There does not appear to be an obvious savior on the horizon for Tesla, either. The Cybertruck remains the company’s most identifiable vehicle thanks to its futuristic dumpster vibe, but the company shipped fewer than 50,000 units in 2024 and it seems like the demand for the truck is flattening out or declining.

China's BYD, however, looks set to close the gap after reporting 1.76 million EV sales in 2024. The Shenzhen-based firm's total vehicle sales jumped more than 41% in 2024, year-on-year, to more than 4.2 million. The surge was powered mainly by sales of its hybrid cars.

The EV giant sold 1.76 million electric cars in 2024, per figures released on Wednesday, putting it within touching distance of beating Tesla.

Tesla reported record-breaking sales in China for 2024, marking an 8.8% increase to over 657,000 vehicles sold in its second-largest market. This performance stands in contrast to the company’s first-ever global delivery decline,

Tesla’s total sales for 2024 dropped 1.1% to 1,789,226 vehicles. The market considered this bad news, but Tesla’s

The Chinese automaker BYD, which makes fully electric and hybrid vehicles, just announced record sales for the year.