Chinese electric vehicle (EV) maker BYD has reported annual revenue for 2024 that has exceeded U.S. rival Tesla.

BBC News reports that the Shenzhen-based EV carmaker reported on March 25 that 2024 revenue rose by 29%, to 777 billion yuan ($107 billion), compared to the $97.7 billion reported by Elon Musk's Tesla.

BYD sold around the same number of EVs as Tesla last year – 1.76 million compared to 1.79 million, respectively. But when sales of the Chinese company's hybrid cars are taken into account it is much bigger, selling a record 4.3 million vehicles globally in 2024.

BYD on March 23 announced the launch of a lower-priced car to rival Tesla's Model 3, which has long been the top-selling EV in China. BYD’s Qin L model has a starting price in China of 119,800 yuan, while a basic version of Tesla's Model 3 is priced at 235,500 yuan.

The news comes as Tesla faces a backlash around the world over Musk's ties to U.S. President Donald Trump, with sales across Europe falling to less than 16,000 vehicles in Feburary, down 44% on average across 25 countries in the EU, the UK, Norway and Switzerland, according to data compiled by the research platform Jato Dynamics, according to The Guardian.

Meanwhile, Chinese carmakers have been hit with tariffs in Western countries.