BYD Company Ltd Revenue & Financials

BYD reported approximately $107 billion in total revenue for fiscal 2024, representing a 29% increase from the $83 billion reported in 2023, driven primarily by a 41% year-over-year increase in vehicle deliveries from 1.57 million units in 2023 to 1.76 million BEV units in 2024, supplemented by an additional 1.97 million plug-in hybrid vehicles. The company's gross margin declined from 20.2% in 2023 to an estimated 18.5% in 2024, reflecting the brutal pricing war in the Chinese domestic market that has forced all manufacturers to reduce average selling prices by 10-15% year-over-year. Net income for 2024 is estimated at approximately $5.2 billion, representing a net margin of 4.9%, significantly below the 12-15% net margins that Tesla achieves in comparable periods. This margin gap reflects BYD's deliberate strategy of sacrificing near-term profitability for volume growth and international market share accumulation, a strategy that is financially sustainable only because of its $18 billion in net cash and the government-backed credit facilities that provide low-cost funding for capital expenditure. Capital expenditures reached $9.3 billion in 2024, one of the highest absolute capex programs among all global automakers, funding new gigafactory construction in Brazil, Thailand, and Hungary, as well as continued capacity expansion at existing Shenzhen facilities. Free cash flow was marginally positive at approximately $1.2 billion, after accounting for working capital requirements of its massive global supply chain. The company's balance sheet reflects its capital intensity: total assets of approximately $145 billion include $18 billion in property, plant, and equipment and a further $22 billion in right-of-use assets from long-term manufacturing facility leases. The company's market capitalization has fluctuated dramatically, ranging from $53 billion to $112 billion in 2024, reflecting investor uncertainty about the duration of the Chinese EV price war and the trajectory of international expansion margins.