BYD vs Lucid: Revenue, Profit and Business Model
BYD had ~$111.8B of annual revenue in FY2025 and ~$4.5B of net income. Lucid had $1.4B of annual revenue in FY2025 and a net loss of $2.7B.
Latest financial snapshot
Financial summary
BYD
BYD's FY2025 annual report records RMB803.965 billion of revenue, up 3.46% from RMB777.102 billion in 2024. Profit attributable to parent shareholders fell 18.97%, from RMB40.254 billion to RMB32.619 billion. Gross margin declined from 19.44% to 17.74%; BYD attributed the margin change mainly to its product mix. Operating cash inflow fell from RMB133.454 billion to RMB59.136 billion, while cash paid to purchase and construct fixed assets, intangible assets and other long-term assets rose from RMB97.360 billion to RMB156.808 billion. These are reported RMB amounts, without a changing USD conversion or a company-defined free-cash-flow figure. The FY2025 business review assigns approximately RMB648.646 billion (80.68%) of revenue to automobiles, related products and other products, and RMB155.237 billion (19.31%) to mobile handset components, assembly and other products. These broad reporting segments include more than passenger cars or phones. The unaudited H1 2026 interim report records RMB344.815 billion of revenue, down 7.13% year on year, and RMB12.325 billion of profit attributable to shareholders, down 20.54%. Overseas customer revenue was RMB181.268 billion (52.6% of total), compared with RMB163.547 billion from the PRC including Hong Kong, Macau and Taiwan. Revenue geography is based on customer location; it is not a count of vehicles exported. H1 operating cash inflow was RMB37.335 billion versus RMB31.833 billion a year earlier.
Lucid
Lucid is growing revenue but remains deeply loss-making. Revenue rose from $595M in 2023 to $808M in 2024 and $1.354B in 2025, while net losses stayed near $2.7B a year. In Q2 2026 revenue reached $405M (up 56% year over year) on 3,953 deliveries, but adjusted EBITDA was a loss of about $901M and total liquidity fell to roughly $3B. The company relies on outside capital: an April 2026 raise of about $1.05B included $550M from a PIF affiliate, $200M from Uber and a $300M public offering. Lucid Group, Inc. is a major American electric vehicle manufacturer, maintaining a market valuation typically exceeding $7 billion, bolstered significantly by immense financial backing from Saudi Arabia's Public Investment Fund (PIF).
Revenue and profit by year
BYD
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$111.8B | ~$4.5B | 4.1% | +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 | ~$423.3M | 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 |
Lucid
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $1.4B | -$2.7B | -199.3% | +67.6% | Source |
| FY2024 | $807.8M | -$2.7B | -336.0% | +35.7% | Source |
| FY2023 | $595.3M | -$2.8B | -475.1% | -2.1% | Source |
| FY2022 | $608.2M | -$1.3B | -214.5% | +2143.3% | Source |
| FY2021 | $27.1M | -$2.6B | -9515.6% | +581.9% | Source |
| FY2020 | $4M | -$719.4M | -18093.1% | -13.4% | Source |
| FY2019 | $4.6M | -$277.4M | -6042.6% | — | Source |
Where the revenue comes from
BYD
- Automobiles and related products~81%
Automobiles, related products and other products, including vehicles, batteries and energy storage. BYD's business review reports RMB648.646 billion (80.68% of group revenue) in FY2025. The H1 2026 interim report records about RMB275.341 billion (79.85%) for the comparable broad segment.
- Mobile handset components and assembly~19%
Mobile handset components, assembly and other electronic products, mainly through BYD Electronic. BYD's business review reports RMB155.237 billion (19.31% of group revenue) in FY2025. The H1 2026 interim report records about RMB69.405 billion (20.13%) for electronics and other products.
Lucid
- Vehicle Sales and Leasing
Not formally reported
Sales and leases of Lucid Air and Gravity vehicles through Lucid's direct retail model.
- Service, Parts, and Accessories
Not formally reported
Post-sale service, replacement parts, accessories, and customer support tied to Lucid's installed vehicle base.
- Technology Partnerships
Not formally reported
Technology supply and licensing, including Lucid's powertrain and battery agreement with Aston Martin, plus regulatory credit sales.
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.
Lucid
How it makes money
Lucid earns almost all of its revenue by selling and leasing its own vehicles, the Lucid Air sedan and the Gravity SUV, through company-owned studios and online rather than franchised dealers. Smaller revenue lines include service, parts and accessories, regulatory credit sales ($25.4M in Q2 2026) and technology supply deals such as its powertrain and battery agreement with Aston Martin.
Growth strategy
Lucid is trying to move from a low-volume luxury sedan maker to a broader vehicle company. The Gravity SUV now makes up most deliveries, a lower-priced midsize platform is planned to follow, and the Uber robotaxi commitment of at least 35,000 vehicles offers a fleet channel. Under the 2026 operational reset, management is cutting costs, consolidating Arizona production to one shift and prioritizing cash over volume.
Competitive advantage
Lucid's edge is in-house powertrain engineering. Its compact motors, inverters, 900V-class battery architecture and efficiency software give the Air some of the longest EPA range ratings of any production EV and free up cabin space. That technology has been strong enough to license to Aston Martin and to win Uber's robotaxi program, but it has not yet produced a cost base that lets Lucid make money on each car.
Questions about BYD vs Lucid
Which company has higher revenue — BYD Company Ltd or Lucid Group, Inc.?
BYD Company Ltd had ~$111.8B (FY2025), while Lucid Group, Inc. had $1.4B (FY2025). By latest annual revenue, BYD Company Ltd is the larger business, with Lucid Group, Inc. showing a smaller revenue base.
What is the market cap of BYD Company Ltd vs Lucid Group, Inc.?
BYD Company Ltd's market capitalisation stands at $113.4B, while Lucid Group, Inc.'s is $1.6B. BYD Company Ltd carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Lucid Group, Inc..
How does revenue per employee compare for BYD Company Ltd and Lucid Group, Inc.?
BYD Company Ltd has $123k / employee in revenue per employee, while Lucid Group, Inc. has $208k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do BYD Company Ltd and Lucid Group, Inc. make money?
BYD Company Ltd and Lucid Group, Inc. 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. Lucid Group, Inc.: Lucid earns almost all of its revenue by selling and leasing its own vehicles, the Lucid Air sedan and the Gravity SUV, through company-owned studios and online rather than franchised dealers.
Which company is valued higher relative to revenue — BYD Company Ltd or Lucid Group, Inc.?
On a price-to-sales (P/S) basis, BYD Company Ltd trades at 1.0x P/S and Lucid Group, Inc. at 1.2x P/S. Lucid Group, Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to BYD Company Ltd. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is BYD Company Ltd bigger than Lucid Group, Inc.?
By last reported revenue, BYD Company Ltd (~$111.8B (FY2025)) is the larger company compared to Lucid Group, Inc. ($1.4B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
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 Lucid overview