BYD released 2024 financial report
On the evening of March 24, BYD Company Limited (hereinafter referred to as “BYD” ) released its 2024 financial report. The data show that in 2024, BYD realized operating income of 777.102 billion yuan, an increase of 29.02% year-on-year; net profit attributable to shareholders of listed companies 40.254 billion yuan, an increase of 34.00% year-on-year.
At present, BYD’s main business includes automobile business mainly focusing on new energy vehicles, cell phone parts and assembly business, lithium batteries and photovoltaic business, and actively expanding urban rail transit and other businesses.
BYD has two major businesses: the automobile, automobile-related products and other products business generated revenue of approximately RMB 617.382 billion, a year-on-year increase of 27.70%; and the cell phone components, assembly and other products business generated revenue of approximately RMB 159.609 billion, a year-on-year increase of 34.60%; the two businesses accounted for 79.45% and 20.54% of the total revenue, respectively.
In 2024, BYD sold 4.27 million vehicles, a year-on-year increase of more than 40%, and ranked No. 1 in sales in China. This is partly due to its growth in the domestic market, but also due to BYD’s layout in overseas markets.
BYD’s overseas sales achieved strong growth in 2024, while its plants in Uzbekistan and Thailand were put into operation one after another. By the end of last year, BYD’s new energy vehicles have entered 6 continents, more than 100 countries and regions. This helped its overseas turnover reach 221.9 billion yuan.
In addition, BYD’s R&D investment will reach 54.2 billion yuan in 2024, and BYD’s cash reserve will reach 154.9 billion yuan by the end of 2024.
Entering 2025, BYD’s new product layout is still accelerating.
BYD Chairman and President Mr. Wang said: “In 2025, we will grasp the historic development opportunities, continue to strengthen the independent control of core technologies, and continue to improve product competitiveness; follow the market trend, and continue to promote the construction of multi-brand matrix; accelerate the process of business overseas, and help China’s automobile industry to lead the global transformation of new energy vehicles. ”