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Chinese Company BYD Reports Profit of US$ 5.55 Billion in 2024 and Sells More than 4.2 Million Vehicles. Hybrid and Electric Sales Drive Growth While Gross Margin Remains Strong.
The Chinese electric vehicle manufacturer BYD (Build Your Dreams) ended 2024 with record financial performance, surpassing American Tesla in total revenue for the first time. The data was officially released at the end of March and shows BYD’s consolidation as the leading global force in the automotive electrification sector.
According to a report published on the InfoMoney portal on March 24, 2025, BYD reported an annual revenue of US$ 107 billion, a 29% increase compared to the previous year. Net profit reached US$ 5.55 billion, growing 34% compared to 2023, with notable growth in the fourth quarter, where profit exceeded US$ 2 billion.
Hybrid and Electric Sales Drive Record Volume in 2024
According to the company’s report, BYD sold 4.27 million vehicles throughout 2024, solidifying itself as the brand that sold the most electrified cars on the planet. In the last quarter of the year alone, there were 1,524,270 units sold, a growth of 161% compared to the same period in 2023.
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Sales of 100% electric vehicles (BEVs) totaled 595,413 units in the fourth quarter, surpassing Tesla, which sold about 484,000 units in the same period. According to InfoMoney, this difference of almost 100,000 vehicles marks a new moment in the market, placing BYD ahead of Elon Musk’s company in quarterly volume.
The company’s performance was mainly boosted by the sales of plug-in hybrid models (PHEVs), which are very popular in the Asian market. This diversification in the portfolio allowed BYD to cater to different market segments, increasing its global competitiveness.
Revenue and Profit of BYD Exceed Market Expectations
In the fourth quarter of 2024, BYD reported a net profit of US$ 2.07 billion, exceeding analysts’ projections, which expected US$ 1.98 billion. Quarterly revenue reached US$ 37.89 billion, representing a growth of 53% compared to the previous quarter, as indicated by InfoMoney’s report.
Despite the growth, the company’s gross margin experienced a slight decline at the end of the year, falling from 21.89% in the third quarter to 17.01% in the fourth quarter, a result of rising operational costs. Still, the year closed with an annual gross margin of 19.4%, up from 18.5% reported in 2023.
According to InsideEVs, BYD managed to maintain stable profitability even amidst growing competition in the sector, thanks to the efficiency of its supply chain and vertically integrated production, which includes everything from batteries to automotive semiconductors.
Tesla Maintains Profit Lead but Loses Ground in Sales Volume
Tesla, on the other hand, finished 2024 with revenue of US$ 97.7 billion and a net profit of US$ 7.6 billion, solid figures, but lower than the performance of its Chinese rival in terms of revenue and percentage growth. While Tesla still leads in profit, BYD shows greater aggressiveness in market expansion.
The Tesla performance report, published in January 2025, pointed to a slowdown in deliveries, particularly in North America and Europe, while BYD expanded its presence in emerging markets, such as Latin America, Southeast Asia, and Africa.
With factories established outside of China — including in Brazil, in Camaçari (BA) — BYD has strengthened its internationalization strategy. The company’s president, Wang Chuanfu, recently stated that “leadership in sales is just the beginning of a new era of global electric mobility.”
BYD Strengthens Position for 2025 with New Technologies and International Expansion
For 2025, the company’s expectation is to maintain its growth pace with a focus on battery technology, autonomous cars, and expansion of charging infrastructure. The launch of the YangWang U9 model, a 100% electric super sports car, and the expansion of the Dolphin line in Western markets are highlights in the group’s planning.
According to Reuters, BYD also plans to increase investments in research and development, allocating around US$ 5 billion for innovation in 2025. The company also announced strategic partnerships with smaller automakers to share LFP battery technology and vehicle intelligence systems.
With the numbers from 2024, BYD not only surpasses Tesla in revenue but also assumes a leading role in the new chapter of the automotive industry, marked by electrification, sustainability, and accessibility. The global market for electric vehicles, which moved over US$ 1 trillion in the past year, now has a new leader.
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