BYD scores over 18% YoY growth in Q1-Q3 2024 revenue, net profit

Shanghai (Gasgoo)- BYD Company Limited ("BYD") announced on October 31 its financial performance for the third quarter (Q3) and the first three quarters of 2024, showing robust increases in both revenue and net profit.

In Q3 alone, BYD recorded revenue of around 201.125 billion yuan, representing a year-on-year jump of 24.04%. In this quarter, the company's net profit attributable to shareholders climbed 11.47% over a year earlier to about 11.607 billion yuan.

For the first three quarters, BYD boasted a year-on-year rise of 18.94% in its cumulative revenue, which reached around 502.251 billion yuan. Meanwhile, its Jan.-Sept. net profit attributable to shareholders also jumped 18.12% from the previous year to 25.238 billion yuan.

Excluding the impact of non-recurring gains and losses, BYD's net profit attributable to shareholders still grew 12.67% year on year to 10.877 billion yuan in Q3 and 19.86% over a year ago to 23.192 billion yuan for the Q1-Q3 period.

In addition, BYD reported a R&D expense of around 33.319 billion yuan for Q3 2024, indicating a year-on-year leap of 33.61%.

The rising financial figures are largely thanks to BYD's robust vehicle sales performance. For the first three quarters of the year, BYD saw its cumulative sales jump 32.13% over the year-ago period to 2,747,875 units, including 2,736,401 passenger vehicles (+32.18% year on year).

On September 25, BYD celebrated the rollout of its 9 millionth new energy vehicle (NEV) at its factory in Shenshan Special Cooperation Zone, Shenzhen city, making it the first automaker in the world to achieve this milestone.

This accomplishment comes just over two months after BYD produced its 8 millionth NEV, underscoring the company's rapid acceleration in the electric vehicle sector.