China's BYD reports 34pct net profit increase to US$5.6bil in 2024
A visitor stands next to a BYD Sealion 7 EV car at the 41st Thailand International Motor Expo, in Bangkok, Thailand.
China's leading new energy vehicle (NEV) manufacturer BYD Company Limited has reported robust profit growth in 2024, driven by booming car sales, reported Xinhua.
BYD's net profit attributable to its shareholders grew 34 per cent year on year to 40.25 billion yuan (about US$5.6 billion) last year, the company said in its annual report filed to the Shenzhen Stock Exchange on Monday night.
Last year, it generated 777.1 billion yuan in revenue, an annual increase of 29.02 per cent, according to the report.
BYD continued to post strong growth in vehicle sales. It sold 4.27 million NEVs last year, up 41 per cent year on year. Its overseas sales reached 417,000 units, up 72 per cent.
Its vehicle and vehicle-related business contributed 617.38 billion yuan in revenue, up 27.7 per cent year on year and accounting for 79.45 per cent of the total, the company said.
Its mobile phone component, assembly and other businesses contributed about 159.61 billion yuan, up 34.6 per cent year on year and accounting for 20.54 per cent of its total revenue.
Last year, its research and development (R&D) spending rose 36 per cent year on year to 54.2 billion yuan, driving its cumulative R&D investment to exceed 180 billion yuan, the company said.
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