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Chinese company BYD reports profit of US$5,55 billion in 2024 and sells more than 4,2 million vehicles. Hybrid and electric sales drive growth while gross margin remains solid.
Chinese electric vehicle manufacturer BYD (Build Your Dreams) ended 2024 with record financial performance, surpassing US-based Tesla in total revenue for the first time. The data was officially released at the end of March and shows BYD's consolidation as the leading global force in the automotive electrification sector.
According to a balance sheet published on the InfoMoney portal on March 24, 2025, BYD recorded annual revenue of US$ 107 billion, an increase of 29% compared to the previous year. Net income reached US$ 5,55 billion, growing 34% compared to 2023, with growth in the fourth quarter standing out, where profit exceeded the US$ 2 billion mark.
Hybrid and electric vehicle sales drive record volume in 2024
According to the company's report, BYD sold 4,27 million vehicles throughout 2024, consolidating itself as the brand that sold the most automobiles electrified on the planet. In the last quarter of the year alone, there were 1.524.270 units, 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 around 484 units in the same period. According to InfoMoney, this difference of almost 100 vehicles marks a new moment in the market, putting BYD ahead of Elon Musk's company in quarterly volume.
The company's performance was mainly driven by sales of plug-in hybrid models (PHEVs), which are very popular in the Asian market. This diversification in the portfolio has allowed BYD to serve different market segments, increasing its global competitiveness.
BYD revenue and profit exceed market expectations
In the fourth quarter of 2024, BYD reported a net profit of US$2,07 billion, beating analysts' projections of US$1,98 billion. Quarterly revenue reached US$37,89 billion, representing a growth of 53% compared to the previous quarter, as pointed out by the InfoMoney report.
Despite the growth, the company's gross margin fell slightly at the end of the year, from 21,89% in the third quarter to 17,01% in the fourth quarter, as a result of increases in operating costs. Even so, the year closed with an annual gross margin of 19,4%, above the 18,5% recorded in 2023.
According to the website InsideEVs, BYD has managed to maintain its stable profitability even with growing competition in the sector, thanks to the efficiency of its supply chain and verticalized production, which includes everything from batteries to automotive semiconductors.
Tesla maintains profit lead, but loses ground in sales volume
Tesla, in turn, ended 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.
Tesla's performance report, published in January 2025, pointed to a slowdown in deliveries, mainly in North America and Europe, while BYD expanded its presence in emerging markets, such as Latin America, Southeast Asia and Africa.
With factories located outside China — including in Brazil, in Camaçari (BA) — BYD has been reinforcing 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 its position for 2025 with new technologies and international expansion
For 2025, the company expects to maintain its growth pace with a focus on battery technology, autonomous cars and expanding its 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 of the group's planning.
According to Reuters, BYD also plans to increase investment in research and development, allocating around US$5 billion to innovation by 2025. The company also announced strategic partnerships with smaller automakers to share LFP battery technology and vehicle intelligence systems.
With the 2024 figures, BYD not only surpasses Tesla in revenue, but also takes the lead in the new chapter of the automotive industry, marked by electrification, sustainability and accessibility. global market of electric vehicles, which moved more than US$ 1 trillion last year, now has a new leader.
