Opinion
Mint Quick Edit | BYD versus Tesla: Let merit decide pole position
Summary
- China’s BYD has zipped ahead of Tesla on 2024 revenue. As the clean-tech edge of Chinese companies sharpens, Indian policy should do what’s best for the evolution of domestic markets.
Chinese electric vehicle (EV) maker BYD, short for Build Your Dreams, has eclipsed Elon Musk’s Tesla in annual revenue. It reported a topline of $107.2 billion for 2024, exceeding Tesla’s $97.7 billion. BYD has logged a 29% revenue jump, alongside a 34% rise in net profit to $5.6 billion last year.
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Tesla, in contrast, has had a bumpy ride, as Musk’s role in government layoffs in the US and American trade aggression led consumers to boycott its EVs globally.
Also Read: Mint Quick Edit | BYD has leapt ahead on charging speed
The Warren Buffett-backed BYD, meanwhile, has seen its stock price soar as sales climbed. Its new super-charger that promises a 400km range on a 5-minute plug-in, overcoming a big deterrent to EV purchases, has brightened its prospects, even though trade barriers in the West could cramp its ability to zip around more of the world’s streets. Its stunning rise makes it evident that Chinese manufacturers lead even consumer-facing clean-tech industries.
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Although India has significant friction in its relationship with China, maybe New Delhi should soften its disposition towards Chinese companies at the cutting-edge of technologies we would surely benefit from. BYD’s expansion in India could help our EV market evolve.
