How BYD dethroned Tesla and how it will navigate Trump’s tariffs

Chinese electric vehicle giant BYD has been making headlines for surpassing Tesla—a long-time EV industry leader—in revenue and volume. While BYD’s quick rise now faces challenges from tariffs imposed by US President Donald Trump, the company’s effort to seek alternate markets in Southeast Asia and South America may insulate it from the uncertainties to some extent. With BYD reporting revenues of $107 billion in 2024, exceeding Tesla's $97.7 billion, it is expected to surpass Tesla in global market share in 2025. Counterpoint attributed this growth to BYD's “tech leadership and vertically integrated production model, all bolstered by strong domestic policy support". Beyond China While China remains the world's largest market for EVs, it is also becoming one of the most competitive, accelerating BYD's global ambitions.