Chongqing - BYD released its 2024 annual report on March 24, reporting revenue of 777.1 billion yuan (106.96 billion USD), a 29.02% increase compared to the previous year. This revenue exceeds Tesla's reported figure of 97.7 billion USD.

The BYD Han model belongs to the BYD Dynasty series. (Photo/BYD)

BYD's financial performance in 2024 has been widely hailed as "remarkable" and "explosive" by multiple media outlets, thanks to a significant surge in vehicle sales. 

The company sold 4.27 million vehicles, a 41.26% increase from the previous year. As a result, BYD has climbed to fifth place in global automaker rankings, surpassing industry giants like General Motors and Ford.

BYD’s net profit attributable to shareholders reached 40.25 billion yuan in 2024, reflecting a 34% year-on-year increase. Despite the ongoing "price war" in China's automotive market, BYD’s automotive business maintained a gross profit margin of 22.31%, up 1.29% from the previous year. 

According to their annual reports, this performance outpaced competitors like Li Auto (19.8%) and Xiaomi (18.5%).

BYD’s strong profitability is closely tied to its cost-control capabilities, with technological advancements playing a significant role. In 2024, BYD's R&D investment hit a record 54.2 billion yuan, a 36% year-on-year increase. 

One of its key breakthroughs, the DM-i 5.0 plug-in hybrid system, was designed from the outset with a motor-driven architecture. It replaced complex multi-gear transmissions with a single-speed reducer and direct-drive clutch, reducing costs.

Another major technological focus in 2024 was smart driving, where BYD has achieved cost advantages. According to Huxiu, the “God’s Eye C”, BYD’s most widely deployed intelligent driving solution for vehicles priced under 200,000 yuan, features a bill of materials (BOM) cost as low as 4,000 yuan. By contrast, similar industry solutions typically cost between 6,000 and 7,000 yuan.

BYD’s multi-brand strategy, encompassing Dynasty, Ocean, Denza, and Yangwang, allows it to cover the entire market, from budget to ultra-premium vehicles. By focusing on high volumes, BYD maximizes economies of scale. Its high-end brands, Denza and Yangwang, are set to play a crucial role in the next phase of its product expansion.

Reports indicate that new models from Denza and Yangwang will be launched in Q1 2025. Notably, the Yangwang U7 will be officially unveiled on March 27, following the debut of the Denza N9 last week, priced between 389,800 and 449,800 yuan.

The BYD luxury high-end vehicle, Yangwang U7, is to be launched on March 27. (Photo/BYD)

International markets have emerged as BYD’s new growth engine, with overseas revenue reaching 221.9 billion yuan in 2024. The financial report highlights the official launch of BYD’s manufacturing plants in Thailand and Uzbekistan, marking a milestone in its global expansion.

BYD’s self-owned fleet of roll-on/roll-off ships, which are specially designed for transporting vehicles and allow them to drive on and off independently, remains the backbone of its overseas logistics strategy.

In January 2024, two additional BYD-owned RoRo ships, “Hefei” and “Shenzhen”, entered service. As the world’s largest car-carrying vessel, the latter can transport up to 9,200 passenger vehicles in a single trip. This expanding logistics network and increased overseas factory production are paving the way for BYD’s ambitious global sales growth in 2025.