BYD vs Haval: Revenue, Profit and Business Model
BYD reported ~$111.8B of revenue in FY2025 and ~$4.5B of net income. Haval does not publish annual revenue.
Latest financial snapshot
Financial summary
BYD
BYD's revenue grew more than fivefold in five years, from ~$21.8 billion (CN¥156.6 billion) in 2020 to ~$112 billion (CN¥803.96 billion) in 2025, as its new energy vehicle sales rose to 4.6 million units. Profit peaked in 2024 at about $5.59 billion (CN¥40.2 billion) and fell 19% in 2025 to ~$4.53 billion (CN¥32.62 billion) attributable to shareholders, BYD's first annual decline in four years, which the company linked to product mix changes and a lower gross margin. Gross margin slipped from 19.1% in 2024 to 17.5% in 2025. The first half of 2026 brought revenue of ~$47.9 billion (CN¥344.8 billion) (down 7.1%) and net profit of ~$1.71 billion (CN¥12.3 billion) (down 20.5%), although second-quarter profit rose year on year for the first time in five quarters on record exports. Overseas revenue of ~$25.2 billion (CN¥181.3 billion) overtook revenue from China for the first time.
Haval
Haval's numbers sit inside Great Wall Motor's consolidated accounts. In 2025 GWM's operating revenue rose 10.2% to ~$31 billion (RMB 222.82 billion) on higher overseas and new-energy sales, but net profit fell 22.1% to ~$1.37 billion (RMB 9.87 billion) as price competition and spending on new models weighed on margins. Haval supplied about 758,000 of the group's 2025 vehicles. For 2026 GWM is targeting at least 1.8 million vehicle sales and ~$1.39 billion (RMB 10 billion) of net profit.
Revenue and profit by year
BYD
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$111.8B | ~$4.5B | 4.0% | +3.5% | Source |
| FY2024 | ~$108B | ~$5.6B | 5.2% | +29.0% | Source |
| FY2023 | ~$83.7B | ~$4.2B | 5.0% | +42.0% | Source |
| FY2022 | ~$58.9B | ~$2.3B | 3.9% | +96.2% | Source |
| FY2021 | ~$30B | ~$420.6M | 1.4% | +38.0% | Source |
| FY2020 | ~$21.8B | ~$588M | 2.7% | +22.6% | Source |
| FY2019 | ~$17.8B | ~$223.8M | 1.3% | -1.8% | Source |
| FY2018 | ~$18.1B | ~$386.4M | 2.1% | — | Source |
Haval
Haval does not publish annual revenue. What is known about its finances is in the summary above.
Full Haval financialsWhere the revenue comes from
BYD
- Automobiles and related products~81%
Sales of BYD, Denza, Fangchengbao and Yangwang passenger cars, buses and trucks, plus related products such as batteries and energy storage. The segment produced ~$90.2 billion (CN¥648.6 billion) in FY2025 and ~$38.3 billion (CN¥275.3 billion) (79.9% of revenue) in the first half of 2026.
- Mobile handset components and assembly~19%
Contract manufacturing and assembly of phones, tablets, smart car components and other devices, mainly through BYD Electronic. The segment produced ~$21.6 billion (CN¥155.2 billion) in FY2025, and electronics revenue rose 1.0% to ~$9.65 billion (CN¥69.4 billion) in the first half of 2026.
Haval
- China SUV Sales
Not disclosed
Sales of the H6, Jolion, Big Dog, Raptor and Xiaolong through GWM dealers in China, still Haval's largest market.
- Overseas SUV Sales
Not disclosed
Exports and locally built vehicles sold in Australia, Russia, Thailand, Brazil, South Africa and the Middle East, a fast-growing part of GWM's revenue.
- Hybrid and Plug-in Hybrid SUVs
Not disclosed
Hi4, HEV and PHEV versions that carry higher prices than petrol models.
- Parts and After-sales
Not disclosed
Replacement parts, accessories and service through GWM's dealer network.
Business model and strategy
BYD
How it makes money
BYD earns most of its revenue by designing, building and selling passenger cars under the BYD (Dynasty and Ocean series), Denza, Fangchengbao and Yangwang brands, along with buses, trucks, batteries and energy storage systems. Its automobiles and related products segment produced ~$90.2 billion (CN¥648.6 billion) in FY2025, about 81% of group revenue.
Growth strategy
BYD's growth plan has three parts. First, build locally abroad: plants in Thailand, Uzbekistan and Camaçari, Brazil are producing cars, Hungary is due to start series production in the fourth quarter of 2026, and a Turkish plant was paused in June 2026 while BYD concentrates on Europe. Second, move upmarket through Denza, Fangchengbao and Yangwang, which sell at higher prices than core BYD models.
Competitive advantage
BYD's advantage is cost control from owning its supply chain. It makes its own LFP Blade battery cells, motors, electronic controls and power chips, so it can sell a Seagull hatchback from around CN¥70,000 in China and still run a profitable car business, and it can put new technology such as the second-generation Blade Battery and FLASH charging into many models at once.
Haval
How it makes money
Haval operates a highly focused, mass-market B2C automotive manufacturing model. Unlike traditional automakers that build every type of car, Haval only builds SUVs. This extreme specialization drastically reduces large R&D and manufacturing costs. Their business model is a classic 'Value Disruption' play.
Growth strategy
Facing large, severe competition in the Chinese domestic market (specifically from aggressive EV startups like BYD), Haval's growth strategy is aggressively pivoting to 'New Energy Vehicles' (NEVs) and large global export. They realize their traditional gas-powered SUVs are becoming obsolete in China.
Competitive advantage
Haval's absolute competitive advantage is its extreme, leading cost-efficiency and its deep, proprietary vertical integration. Great Wall Motor (the parent company) famously manufactures almost every single major component of a Haval SUV in-house (engines, transmissions, batteries, and even the microchips).
Questions about BYD vs Haval
Which company has higher revenue — BYD Company Ltd or Haval?
BYD Company Ltd reported ~$111.8B (FY2025). A verified revenue figure for Haval was not available at the time of this comparison.
What is the market cap of BYD Company Ltd vs Haval?
BYD Company Ltd has a market capitalisation of $113.4B. A public market cap figure for Haval was not available (it may be privately held).
Which is more financially efficient — BYD Company Ltd or Haval?
BYD Company Ltd generates $123k / employee in revenue per employee. A comparable figure for Haval requires matching employee and revenue data from the same reporting period.
How do BYD Company Ltd and Haval make money?
BYD Company Ltd and Haval generate revenue in fundamentally different ways. BYD Company Ltd: BYD earns most of its revenue by designing, building and selling passenger cars under the BYD (Dynasty and Ocean series), Denza, Fangchengbao and Yangwang brands, along with buses, trucks, batteries and energy storage systems. Haval: Haval operates a highly focused, mass-market B2C automotive manufacturing model.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the BYD vs Haval overview