BYD scores YoY jump in 2024 annual revenue, net profit

Shanghai (Gasgoo)- On the evening of March 24, BYD Company Limited (BYD") released its 2024 annual financial report, showcasing robust performance in multiple key indices.

The company recorded total revenue of 777.102 billion yuan in the year, a 29.02% jump year-over-year. Net profit attributable to shareholders reached 40.254 billion yuan, up 34% from a year earlier, while adjusted net profit stood at 36.983 billion yuan, marking a 29.94% increase from the previous year.

BYD’s strong cash flow further underscored its financial health, with net cash flow from operating activities reaching 133.454 billion yuan last year. By the end of 2024, the company’s cash reserves—including monetary funds and marketable securities—amounted to 154.9 billion yuan.

On the sales front, BYD sold 4,272,145 new energy vehicles through 2024, a 41.3% year-over-year surge. Sales of its premium brands, including FANGCHENGBAO, DENZA, and YANGWANG, reached 189,877 units, soaring 40.1% over a year ago, reinforcing BYD’s push into the high-end market.

Overseas sales surged as well, with 417,204 units sold outside of China last year—marking a 71.9% spike compared to the previous year and expanding BYD’s global footprint.

BYD also ramped up its investment in R&D, allocating 54.2 billion yuan in 2024—a 35.7% increase from the previous year—bringing its cumulative R&D spending to over 180 billion yuan.

The report further highlighted BYD’s growing economic contribution, with total domestic tax payments reaching a record 51 billion yuan in 2024. Meanwhile, the company’s cash reserves also hit an all-time high of 154.9 billion yuan by the end of last year.