BYD's revenue grows 29% thanks to strong sales of new energy vehicles (NEVs)

From Yahoo Finance: 2025-03-25 07:46:00

Chinese electric vehicle manufacturer BYD reported a 29% increase in annual revenue, reaching 777bn yuan ($107bn) in 2024, driven by strong sales of new energy vehicles (NEVs). Profit rose by 34% to 40.25bn yuan, with a final dividend of 3.974 yuan per share recommended. Cash reserves stood at 154.9bn yuan.

BYD plans to enhance core technologies, expand multi-brand matrix, and accelerate overseas business in 2025. Focus will be on handset components, core technology R&D, and emerging businesses like AI data centres. Recently, BYD entered the Serbian market with pure-electric and plug-in hybrid models, aiming to open more outlets.

In 2024, China’s auto production and sales increased by 3.7% and 4.5% year-on-year to 31.282 million units and 31.436 million units respectively. BYD’s revenue growth was fueled by NEV sales, contributing to the company’s success.

Read more: BYD’s revenue soars 29% driven by growth in sales of NEVs