CarNewsChina. It will have a quad-motor powertrain, each dedicated to one wheel. Instead of the 1,287 horsepower that comes with the standard U9 configuration, the Track Edition will have 2,977.

There are only two cars that even come close in terms of horsepower: the Lotus Evija with 1,972 and the Rimac Nevera at 1,914 horsepower. The Tesla Roadster is expected to have somewhere around 1,000 horsepower.

The Roadster is one of the most anticipated vehicles of all time, especially because we’ve all had to wait so long for it. On its own, it will have a 1.9-second 0-60 MPH acceleration rate (without the SpaceX package, which brings the projection to 1.1 seconds), which is projected to be better than the 2.3 seconds the U9 Track Edition will offer.

The Roadster also beats the U9 Track Edition in projected top speed and range. The Roadster could top out at over 250 MPH, compared to the 217 conservative projection for the U9 Track Edition.

Range on the Roadster is 620 miles, beating 280 miles for the BYD.

The U9 Track Edition will also have some additional features compared to its base model. These include some aerodynamic additions, like a carbon fiber rear wing, diffuser, and an adjustable front splitter and adjustable rear wing.

The latter two are optional, but if you have enough scratch to drop on this car, you’re probably adding those two features as well.

We hope that both the Roadster and U9 Track Edition will hit a drag strip, road course, or even a superspeedway for some racing. It would truly be something for EV fans to drool over.

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China’s leading automaker, BYD, reported a 100.4% profit surge in the first quarter, partly driven by its smart electric vehicle (EV) features. BYD’s net profit reached 9.2 billion yuan ($1.26 billion), exceeding the company’s earlier forecast of RMB 8.5 billion ($1.1 billion) to RMB 10 billion ($1.3 billion), according to a Friday stock filing.

The Chinese automaker’s revenue for the quarter hit RMB 170.4 billion ($23 billion), up 36.4% year-on-year, though growth slowed from the prior quarter’s 52.7% rise. BYD’s dominance in China grew stronger, with its market share climbing to 13.6% from 12.1% a year earlier. The company’s “God’s Eye” driver-assistance system–now standard across its lineup at no extra cost–and a new supercharging EV platform have fueled its edge.

Industry observers noted that BYD’s strides with God’s Eye and EV supercharging platform have encouraged Leapmotor, Geely, and Toyota to push harder with their affordable smart EVs. BYD’s strategy of slashing prices while enhancing technology has roiled the market, solidifying its lead in China’s fiercely competitive EV sector.

Beyond its home market, BYD aims to export 800,000 vehicles this year. However, its European expansion has faced hurdles. The Chinese company’s rapid response to its European challenges reflects its broader ambition to dominate global EV markets.

BYD’s ability to combine affordability with advanced features has pressured competitors to adapt, intensifying the global race for EV supremacy. In China, BYD’s price war shows no signs of slowing, with its market share gains signaling robust demand for its smart, cost-competitive vehicles. As BYD refines its international strategy, its first-quarter performance underscores its growing influence in the automotive industry.

Note: BYD sells hybrids and internal combustion engine cars alongside its electric vehicles.

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BYD launched its premium Denza brand in Europe, shrugging off tariff hurdles.

Chinese EV maker unveiled its plans for Denza on Wednesday at Milan’s Brera Design Week. BYD will launch its premium Denza line in Europe with the Z9GT in Q4 2025. The Z9GT is a station wagon-type vehicle.

BYD will offer battery-only and plug-in hybrid variants of the Denza Z9GT. The company did not release the pricing and exact delivery dates of the upcoming Denza vehicle.

The Chinese automaker will expand its Denza push with the D9, a seven-seat MPV, though BYD didn’t announce a timeline for its release.

“We’re thrilled to be introducing Denza to European customers, starting here in Milan and accelerating as 2025 progresses,” said Stella Li, BYD’s executive VP.

BYD’s European ambitions hit headwinds with the EU last year. In 2024, the EU slapped 17% duties on BYD’s battery EVs, citing “unfair” Chinese subsidies.

Last month, the EU initiated a probe into BYD’s Hungary plant. Subsidies allegedly let China-made EVs undercut Europe’s market, squeezing local players. Beijing and EU officials hashed out supply chain tensions in March, but tariffs persist.

BYD already sells electric vehicles in Europe. It is doubling down with Denza, targeting premium buyers amid a crowded field. Rivals like Volkswagen face stiffer competition as BYD leverages its cost edge—despite the EU’s pushback. The Z9GT and D9 signal BYD’s bid to carve out a high-end niche, even as trade friction simmers.

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India is reportedly restricting investments from China’s biggest automaker, BYD.

“India has to be cautious about its strategic interests [and] who we allow to invest,” Commerce Minister Piyush Goyal told Bloomberg Television’s Haslinda Amin at the India Global Forum in Mumbai on Monday. Goyal added, “As of now, it is a no” to BYD Co., signaling a firm stance against the Chinese EV maker.

