BYD’s Fourth Quarter Profit Jumps by 73%, Valuing at $2.1 Billion

Chinese electric automobile manufacturer BYD has reported a staggering profit jump of 73.1% for the fourth quarter of 2024, accounting for 15 billion yuan ($2.1 billion) profit. This impressive profit growth is driven by BYD’s competitive pricing strategy and higher sales figures than top rivals in the market. The fourth quarter sales of BYD stood at 274.9 billion yuan (approx $37.92 billion), the EV maker stated in a stock market filing.

BYD also mentioned the record 34% increase in profit for last year, valued at 40.3 billion yuan ($5.56 billion), with a revenue increase of 29%.

The automaker’s share in Hong Kong has increased by 51% year to date and recently touched an all-time high in figures. BYD recently overtook Volkswagen to lead China’s car sales, with 4.25 million sold in 2024. The automobile manufacturer has continued introducing affordable electric car models, enabling it to learn from the brutal two-year price war in the world’s biggest auto market.

Besides competitive electric models, the brand has also introduced a new super-charging EV technology platform and announced to offer smart driving features in most of its electric vehicle lineups without adding extra cost to buyers.

The auto and related products combined contributed to 79.4% of BYD’s operating revenue with 22.3% of gross profit margin, showcasing a 1.3% increase from a year earlier. Recently, this Chinese EV brand announced that it raised $5.59 billion in primary share sales to invest in R&D initiatives and expand into new markets. BYD also has plans to set up a third plant in Europe, possibly in Germany, witnessing a shipment jump of 71.9% with a 10% increase in overall sales.