The Showdown · Business Model
BYD Didn't Beat Tesla in EVs in 2024. It Did Something Quieter and Worse.
Everyone says BYD outsold Tesla in EVs in 2024. It didn't - Tesla still edged it by ~24,000 pure battery-electric cars. The real story is hidden in the margins: BYD's gross margin (19.4%) passed Tesla's (17.9%), and the premium it was built to charge began to evaporate.
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