
BYD has repeatedly taken the lead in launching price wars in the industry. What does it rely on? The latest 2024 financial report reveals key data.
The financial report shows that in 2024, BYD achieved operating income of 777.102 billion yuan, a year-on-year increase of 29%, and net profit of 40.254 billion yuan, a year-on-year increase of 34%.

On July 4, 2024, local time, in Rayong Province, Thailand, workers produce electric vehicles in BYD's new factory.
In terms of business composition, the automotive business revenue was 617.382 billion yuan, accounting for 79.45%, and the mobile phone parts and assembly business revenue was 159.6 billion yuan, accounting for 20.54%. The sales volume was 4.27 million vehicles, and the growth rate of the automotive business was 27.7%, slightly lower than the company's overall revenue growth rate.
Its vertically integrated supply chain model makes the cost of each vehicle 18% lower than the industry average. Its battery self-sufficiency rate is 95%, and IGBT chip self-sufficiency rate is 80%, which has promoted the gross profit margin of the automotive business to 22.31%. Its accounts payable turnover days are 127 days, which is 31% shorter than the industry average of 184 days.
At the same time, through a multi-brand strategy (Dynasty, Ocean, BYD, Yangwang), covering the full price range of 70,000 to 1.68 million yuan, its market share in mainstream models of 200,000-300,000 yuan will jump from 11% in 2020 to 37% in 2024, forming a strong alternative to joint venture brands.
BYD's overseas sales will reach 417,000 vehicles in 2024, a year-on-year increase of 71.8%, far exceeding the 19.3% growth rate of China's overall automobile exports. Soochow Securities predicts that its exports will exceed 800,000 vehicles in 2025, doubling its growth.
It is worth noting that BYD's R&D investment in 2024 was 54.2 billion yuan, a year-on-year increase of 36%, accounting for 6.97% of its revenue, exceeding the net profit in the same period. In the past 14 years, R&D investment exceeded the net profit of the year in 13 years, and the cumulative R&D expenditure exceeded 180 billion yuan.
Currently, BYD has built a full-stack self-developed system covering batteries, motors, electronic controls and intelligent driving. At present, the Eye of God technology matrix has covered 21 models, and plans to achieve L3 level autonomous driving mass production in 2025. Through continuous technology investment, global production capacity layout and vertical integration model, BYD has built a dual "moat" of scale effect and risk resistance.