BYD reports its financial results in 2024: revenue hits 777.1 billion yuan, up 23% year on year
BYD, the world’s leading manufacturer of new-energy vehicles, has released its 2024 financial report with all core operational indicators reaching record highs. In 2024 revenue reached 777.1 billion yuan, marking a 29% year-on-year increase, while net profit attributable to shareholders hit 40.25 billion yuan, up 34% year on year.
In 2024 BYD sold 4.27 million vehicles, generating 777.1 billion yuan in revenue, including 221.9 billion yuan from overseas markets. The company's R&D investment stood at 54.2 billion yuan and cash reserves (including but not limited to cash and cash equivalents, and trading financial assets) hit 154.9 billion yuan, with net operating cash flow reaching 133.5 billion yuan.
Record investment in research and development
In 2024, BYD’s global vehicle sales reached 4.27 million units, a 41% year-on-year increase, ranking fourth globally among all auto brands. This rapid sales growth is driven by continuous investment in research and development. BYD's R&D expenditure reached 54.2 billion yuan in 2024, an increase of 36% year on year and far in excess of its net profit. During the past 14 years (2011–2024), BYD has invested more in R&D than its net annual profit 13 times.
To date, BYD’s cumulative R&D investment has exceeded 180 billion yuan, enabling groundbreaking technologies such as the fifth-generation DM hybrid system, the e3 platform with triple-motor powertrain, the DiSus Intelligent Body Control System, and the recently announced Super e-Platform.
Strengthened financial stability
Strong business growth has fuelled ample cash flow, further strengthening BYD’s financial position. As of the end of 2024, BYD’s cash reserves reached a record 154.9 billion yuan, while interest-bearing debt decreased from 36.55 billion yuan in 2023 to 28.58 billion yuan, accounting for just 4.9% of total liabilities, one of the lowest levels in the industry.
In early March 2024, BYD completed a HK$43.5 billion accelerated share placement, marking the largest equity refinancing in the global auto industry over the past decade.
Commitment to social responsibility
While achieving rapid growth, BYD remains committed to social responsibility, with domestic tax payments totalling 51 billion yuan - over 10 billion yuan more than its net profit for the same period.
Strengthening supply-chain partnerships for mutual growth
Alongside its rapid expansion, BYD continues to deepen cooperation with its supply-chain partners to achieve mutual benefits. In addition to expanding procurement, BYD has also accelerated its payment cycle to upstream suppliers, making it a more attractive partner within the industry.
Since the start of 2024, BYD has made significant strides in electrification and intelligence, solidifying its leadership in the next phase of the automotive revolution. This paves the way for continued growth in the coming years and bolsters investor confidence, which has been reflected in BYD’s consistently strong stock performance.
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Notes to editors
The full report can be accessed here: https://md.bydauto.eu/f/bb148ff1752146f9a982/
About BYD
BYD is a multinational high-tech company devoted to leveraging technological innovations for a better life. Founded in 1994 as a rechargeable battery maker, BYD now boasts a diverse business scope covering automobiles, rail transit, new energy, and electronics, with over 30 industrial parks in China, the United States, Canada, Japan, Brazil, Hungary, and India. From power acquisition and storage to its applications, BYD is dedicated to providing zero-emission energy solutions that reduce global reliance on fossil fuels. Its new energy vehicle footprint now covers 6 continents, over 100 countries and regions, and more than 400 cities. Listed in both Hong Kong and Shenzhen Stock Exchanges, the company is known to be a Fortune Global 500 enterprise that furnishes innovations in pursuit of a greener world. For more information, please visit www.bydglobal.com.
About BYD Auto
Founded in 2003, BYD Auto is the automotive subsidiary of BYD, a multinational high-tech company devoted to leveraging technological innovations for a better life. Aiming to accelerate the green transition of the global transportation sector, BYD Auto focuses on developing pure electric and plug-in hybrid vehicles. The company has mastered the core technologies of the entire industrial chain of new energy vehicles, such as batteries, electric motors, electronic controllers, and automotive-grade semiconductors. It has witnessed in recent years significant technological advancements, including the Blade Battery, the DM-i, DM-p and DMO hybrid technology, the e-Platform 3.0, the CTB and iTAC technologies, the DiSus Intelligent Body Control System, and the XUANJI Architecture. The company is the world’s first carmaker to stop the production of fossil-fuelled vehicles on EV shift.
About BYD Europe
BYD Europe is headquartered in the Netherlands and is the first overseas branch of BYD Group, with a commitment to evolving the international brand BYD Auto to deliver safe and efficient sustainable solutions in new energy vehicles through world-leading technological innovations.
For more information, please visit www.byd.com.
Contact:
Europe: Penny Peng
presseu@byd.com
tel: +31-102070888
