BYD Surpasses Tesla in Revenue

TECH
BYD Surpasses Tesla in Revenue

BYD Co. surpassed $100 billion in revenue last year, overtaking Tesla as the world’s top EV seller by revenue. The Shenzhen-based automaker reported $107 billion in 2024 revenue—a 29% increase year-on-year—beating expectations. Net income rose 34% to $5.6 billion. In contrast, Tesla generated $97.7 billion in revenue and earned a higher net income of $7.6 billion, but faces declining sales in China, where BYD continues to thrive.

BYD delivered 1.76 million EVs in 2024, just shy of Tesla’s 1.79 million. However, including its hybrid models, BYD delivered 4.27 million vehicles—nearly matching Ford’s global output. BYD expects to sell 5 to 6 million vehicles in 2025, already recording a 93% year-on-year sales increase in the first two months.

Investors have taken notice: BYD’s Hong Kong-listed shares are up 51% in 2025, while Tesla’s are down 38%. BYD is innovating rapidly, introducing a charging system that delivers 400 kilometers of range in five minutes, and equipping entry-level models with advanced driver assistance systems.

Although Tesla maintains a higher market cap at $800 billion versus BYD’s $157 billion, the Chinese EV maker dominates its home market with a 15% share of all passenger car sales. While BYD doesn’t sell in the U.S. due to tariffs, it’s expanding across Europe, Southeast Asia, and Australia.

Chairman Wang Chuanfu emphasized BYD’s goal to lead globally through innovation and collaboration, positioning Chinese automakers not as followers—but as pioneers in the intelligence-driven future of vehicles.

FINANCE
Trump Tariffs Spark Market Volatility

President Donald Trump’s evolving tariff strategy continues to rattle global markets. His tariffs—targeted, reciprocal, and selectively enforced—have created economic uncertainty. Though Trump suggested potential “breaks” for countries facing tariffs, markets remain wary due to inconsistent implementation. On Monday, he announced new tariffs on autos, semiconductors, pharmaceuticals, lumber, and even on countries buying oil from Venezuela. Despite his tough rhetoric, he hinted at flexibility, noting not all tariffs would begin on April 2.

This uncertainty triggered a short-term market rally: the S&P 500 rose 1.76%, the Dow gained 1.42%, and the Nasdaq jumped 2.27%, with Tesla shares soaring 11.9%. However, analysts caution against optimism, given Trump’s unpredictable influence on markets. Goldman Sachs sees potential for a contrarian rebound due to prevailing pessimism, but volatility remains high.

Meanwhile, Samsung co-CEO Han Jong-hee passed away from a heart attack, and Jun Young-hyun will take over as sole CEO.

In trade news, U.S. farmers and ocean carriers are pushing back against proposed fines on Chinese-built container ships. Critics warn such measures would divert shipping traffic to Canadian ports and harm smaller U.S. ports like Tampa and Oakland. With nearly all containerships now built in China, the U.S. risks economic fallout from overreaching protectionism. As one expert noted, the goal of reshoring shipbuilding is noble—but not aligned with global trade realities.

Overall, Trump’s aggressive trade moves, combined with geopolitical and market shifts, could define the next phase of global economic policy—marked by volatility, nationalism, and strategic recalibration.

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.