China's BYD reports 34% net profit increase to $5.6 billion in 2024

SHENZHEN - China's leading new energy vehicle (NEV) manufacturer BYD Company Limited has reported robust profit growth in 2024, driven by booming car sales.

BYD's net profit attributable to its shareholders grew 34 percent year-on-year to 40.25 billion yuan ($5.6 billion) last year, the company said in its annual report filed to the Shenzhen Stock Exchange on Monday night.

Last year, it generated 777.1 billion yuan in revenue, an annual increase of 29.02 percent, according to the report.

BYD continued to post strong growth in vehicle sales. It sold 4.27 million NEVs last year, up 41 percent year-on-year. Its overseas sales reached 417,000 units, up 72 percent.

Its vehicle and vehicle-related business contributed 617.38 billion yuan in revenue, up 27.7 percent year-on-year and accounting for 79.45 percent of the total, the company said.

Its mobile phone component, assembly and other businesses contributed about 159.61 billion yuan, up 34.6 percent year-on-year and accounting for 20.54 percent of its total revenue.

Last year, its research and development (R&D) spending rose 36 percent year-on-year to 54.2 billion yuan, driving its cumulative R&D investment to exceed 180 billion yuan, the company said.