Pictured Monday during the 2025 Bangkok International Motor Show at Bangkok’s Impact Arena convention centre is the BYD Seal 5, a Chinese electric vehicle (EV) maker. Images from AFP Benefiting from lower prices and larger sales than competitors, Chinese electric vehicle manufacturer BYD reported on Monday that its net profit increased 73.1% in the fourth quarter of 2024 to a record 15 billion yuan ($2.1 billion).
In a stock market filing, the company said its fourth-quarter revenue had increased by 52.7% to 274.9 billion yuan. Profit increased 34% to a record 40.3 billion yuan for the entire previous year, while revenue increased 29%. In Hong Kong, BYD’s stock has increased 51% this year and is now just below its peak from last week.
With a record 4.25 million cars sold in 2024, the Chinese EV champion surpassed Volkswagen to take the top in China’s auto sales. The company’s continual introduction of less expensive models has intensified a vicious two-year price battle in the biggest car market in the world.
In recent weeks, it has also caused a stir in the market by revealing a new super-charging EV technology platform and declaring that it will provide smart driving capabilities on the majority of its lineup at no additional cost. Last year’s gross profit margin was 22.3%, up 1.3 percentage points from the previous year, thanks to sales of cars and related items, which made up 79.4% of the company’s operational revenue.
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