BYD Company Limited reported a 34% increase in net profit for 2024, reaching 40.25 billion yuan (US$5.6 billion).

Revenue rose 29.02% year-on-year to 777.1 billion yuan (US$106.99 billion).

The company sold 4.27 million new electric vehicles (NEVs), a 41% increase, with overseas sales surging 72% to 417,000 units.

The vehicle and related segment generated 617.38 billion yuan (US$85 billion) in revenue, contributing 79.45% of total earnings.

Mobile phone components and other operations brought in 159.61 billion yuan (US$21.97 billion), up 34.6%.

R&D spending grew 36% to 54.2 billion yuan (US$7.46 billion), with cumulative investment surpassing 180 billion yuan (US$24.78 billion).

Recent BYD developments