Analysis

BYD overtakes Tesla to secure pole position in EV race

The Chinese carmaker’s latest full-year financial results reveal the extent of this power shift, with the Chinese automaker surpassing the $US100 billion revenue mark for the first time.

Jessica SierNorth Asia correspondent

Updated Mar 25, 2025 – 11.41am, first published at Mar 24, 2025 – 11.35pm

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Tokyo | The electric vehicle landscape has already shifted dramatically in 2025, with China’s BYD cementing its position as the new dominant force while Elon Musk’s Tesla faces mounting challenges on multiple fronts.

BYD’s latest full-year financial results reveal the extent of this power shift, with the Chinese automaker surpassing the $US100 billion revenue mark for the first time.

Jessica Sier is the North Asia Correspondent for The Australian Financial Review. She is based in Tokyo, Japan. Jessica has previously written on technology, global capital markets and economics.