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.