China’s leading electric vehicle manufacturer, BYD, announced on monday that its net profit jumped 73.1% in the fourth quarter of 2024 to a record high of $2.1 billion, benefiting from lower prices and higher sales compared to its competitors.
The company added that fourth-quarter revenues rose 52.7% to $38 billion. For the full year, profits rose 34% to a record high of $5.5 billion, with revenues up 29%.
BYD surpassed Volkswagen to become the top-selling automaker in China, posting a record 4.25 million vehicles in 2024. The company continues to introduce cheaper models, deepening a fierce two-year price war in the world’s largest auto market.
Chinese company BYD has made waves in recent weeks by unveiling a new supercharging platform that will make electric vehicles more efficient in operation and charging. It also announced that it will offer smart driving features on most of its models at no additional cost.
