BYD hit new highs in 2024, reporting record revenue and accelerating its sustainability efforts. Quite interestingly, it has taken down Tesla. What fueled the Chinese EV giant’s record-breaking success? Surging EV sales and bold green energy initiatives propelled BYD to the top.
BYD’s Profits and Sales Hit New Highs
BYD’s net profit jumped 73.1% in Q4 2024, reaching a record 15 billion yuan ($2.1 billion). Strong sales and competitive pricing fueled this growth. Revenue surged 52.7% to 274.9 billion yuan.
Yahoo Finance revealed that for the full year, profit rose 34% to 40.3 billion yuan. Revenue climbed 29% to 777 billion yuan ($107 billion). BYD’s stock in Hong Kong soared 51% this year, nearing an all-time high.
The company sold 4.25 million vehicles in 2024, surpassing Volkswagen to lead China’s auto market, as reported by Reuters.
Targets Global Growth
The Yahoo report also stated that BYD plans to double overseas sales to over 800,000 units in 2025. Last year, it sold 417,204 EVs outside China. The company sees Britain as a key market due to its openness to Chinese brands. It’s also opening showrooms worldwide, including in Australia and Germany, to reduce reliance on China’s crowded market
It expects strong growth in Latin America and Southeast Asia. To stay competitive, BYD will assemble cars locally while sourcing key components from China.
BYD is building factories in Brazil, Thailand, Hungary, and Turkey, aiming to run these plants independently. It’s also in the recent news that BYD is planning to expand in India by increasing local production and launching new EV models.
However, BYD has paused its U.S. and Canada expansion due to trade tensions and tariffs. The company expects a big share of future profits to come from global markets.
BYD’s Road to Carbon Neutrality
BYD aims to reduce the carbon intensity of its operations by 50% by 2030 and achieve carbon neutrality across its entire value chain by 2045, using 2023 as the baseline.
According to its 2024 sustainability report, it has launched key initiatives to reach these goals. They are:
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Increase green electricity use to 35% by 2025 and develop new energy-saving technologies for manufacturing
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Expand solar power projects and switch to renewable energy.
Milestones Achieved in 2024
The company launched 410 energy-saving projects, cutting carbon emissions by over 210,000 tons of CO₂. It procured 2.23 million green certificates and used 468 million kWh of green electricity.
It also led the market, selling 4.27 million new energy passenger vehicles and delivering 127,000 commercial EVs, including 85,000 electric buses and 41,000 trucks. It is evident from its revenue how rapidly it is expanding worldwide, bringing low-emission, high-quality EVs to global markets.
Investing in Clean Energy Solutions
The company has set up an advanced “photovoltaic-storage integration” model that focuses on capturing, storing, and using clean energy to reduce dependence on fossil fuels.
Rechargeable Batteries
BYD is also a leader in battery technology, having a portfolio of nickel-metal hydride, lithium cobalt, lithium iron phosphate, and ternary lithium. These power EVs, electronic devices, and energy storage systems. The company also recycles batteries, processing over 10,000 tons of used power batteries in two factories.
Solar Power
BYD develops a full range of solar solutions ranging from silicon wafers and battery cells to PV modules and complete solar power systems. Its solar technology supports energy independence and a greener future.
Energy Storage
The company operates energy storage systems in 110 countries, with over 75 GWh in commercial use. To date, it has completed 350 projects and gathered 17 years of operational data to improve performance.
Most significantly, the EV maker follows China’s Carbon Peaking and Carbon Neutrality Goals. It remains committed to using technology to create a cleaner, more sustainable world. With a sharp focus on innovation and carbon reduction, BYD is driving the future of clean mobility.
