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BYD’s Fourth-Quarter Profit Jumps 73% Amid Strong EV Sales


Photo by FMT
Photo by FMT

Summary


  • BYD reported a 73% surge in its fourth-quarter profit for 2024, reaching 15 billion yuan (US$2.1 billion).

  • The company’s revenue increased by 52.7% to 274.9 billion yuan, driven by strong EV sales and competitive pricing.

  • BYD’s market share in China has grown significantly, overtaking Volkswagen with a record 4.25 million vehicles sold in 2024.


 

BYD, China’s leading electric vehicle manufacturer, has reported a remarkable 73% increase in its fourth-quarter profit for 2024. The company’s net profit reached 15 billion yuan (US$2.1 billion), marking a record high. This surge is primarily attributed to BYD’s competitive pricing strategy and its continued dominance in the electric vehicle market.

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