Chinese EV manufacturer BYD reported a 73.1% surge in net profit for Q4 2024, reaching a record 15 billion yuan ($2.1 billion). This remarkable growth was driven by aggressive pricing strategies and stronger sales compared to competitors.
Additionally, revenue for the fourth quarter increased by 52.7%, totaling 274.9 billion yuan, according to the company’s stock market filing. For the full year, profit rose by 34% to a record 40.3 billion yuan, while revenue climbed by 29%.
Meanwhile, BYD’s stock in Hong Kong has surged 51% this year, slightly below its all-time high recorded last week. The company also outpaced Volkswagen in 2024, becoming China’s top-selling automaker with a record-breaking 4.25 million vehicle sales.
To maintain its competitive edge, BYD continues expanding its affordable model lineup, intensifying the price war in China’s EV market. Recently, the company introduced a supercharging EV technology platform and announced that smart driving features will be included in most models at no extra cost.
Moreover, sales of vehicles and related products contributed 79.4% of BYD’s total operating revenue. The company’s gross profit margin rose by 1.3 percentage points, reaching 22.3% last year.
Earlier this month, BYD successfully raised $5.59 billion through a primary share sale. The funds will be used for research, development, and overseas expansion.
Looking ahead, BYD is considering Germany as a potential location for its third European plant. Additionally, overseas shipments soared by 71.9% last year, accounting for 10% of total sales.
As global demand for EVs continues rising, BYD’s strategic expansion and innovation further strengthen its position in the automotive market. The company remains focused on driving sustainable growth while staying ahead of industry trends.