Last year, India rejected BYD’s $1 billion joint venture with Megha Engineering. India’s sentiments toward BYD extend to other Chinese automakers as well. The country has a policy requiring government approval for investments from bordering nations. For example, China’s Great Wall Motor Co. abandoned its plans in India due to regulatory hurdles.

Indian officials are reportedly wary of Chinese firms’ murky ownership ties to the Communist regime and military. The Indian government is also concerned about China’s non-market tactics, like subsidies for manufacturers and loan write-offs that lead to indirect support and a distortion in competition.

Meanwhile, Tesla is making progress in India. Tesla recently hosted a hiring event in Mumbai, filling roles from sales to delivery. The US car company finally locked down showrooms in Mumbai and Delhi in the first quarter.

Last month, Tesla started the certification and homologation process for the Model Y and Model 3 in India. Certification is necessary to sell the Tesla Model Y and Model 3 in India. Meanwhile, Homologation tests ensure that new vehicles meet India’s road requirements as per the Central Motor Vehicle rules.

Tesla India reportedly plans to partner with India’s Tata Group to establish a local supply chain for domestic parts production. Tesla and Tata Group are supposedly discussing the development and production of components like castings, forgings, electronics, and fabrication items.

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Counterpoint’s insights were shared by the market researcher on its official website.

The (Counter)Point

Counterpoint Research’s latest Global Passenger EV Forecast suggests that BYD will be capturing a 15.7% global market share this year. This is expected to be driven by scale, innovation, and strong backing from the Chinese government.

The market researcher highlighted a number of factors that could help BYD become the world’s premier BEV maker this year. These include the company’s 1,000-kW ultra-fast charging technology and 10C charging rate batteries, which exceed Tesla’s current Supercharger offerings.

“The system can deliver 400 km of range in just 5 minutes, setting a new industry benchmark, far outpacing Tesla’s Supercharger, which adds about 275 km in 10 minutes. This technological leap is expected to significantly ease consumer concerns around charging time and boost EV adoption by reducing charging anxiety,” Abhik Mukherjee, Research Analyst at Counterpoint, stated. 

The Tesla Factor

Counterpoint argued that Tesla, in comparison, is confronting several challenges, from damaged public perception due to CEO Elon Musk’s politics to geopolitical tensions between the United States and key markets like China. The market researcher highlighted Tesla’s soft sales in Europe and other markets, though it did not seem to consider the company’s changeover to the new Model Y across its global factories in Q1 2025.

“CEO Elon Musk has scored somewhat of an own goal against Tesla, and we are about to catch a glimpse of how much the company’s sales were hurt in Q1 2025. This is a big opportunity for BYD and if they deliver on the fast-charging promise, this could be the turning point for BYD and the China BEV story globally,” Counterpoint Associate Director Liz Lee stated.

Not the First Forecast

As noted in a CNEV Post report, this is not the first time that Counterpoint has predicted that BYD will overtake Tesla’s BEV sales. Last July, the market researcher expected BYD to overtake Tesla in 2024 to become the world’s top BEV maker. Tesla still beat BYD’s BEV sales at the end of 2024, however, with the American EV maker delivering a total of 1,789,226 vehicles globally versus the Chinese automaker’s 1,764,992 units.

In Q1 2025, however, BYD does seem to have momentum. BYD sold 416,388 passenger BEVs in the first quarter. As per Tesla’s Q1 vehicle delivery and production report, the company was able to deliver a total of 336,681 vehicles in the first quarter of 2025.

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China’s top automaker, BYD, is under investigation by the European Union for violating the EU’s electric vehicle (EV) subsidy rules.

According to the Financial Times, BYD received unfair subsidies from China which were used in its electric car plant in Hungary. Subsidies from the Chinese government are the main reason the EU Commission decided to implement additional tariffs on exported electric vehicles made in China and sold in Europe. The subsidies from China reportedly enabled car manufacturers to make China-made EVs cheaper in the EU market, affecting Europe’s local OEMs and competition in the domestic market.

The European Commission is in the early stages of a foreign subsidy probe into BYD’s EV plant in Hungary. If the Commission finds evidence that China provided subsidies to BYD’s EV plant in Hungary, it may force the Chinese automaker to sell some assets, reduce capacity, repay the subsidy, and pay a fine for non-compliance.

In October 2024, enough member states of the European Union voted to impose additional tariffs on China-made electric vehicles.

“Today, the European Commission’s proposal to impose definitive countervailing duties on imports of battery electric vehicles (BEVs) from China has obtained the necessary support from EU Member States for the adoption of tariffs. This represents another step towards the conclusion of the Commission’s anti-subsidy investigation,” announced the Commission after the EU member states’ vote. 

The European Union imposed a 17.0% levy on BYD specifically, on top of the EU’s standard car import duty of 10%. Geely received an additional duty of 18.8%, while SAIC received a tariff rate of 35.3%. Most automakers who build cars in China and export to Europe will have a duty of 35.3%. Only a few automakers, like Tesla and BYD, have an assigned duty rate.

Tesla invited the EU Commission to inspect its operations in Shanghai to determine a separate tariff rate for its China-made EVs exported to Europe. Tesla received a duty of 7.8% after the investigation.

