BYD Announces Record-Breaking 2024 Annual Results, Achieves New Heights in Industry Leadership

Market Overview

BYD announced its record-breaking 2024 annual results, revealing operating revenues of USD 8.0 billion, a year-over-year growth of 29% and marking a notable milestone for the Chinese automaker.

The company also reported a significant increase in profit margins, with net profits reaching RMB 402.5 billion (USD 57.6 billion), a year-over-year growth of 34%. Moreover, BYD achieved a record-breaking RMB 369.8 billion (USD 53.4 billion) in "net profits after deduction of interest and taxes," representing a year-over-year growth rate of 30%.

Global Sales and Market Share

BYD's global sales reached an impressive 427,000 units in 2024, exceeding the global market share for the fourth-largest electric vehicle brand.

The company is committed to leading the global new energy automobile trend, solidifying its position as a leader with "danger first."

Research and Development Investments

In 2024, BYD made significant investments in research and development (R&D), allocating RMB 542 billion (USD 77.2 billion) to drive innovation. This represents an increase of 36% over the previous year's figure.

In comparison, peer companies such as Geely Automobile Group (ZTE), SAIC Motor Corporation Limited (Chery, Jiayun) and BYD rivals Tesla and Rivian collectively poured RMB 401.7 billion (Approximated to $57.4B USD) into their research & development over the same period.

Technology Advancements

In recent years, BYD has made breakthroughs in various technologies, such as battery technology, AI, and robotics, contributing significantly to its lead in the electric vehicle market.

The company's technological advancements range from battery design innovations like the fifth-generation DM battery (as far back as 2020) to cutting-edge systems like the new three-dimensional AI sensing system (launched in October of last year).

Financial Health

As of the end of 2024, BYD's cash reserves skyrocketed to a company-record RMB 1549 billion (USD $221B), providing ample financial flexibility for operations.

Compared to its interest-bearing debt, which dropped from 365.5 billion yuan in RMB to 285.8 billion in 2024, BYD's overall debt levels represented only 4.9%, marking an industry-leading benchmark.

Comparison of Interests Debt (RMB) Debt Interest Bearing

• RMB 285.8 Billion Byd Company Overview