The Chinese electric vehicle company witnessed a 29 percent increase in revenue for 2024, meaning that the overall figure reached 777 billion yuan ($107 billion) last year.

BYD's annual revenue topped that of Tesla, the Elon Musk-led electric vehicle company, which has an annual revenue of $97.7 billion.

BYD sold 1.76 million electric vehicles in 2024, compared to 1.79 million sold by Tesla.

However, the Chinese company managed to sell a record 4.3 million vehicles globally in 2024, thanks to the sale of its hybrid cars.

Stephanie Valdez Streaty, a director of industry insights at the car sector marketing and software firm Cox Automotive, recently claimed that Tesla is in danger of falling behind some of its rivals in the automotive industry.

She told the BBC: "Tesla was the pioneer.

"They kind of got electric vehicles into the mainstream, got other manufacturers to start investing, and really created a lot of awareness."

The industry expert observed that the electric vehicle market is now more competitive than ever before.

She said: "If you look at their product line-up, they haven't had any fresh models recently, except for the Cybertruck, which is really niche. They've had a refresh of the Model Y, but it's not a big splash. And there's so much more competition out there."