Chinese EV giant BYD on Monday posted a 34% on-year increase in its 2024 net profit, beating analysts’ estimates and surpassing the $100-billion revenue threshold for the first time.  

Total revenue increased 29% year-on-year to CNY 777 billion ($107 billion), Kallanish reports. Net profit rose to CNY 40.25 billion, which is slightly more than the $5.5 billion estimated in an analyst survey.

With a 40% increase in its new energy vehicle (NEV) sales volume, BYD says it has retained the title of “sales champion” in China, while remaining the top seller in the global NEV market. The company delivered 4.27 million cars last year, of which 1.76m were all-electric vehicles (BEVs). As a comparison, Tesla sold 1.79m BEVs in 2024.

The Chinese giant, which is also a leading manufacturer of batteries among other products, celebrated its 30th anniversary last year rolling its 10th million NEV off production lines. Chairman Wang Chuanfu says the milestone reflects the company’s intention “to help China’s auto industry lead the global transformation of NEVs.”

“Moving forward, as the automotive world embraces intelligence, Chinese automobile brands are no longer playing catch-up,” he says. “With a bold, trailblazing mindset, the group is leading the charge, partnering with other Chinese brands to expand globally and rise to new heights.”

As part of its strategy, BYD says it will continue to innovate and embrace change. It will further improve its multi-brand matrix and accelerate the pace of overseas expansion.

Although BYD recognises “deeper adverse impacts” brought by changes in the external environment will challenge 2025, the group is confident it can leverage its “leading edge” in NEV technologies and products to continue growing.

Following the recent raising of $5.6 billion, BYD says it will continue expand its product portfolio, enhance production capacity and build sales networks across multiple regions. The group will bolster its self-operated export logistics, and partner with local players to offer global consumers “differentiated, competitive products and quality services.”

“As China’s automotive industry ushers in the era of intelligent driving, domestic brands, armed with agile market strategies, cutting-edge technologies, and robust product line-ups, are riding the wave of intelligence revolution,” BYD says. “Their market share is expected to increase further. The new energy vehicle industry is stepping into a new growth cycle, with penetration rates anticipated to hit yet another record-breaking high.”

BYD shares rose 3% in Hong Kong on Monday, consolidating a 51.3% growth so far this year. Its stock price at the Shenzhen Stock Exchange is up 38% year-to-date.