BYD reports 73% profit surge in Q4
BYD net profit jumps 73% in Q4, fuelled by strong EV sales
Chinese electric vehicle (EV) manufacturer BYD posted a 73.1% jump in net profit for the fourth quarter of 2024, reaching a record 15 billion yuan ($2.1 billion).
The company’s remarkable performance comes as it benefits from lower prices and higher sales than its competitors. In addition to the impressive profit boost, BYD's revenue surged by 52.7% to 274.9 billion yuan during the quarter, reports Reuters.
For the entire year, BYD's profit rose 34% to 40.3 billion yuan, while revenue increased by 29%. These results highlight BYD’s strong position in the highly competitive EV sector, especially as the company continues to expand its market share globally.
Dominating the Chinese Market
BYD's growth trajectory is further underscored by its dominance in the Chinese car market, where it overtook Volkswagen to become the country’s top car seller, delivering 4.25 million vehicles in 2024.
As part of its strategy, BYD has continued to roll out cheaper models, which have helped it intensify the ongoing two-year price war in the world’s largest auto market. In addition, BYD recently introduced a new super-charging EV technology platform, and it will offer smart driving features across most of its vehicles at no extra charge, further differentiating its offerings in the highly competitive landscape.
Global Expansion and Strategic Investments
Beyond China, BYD is expanding its footprint in international markets. The company’s overseas shipments soared by 71.9% last year, making up 10% of total car sales. Germany is being considered for a potential third plant in Europe to further strengthen BYD’s presence.
The company has also raised $5.59 billion in a primary share sale, with proceeds directed toward research and development, international expansion, and other strategic initiatives. BYD’s shares in Hong Kong have risen by 51% year-to-date, reflecting strong investor confidence.
As we wrote, Tesla shares rose nearly 5% following news that the company received approval for a key permit that brings it one step closer to launching robotaxi ride-hailing in California.
