BYD Reports Record Profit Over 40 Billion Yuan! The company has unveiled its strongest financial report to date, showcasing an impressive global sales figure of 4.27 million vehicles, alongside a remarkable 72% growth in overseas markets.
On March 24, BYD Company Limited announced its financial results for the fiscal year 2024, revealing several record-breaking key financial indicators. The report indicated that BYD achieved a total operating revenue of 777.1 billion yuan, reflecting a year-on-year increase of 29.02%. Revenue from automotive and related products reached approximately 617.38 billion yuan, marking a growth of 27.70%. The net profit attributable to shareholders of the listed company was 40.25 billion yuan, showing a year-on-year increase of 34%.
As of December 31 of the previous year, BYD’s cash flow stood at 154.94 billion yuan, the highest among domestic automobile manufacturers. The company also led the domestic industry in net profit. In terms of sales, BYD’s global vehicle sales for 2024 totaled 4.27 million, representing a year-on-year growth of 41%. Notably, sales of new energy passenger vehicles accounted for over 99.49% of total sales, solidifying BYD’s dominance in the automotive market.
The overseas market performance was particularly noteworthy, with sales reaching 417,000 units, a remarkable 72% increase compared to the previous year. In 2024, BYD’s research and development investment reached 54.16 billion yuan, a rise of 35.68%, continuing a trend of R&D spending that has exceeded annual net profits for over a decade. Cumulatively, the R&D investment has surpassed 180 billion yuan, providing significant support for BYD’s advancements in new energy and intelligent driving technologies.
The financial report also highlighted that the average payment cycle to upstream suppliers was 127 days, which is better than the average payment cycle of mainstream listed automobile companies in the country. Additionally, the report indicated that BYD had a total workforce of 968,872 employees, including 121,598 in research and development, which represents an 18.24% increase year-on-year. A significant proportion of BYD’s workforce consists of highly educated professionals, enhancing the company’s capabilities in cutting-edge technology sectors such as new energy and intelligent driving.
BYD is recognized as a leading enterprise in China’s new energy vehicle sector, having captured a market share of 31.7% in 2022, far exceeding other brands. The company’s strong performance reflects the rise of China’s new energy vehicle industry. According to statistics from the China Association of Automobile Manufacturers, the sales of new energy vehicles in the country surged to 6.887 million units in 2022, a remarkable year-on-year increase of 93.4%. From just 12,800 units in 2012 to 9.495 million units in 2023, the sales of new energy vehicles in China have experienced explosive growth, indicating a steadily increasing consumer demand for these vehicles.
In 2024, the overall market for new energy vehicles in China is expected to see rapid growth, with production and sales reaching 11.345 million and 11.262 million units respectively from January to November, marking year-on-year increases of 34.6% and 35.6%. The market penetration rate is continuously on the rise.
Wang Chuanfu, Chairman and President of BYD, emphasized that the first phase of the automotive revolution is electrification, while the second phase is focused on intelligence. He believes that the electrification phase is now accelerating, and the integration of intelligent systems will be the future direction of development. He predicted that 2025 would mark the “Year of Universal Intelligent Driving.” Wang also projected that in the next two to three years, high-level intelligent driving will become as essential as seatbelts and airbags, with vehicles lacking such features becoming a minority.
Lian Yubo, Chief Scientist and Head of the Automotive Engineering Research Institute at BYD, noted that smart technology, especially comprehensive vehicle intelligence, will be a key focus area for future technologies, reiterating that the foundation of intelligence is electrification. To achieve full intelligence, comprehensive electrification must first be accomplished.
The Forward Business and Intelligence Institute has established a “New Energy Vehicle Industry Planning Institute” to provide unique industrial planning services, integrating industry research, big data, technical insights, and investment resources. Their aim is to assist local governments in developing scientific, forward-looking, and practical industry planning solutions. The institute offers comprehensive services including industry planning, investment attraction, park construction, and project operation, along with monitoring of marine economy industry data, development of industry chain maps, and specialized policy formulation and training.
For more in-depth industry analysis, please refer to the Forward Industry Research Institute report on “Market Outlook and Investment Strategy Planning for China’s New Energy Vehicle Industry”. The institute also provides research on new industry tracks, investment feasibility studies, industry planning, park planning, investment attraction, industry mapping, big data analysis, intelligent investment systems, industry position verification, IPO consulting, and specialized small giant applications. If you wish to reprint or reference this article’s content, please acknowledge the source (Forward Industry Research Institute).
