BYD, manufacturer of new-energy vehicles (NEVs), has released its 2024 financial results, showcasing a year of exceptional growth across all key indicators. The company reported record-high revenue of 777.1 billion yuan, a 29% increase year on year, while net profit attributable to shareholders jumped 34% to 40.25 billion yuan.
This stellar performance was underpinned by surging vehicle sales and a bold commitment to innovation.
In 2024, BYD sold 4.27 million vehicles globally—a 41% increase from the previous year—cementing its position as the fourth-largest auto brand worldwide by sales volume. Overseas markets contributed 221.9 billion yuan to total revenue, reflecting BYD’s rapidly expanding global footprint.
In a strong signal of its long-term ambitions, BYD invested a record 54.2 billion yuan in research and development in 2024, up 36% year on year—a figure that significantly outpaces its annual net profit. This marks the 13th time in 14 years that the company’s R&D spend has exceeded its earnings, demonstrating a consistent commitment to innovation.
To date, BYD’s cumulative R&D investment has surpassed 180 billion yuan, fuelling a string of technological breakthroughs, including the fifth-generation DM hybrid system, triple-motor e3 platform, DiSus Intelligent Body Control System, and the Super e-Platform, setting new industry standards in electrification and smart mobility.
BYD’s robust operations have resulted in a solid financial position. The company closed 2024 with cash reserves of 154.9 billion yuan, while its net operating cash flow climbed to 133.5 billion yuan. Notably, interest-bearing debt was reduced from 36.55 billion yuan in 2023 to 28.58 billion yuan, representing just 4.9% of total liabilities—among the lowest ratios in the global auto industry.
In a landmark move, BYD completed a HK$43.5 billion accelerated share placement in March 2024, marking the largest equity refinancing in the global auto sector in the past decade, further bolstering investor confidence.
Despite its aggressive expansion, BYD has reaffirmed its commitment to social responsibility. In 2024, the company paid 51 billion yuan in domestic taxes, exceeding its net profit by more than 10 billion yuan.
In parallel, BYD has strengthened partnerships across its supply chain, accelerating payment cycles and expanding procurement to support mutual growth. These strategic moves have positioned the company as a preferred collaborator in the evolving global automotive landscape.
