Chinese EV giant BYD reported a 73% increase in fourth-quarter profit, with revenue up 52.7% at 274.9 billion yuan. For the entire year, profit rose 34% to a record 40.3 billion yuan on revenue up 29%. BYD’s shares in Hong Kong have risen by 51% year-to-date. The company surpassed Volkswagen to lead China’s car sales with a record 4.25 million vehicles in 2024.
BYD has continued to introduce cheaper models, contributing to a brutal two-year price war in the world’s largest auto market. The company unveiled a new super-charging EV technology platform and announced it will offer smart driving features on most of its lineup at no extra charge. Sales of autos and related products accounted for 79.4% of the company’s operating revenue, generating a 22.3% gross profit margin last year.
— news from Reuters