BYD, a global leader in new energy vehicles (NEVs), has announced its 2024 financial results, highlighting significant achievements across various metrics. The company reported a revenue of RMB 777.1 billion, marking a 29% year-on-year increase, while net profit attributable to shareholders surged 34% to RMB 40.25 billion.
In 2024, BYD’s research and development (R&D) investments reached an unprecedented RMB 54.2 billion, a 36% increase from the previous year, bringing the company’s total R&D expenditure to over RMB 180 billion. This substantial investment underscores BYD’s commitment to innovation and technological advancement in the NEV sector.
The company’s dedication to innovation is evident, with an average of 45 patent applications and 20 patent licenses secured per working day in 2024. BYD also introduced the “Integrated Vehicle Intelligence” strategy, seamlessly integrating electrification and smart technologies. Notably, its DiPilot Advanced Intelligent Driving Assistance System now offers nationwide mapless city navigation, positioning BYD among the frontrunners in autonomous driving technology.
BYD’s global expansion efforts have been remarkable. In 2024, the company produced its 7 millionth NEV, the DENZA N7, at its Jinan factory in China. This milestone underscores BYD’s robust supply chain and scaling capabilities. Additionally, the company’s overseas sales exceeded 240,000 units—a 337% year-on-year growth—making it the top Chinese exporter of NEVs in 2024. BYD’s new energy passenger vehicles are now available in 64 countries and regions globally.
Technological advancements have further bolstered BYD’s market position. The company unveiled a new “Super e-Platform” technology capable of peak charging speeds of 1,000 kilowatts, allowing vehicles to achieve 400 kilometers (approximately 249 miles) of range with just five minutes of charging. This innovation aims to make EV charging as quick and convenient as refueling traditional gasoline cars.
Financially, BYD has demonstrated robust growth, with annual revenue reaching $107 billion in 2024, surpassing Tesla’s $97.7 billion for the first time since 2018. Despite this revenue lead, Tesla maintains a higher net profit at $7.1 billion compared to BYD’s $5.8 billion. Both companies continue to diversify their portfolios beyond vehicle manufacturing, with BYD profiting from assembling smartphone components.
Looking ahead, BYD plans to double its overseas sales to over 800,000 vehicles in 2025, focusing on markets in Britain, Latin America, and Southeast Asia. The company aims to sell a total of 5.5 million vehicles this year and is expanding its manufacturing footprint with plants in Brazil, Turkey, Thailand, and Hungary. These strategic initiatives underscore BYD’s commitment to global expansion and its ambition to solidify its position as a leader in the NEV market.
