BYD, a leading electric vehicle manufacturer, reported strong financial results in the fourth quarter of 2024, with record-breaking net income and revenue. The company’s net income reached a new high of RMB 15.02 billion ($2.07 billion), marking a significant increase of 73.12 percent year-on-year and a 29.37 percent rise quarter-on-quarter. Additionally, BYD’s revenue for the quarter soared to RMB 274.85 billion ($37.89 billion), reflecting a 52.66 percent year-on-year growth and a 36.66 percent increase quarter-on-quarter.
The impressive revenue growth was primarily driven by a surge in new energy vehicle (NEV) sales. BYD achieved a record-breaking sales figure of 1,524,270 NEVs in the fourth quarter, representing a 61.34 percent year-on-year increase and a 34.31 percent quarter-on-quarter growth.
Despite the strong performance in sales, BYD experienced a decline in gross margin in the fourth quarter due to increased operating costs. The company’s gross margin dropped to 17.01 percent, down by 4.88 percentage points from the previous quarter.
It is important to note that BYD made adjustments to its operating cost in accordance with the latest accounting standards, resulting in an increase in operating cost for the year 2023. This adjustment impacted the gross margin, which was reported as 15.76 percent in the fourth quarter of 2023.
BYD’s operating cash flow for the fourth quarter stood at RMB 77.18 billion, accounting for 57.8 percent of the annual operating cash flow. The company also announced plans to invest up to RMB 60 billion of its idle funds in wealth management products.
For the full year 2024, BYD’s revenue surpassed RMB 777.1 billion, marking a 29.0 percent year-on-year increase. In US dollar terms, BYD’s revenue exceeded $100 billion, outperforming Tesla for the first time, as Tesla reported revenue of $97.7 billion in 2024.
($1 = RMB 7.2536)
In other news, BYD recently unveiled its new EV platform, the Super e-Platform, which features redesigned blade batteries and supports a charging multiplier of up to 10 C. The company is set to launch the Han L and Tang L models in early April, showcasing its commitment to innovation in the electric vehicle market.
