The BYD stand at an exhibition in Hangzhou on March 24, the day the company announced record revenue.CFOTO/Future Publishing via Getty ImagesWang Chuanfu, chairman and CEO of electric vehicle maker BYD, has added $9.3 billion to his wealth this year as the Chinese company overtook billionaire Elon Musks Tesla in global sales. BYD is widening its lead over the American EV pioneer in China, although it faces key tests in realizing Wangs global ambitions.The mogul, 58, now has a net worth of $28.5 billion mostly based on a company stake, which makes him China's eighth richest man, according to Forbes estimates. This year, shares of the dual-listed BYD have rallied 57.5% in Hong Kong and 43% in Shenzhen to almost all-time highs thanks to investor optimism over BYDs growth potential.Analysts say BYD will maintain its top position in Chinas new energy vehicle market, which is the worlds largest, while Tesla may keep losing market share due to a dearth of exciting models. According to results announced Monday, the Chinese company delivered 4.27 million vehicles globally last year and reported a whopping 777 billion yuan ($107 billion) in sales, up 29% from a year earlier and ahead of Teslas $97.7 billion. Net income rose 34.3% year-on-year to 40.3 billion yuan.Unlike its American rival, which only sells pure electric models, BYD makes plug-in hybrids as well. Its broad product offering, coupled with often competitive pricing, has given the Chinese company a larger consumer base, Vincent Sun, a Hong Kong-based analyst at research firm Morningstar, says by email.BYD is adding more high-tech features to keep momentum going. In February, the company announced it is offering autonomous driving functions in models priced below $10,000. One month later, it unveiled a battery charging system that can provide 400 kilometers of range to its new Han L sedan and Tang L SUV in just five minutes.BYDs innovations stand in contrast with Tesla, which hasnt meaningfully updated its product lines in years, Yale Zhang, a Shanghai-based managing director of consultancy Automotive Foresight, says by phone. Its Chinese rivals advances in autonomous driving are likely to make local consumers question why they would want to pay extra for similar services from Tesla, Zhang says.Tesla once wanted to charge extra for its self-driving softwarefor as much as 64,000 yuanbut a much anticipated trial of the service was halted this month, with Tesla saying it must wait for regulatory approvals. On Chinese social media, users complained about how the system failed to recognize traffic lights or change lanes properly. The company didnt respond to emailed requests for comment.Tesla itself hasnt done well in China recently, Zhang says.If the American EV pioneer cant arrest the slide, its market share in China may dip to 5% by year end, down from 7.6% in 2024, according to Zhang. So far this year, Teslas Nasdaq-listed shares have tumbled almost one third as sales in key markets fell and Musks political involvement becomes increasingly controversial. But he still has a net worth of $347.7 billion, which is based not just on a stake in Tesla but in other companies such as SpaceX, according to Forbes estimates.Meanwhile, BYD is expected to maintain its share of Chinas EV market, according to a March 25 research note from CMB International.It will account for about one third of total EVs delivered in China by year end, several analysts say.Wang hopes to deliver 5.5 million cars in 2025, with almost 1 million of them in overseas markets, according to a Tuesday analyst briefing. Not all analysts are as sanguine. CMB International expects the company to deliver 5.25 million cars this year.Eric Wen, head of research at Hong Kong-based research firm Blue Lotus Capital Advisors, is more optimistic. He forecasts BYD will deliver 5.78 million vehicles this year, with a market share in China of 36%.But in the short term, its stock may have reached expensive levels, Wen warns by WeChat. With most of this years growth priced in, shares now trade at HK$407 apiece, exceeding Wens price target of HK$360.Morningstars Sun, who has a price target of HK$372 for BYD, suggests investors wait before buying.The company faces some uncertainties in its global expansion. In its 2024 annual report, Wang described capturing overseas markets a key goal.Moving forward, as the automotive world embraces intelligence, Chinese automobile brands are no longer playing catch-up, he wrote. With a bold, trailblazing mindset, the group is leading the charge, partnering with other Chinese brands to expand globally.BYD is making good progress in emerging markets including Southeast Asia, and it has a factory in Thailand, says Automotive Foresights Zhang. But geopolitics have acted as headwinds for the firm elsewhere.The company shelved indefinitely a plan to build an EV factory in Mexico, according to a person with knowledge of the matter. Mexican officials worry that taking more investment from China would anger the Trump administration, which may think that Chinese companies want to circumvent tariffs by using Mexico as backdoor to sell to America. Currently, BYD doesnt sell passenger vehicles in the U.S. due to punitive tariffs, but it does have a factory in California that manufactures electric buses.In Europe, the company is facing a European Union investigation into whether China provided unfair subsidies to a BYD plant in Hungary, according to a Financial Times report. A company spokesperson didnt respond to a request for comment on this matter.Matthias Schmidt, founder of Germany-based Schmidt Automotive Research, says BYDs progress in Europe remains in its infancy. After the bloc decided last year to increase tariffs on China-made EVs to as much as 45.3%, the company chose to shoulder the costs itself and hasnt hiked prices in Europe, he says.But European consumers consistently prefer local brands, says Schmidt. BYD has less than 3% of Western Europes pure electric vehicle market, he says. He expects the company to increase its deliveries in the entire region to 90,000 cars in 2025, up more than 90% from 47,133 vehicles in 2024, as it recently started to ship hybrid vehicles as well.