Chinese automaker BYD has surpassed Tesla by hitting $107 billion in annual revenue for 2024.
BYD's revenue overtake is a small puzzle piece in the larger picture of a shifting EV landscape in China where locals are shifting their purchasing to domestic brands.
BYD's latest project in Zhengzhou is a massive factory, expected to be the size of the entire city of San Francisco, dedicated to EV production.
BYD plans to install enough capacity to produce about one million cars annually at its Zhengzhou facility, further solidifying China's status in auto manufacturing.