BYD, the world’s leading manufacturer of new energy vehicles (EV and PHEV) and electric batteries, announced this Tuesday that it achieved a net profit of ¥40.254 billion (€5.138 billion) in 2024, a growth of 34% compared to 2023.
In the results submitted to the Hong Kong Stock Exchange, where it is listed, the company also reported a 29% annual increase in revenue, reaching ¥777 billion (over €99 billion).
The net profit recorded by BYD in 2024 is the highest in the company’s history and exceeds analysts’ expectations, who did not anticipate it would surpass ¥40 billion.
The company also announced that revenues from vehicles and related products amounted to approximately ¥617.382 billion (almost €79 billion), representing a year-on-year increase of 27.7%.
BYD maintained its status as the leader in the Chinese electric vehicle sector last year, selling 4.3 million electric and hybrid vehicles worldwide, a record number in the segment, despite strong competition in its domestic market.
Additionally, BYD became the first global automotive brand to produce over 10 million vehicles. It is noteworthy that BYD took 15 years to produce its first five million new energy vehicles, achieving the next five million in just 15 months. This fact highlights the company’s strategic focus on sustainable mobility and its continuous technological advancement.
By 2025, the company intends to accelerate its international expansion, with plans to start producing electric cars by the end of 2025 at BYD’s first factory in Europe, located in Hungary.