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BYD recently debuted a 5-minute electric vehicle (EV) charging system, a game-changer in the ever-growing industry.

BYD’s 5-minute EV charging system means all-electric cars can charge as fast as internal combustion engine (ICE) vehicles fill up at a gas station. EV charging times remain one of the concerns consumers dwell over when transitioning from ICE to electric vehicles. BYD’s new 5-minute EV charging system might expedite electric vehicle adoption across the globe.

According to Reuters, BYD plans to build a 5-minute EV charging network across China. The Chinese automaker calls its rapid charging technology, the “super e-platform.” It can reach a peak charge of 1,000 kilowatts (kW). BYD’s super e-platform can fully charge an electric vehicle with a range of 249 miles (400 km) in 5 minutes.

BYD has developed a few technologies to create its 5-minute megawatt charging system. For instance, BYD developed batteries with a 10C charging multiplier, meaning they can charge at 10 times the cell’s capacity per hour. The Chinese automaker has also created high-power motors, high-volt silicon carbide power chips, and fast chargers that support 1,000 kW of power.

Tesla, which would be BYD’s biggest competition in the EV charging space, has a 400-volt system that can charge up to 250 kW for its EVs. The Tesla Cybertruck uses an 800-volt architecture with a maximum rate of 350 kW. Meanwhile, the Tesla Semi truck has a 1,000-volt powertrain.

BYD’s 5-minute megawatt charging system could make significant waves in the EV industry. However, it would depend on the super e-platform’s compatibility with other EVs.

Tesla has managed to open its Supercharger Network to non-Tesla EVs, helping it grow and reach new customers. The company has also managed to get other EV makers to adopt its NACS connectors, at least in the United States. It would be interesting to see if BYD can gather as much support for its rapid charging system in China and among Chinese EV manufacturers.

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Tesla China and BYD competition is reportedly tipping toward the Chinese automaker. Many assume it is due to the Elon Musk hate seemingly spreading across the globe. However, Musk might not be that much of a factor. Plus, Tesla China might just be playing a different game.

CPCA (China’s Passenger Car Association) data shows that Tesla Giga Shanghai’s deliveries have dipped. Last month, Tesla’s shipments dropped by 49% to 30,688 vehicles, around the same levels as July 2022, when the American carmaker delivered 28,217 units.

Tesla China’s sales records are constantly compared to the country’s biggest NEV maker, BYD. While Tesla’s market share in China has been evening out, BYD’s has steadily risen.

However, it must be noted that Tesla only sells two fully electric vehicles in China. In contrast, BYD’s lineup is extensive and has varying price ranges. The Chinese automaker also offers local customers fully electric and hybrid offerings. Not to mention, BYD is a home-grown brand in China.

Tesla’s Model Y Transition

Tesla Giga Shanghai is currently retooling to prepare for the new Model Y “Juniper” production. The company is retooling multiple factories in different regions across the globe for the new Model Y, which would have impacted Tesla’s recent sales.

For some people, Tesla’s dip in sales in China and other countries is a direct result of Elon Musk’s recent political activities. However, Tesla’s sales in South Korea and the United Kingdom say otherwise. The old Tesla Model Y topped South Korea’s import sales last month. Meanwhile, the Model 3 and Model Y were the second and third best-selling cars in the UK in February–after the Mini Cooper.

Tesla’s robust sales in South Korea and the UK hint that the company’s current sales dip is not permanent and Elon Musk’s political activities will not weigh the EV automaker down in the long term.

In addition, car sales might not be Tesla’s bread and butter in the future. While Tesla’s automotive business currently makes up a big chunk of the company’s financials, its stock price has always reflected its potential as a tech company more. So in the long run, comparing Tesla to BYD would be inaccurate.

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The executive’s comments came as BYD and Tesla vie for supremacy in the global EV market, with both companies pushing aggressive innovation to capture consumer demand.

BYD exec’s comments:

Speaking to the Financial Times at a BYD showroom in London, Li noted that BYD would “work together” with Tesla to combat ICE vehicles. “Our common enemy is the internal combustion engine car. We need to work together… to make the industry change,” she stated.

She also stated that Beijing is “more open” to sharing innovations with foreign companies, even if there are rising trade tensions in Europe and the United States. “(The) Chinese government is more open, so maybe there is a lot of wrong perception here,” she noted.

China’s EV adoption:

Li emphasized the strength of China’s EV adoption as a model for the industry. She also expressed some confidence amidst the apparent slowdown in the global EV sector. 

“Why are people still choosing the EV? Because it’s a better car, a smarter car… and it’s higher quality,” she stated.

Autonomous driving efforts:

BYD and Tesla’s efforts to make headway into the EV sector is highlighted by the two companies’ efforts to roll out a dedicated autonomous driving system to its domestic vehicles in China. Last month, BYD announced its “God’s Eye” self-driving system across most of its models in China at no additional cost.

Tesla, for its part, has pushed its first vision-based Full Self-Driving (FSD) features to the Chinese market. Early reviews of Tesla’s FSD features in China have been positive, with numerous users praising the system for its capability to traverse public roads without much issues.

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