BYD Achieves Record Growth in 2024 with RMB 777.1 Billion Revenue

BYD's 2024 revenue reached RMB 777.1B with net profit up 34%. Strong R&D investment, global expansion, and EV leadership drive continued growth.

Chinese EV giant BYD wrapped up 2024 with record-breaking performance across key financial and operational metrics. The company reported revenue of RMB 777.1 billion, up 29% year-on-year, while net profit attributable to shareholders reached RMB 40.25 billion, marking a 34% increase.

Vehicle sales surged as well, with BYD delivering 4.27 million units — a 41% rise compared to 2023. Overseas markets contributed significantly, accounting for RMB 221.9 billion in revenue as exports jumped 71.86% to 417,204 units. This positioned BYD as the world’s fourth-largest automaker by global vehicle sales.

Research and development remained at the heart of BYD’s strategy. In 2024, the company invested RMB 54.2 billion in R&D — up 36% year-on-year and surpassing its annual net profit. Remarkably, BYD has spent more on R&D than it earned in 13 out of the past 14 years. Its cumulative R&D investment has now exceeded RMB 180 billion, driving innovations such as the fifth-generation DM hybrid system and the Super e-Platform, which supports ultra-fast charging enabling 400 km of range in just five minutes.

The company's technological edge also includes the DiSus intelligent suspension system, which adapts in real-time to road conditions, further enhancing vehicle performance and safety. These advancements have reinforced BYD’s competitive edge as it leads the next wave of transportation electrification.

BYD’s financial position has strengthened further. Cash reserves hit a record RMB 154.9 billion, while interest-bearing debt fell to RMB 28.58 billion, accounting for just 4.9% of total liabilities. In March, BYD completed a HK$43.5 billion share placement — the largest equity refinancing in the global auto industry in a decade.

The company also demonstrated its commitment to national growth by paying RMB 51 billion in taxes — more than its net profit. BYD has deepened ties with supply-chain partners, accelerating payments and expanding procurement to foster mutual growth.

Investor confidence remains high. Following the release of the financial report, BYD’s shares rose 3% on overseas markets, while its U.S.-listed ADRs gained 5.3%. With plans to double exports in 2025 and sustain its pace of innovation, BYD is firmly establishing itself as a global leader in the electric vehicle sector.

Source: bydukmedia.com