This year, BYD has seen a remarkable 36.5% increase in sales and has recently launched a new luxury model, the Denza Z9, priced at $49,000.

The company continues to innovate, launching approximately 10 new vehicle models annually and expanding its presence in international markets, including Ethiopia and Paraguay.

With a workforce of 900,000, including over 110,000 dedicated to research and development, BYD boasts a more vertically integrated manufacturing process compared to Tesla.

In a striking contrast, BYD's production capacity has surged, increasing by an amount equivalent to Tesla's total capacity in just three months, while Tesla's production has remained relatively stagnant.

BYD has made headlines by celebrating the milestone of 10 million cumulative plug-in vehicle sales, becoming the first automaker to achieve this feat and showcasing its rapid growth in the electric vehicle market.

In October 2024 alone, BYD sold over 500,000 plug-in vehicles, further solidifying its position as the world leader in this category, outpacing Tesla, which is projected to reach 7 million cumulative sales this quarter.

Meanwhile, US automakers like Ford and GM are lagging in electric vehicle production, allowing Chinese companies to dominate the market.

Historically a leader, the US automotive industry is now facing fierce competition from Chinese manufacturers such as BYD, NIO, XPENG, and Xiaomi.

Other Chinese EV manufacturers, including NIO and XPENG, are also reporting strong sales growth, with increases of 30% and 20% respectively in October 2024.

Chery has further strengthened China's competitive edge in the EV sector by becoming the first automaker to establish a solid-state battery production line.

In the realm of innovation, Tesla is focusing on AI and robotaxis as potential future revenue streams, although progress in these areas has been slow over the past seven years.

Additionally, Xiaomi has entered the electric vehicle market, contributing 20% to its revenue with a gross profit margin of 17%, and its first model, the SU7, is performing well in sales.