Chinese automaker BYD reported annual revenue of 777 billion yuan ($107 billion) for 2024, leapfrogging U.S. rival Tesla as competition between the two electric vehicle rivals heats up.

The report late Monday coincided with BYD’s launch earlier this week of its Qin L EV sedan, a midsized model similar to Tesla's Model 3 but at just over half the price. Tesla’s 2024 revenue was nearly $97.7 billion. BYD’s net profit last year was about 40 billion yuan ($5.6 billion), up 34% from the year before.

But a closer look at BYD’s numbers reveal that the impressive Chinese EV giant still needs to do more to truly topple Tesla from the top of the EV sector. First, about 20.5% of