Chinese EV giant BYD’s fourth-quarter profit leaps 73%

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BEIJING (Reuters) -Chinese electric vehicle maker BYD’s net profit leapt 73.1% in the fourth quarter of 2024 to a record 15 billion yuan ($2.1 billion), it said on Monday, reaping the rewards of lower prices and higher sales than rivals.

Fourth-quarter revenue was up 52.7% at 274.9 billion yuan, the company said in a stock market filing.

For the whole of last 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 and are currently slightly off an all-time-high reached last week.

The Chinese EV champion overtook Volkswagen to lead China’s car sales with a record 4.25 million vehicles in 2024.

The company has continued to roll out cheaper models, contributing to the deepening of a brutal two-year price war in the world’s largest auto market.

It has also roiled the market in recent weeks by unveiling a new super-charging EV technology platform and announcing that it will offer smart driving features on most of its line-up at no extra charge.

Sales of autos and related products that accounted for 79.4% of the company’s operating revenue generated a 22.3% gross profit margin last year, up 1.3 percentage points from a year earlier.

The Warren Buffett-backed automaker said earlier this month it had raised $5.59 billion in a primary share sale that was increased in size, with proceeds to be invested in research and development, and expanding overseas, among other purposes.

BYD is considering Germany for a possible third plant in Europe, Reuters has reported. Its overseas shipments jumped 71.9% last year to make up 10% of overall car sales.

($1 = 7.2520 Chinese yuan renminbi)

(Reporting by Qiaoyi Li, Zhang Yan and Brenda Goh. Editing by David Goodman and Mark Potter)