China's BYD reported annual revenue of 777 billion yuan ($107 billion) for 2024, leapfrogging Tesla as competition between the two EV 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.

BYD, the Chinese EV giant, passed a significant milestone on Monday: it overtook Elon Musk’s Tesla in annual revenue. BYD generated 777.1 billion yuan ($107.1 billion) in annual revenue, up 29%. Not only is that past the $100 billion threshold, it’s greater than Tesla’s 2024 revenue of $97.7 billion.