BYD vs NIO: Revenue, Profit and Business Model
BYD reported ~$111.8B of revenue in FY2025 and ~$4.5B of net income. NIO reported ~$12.2B of revenue in FY2025 and a net loss of ~$2.1B.
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.
NIO
NIO has reported a net loss every year since founding, peaking at ~$3.11 billion (RMB22.40 billion) in 2024. FY2025 revenue grew 33.1% to ~$12.2 billion (RMB87.49 billion) and the net loss narrowed to ~$2.08 billion (RMB14.94 billion). The improvement accelerated in 2026: Q2 revenue rose 69.1% year over year to ~$4.47 billion (RMB32.14 billion), vehicle margin reached 18.5%, the GAAP net loss fell to ~$73.4 million (RMB528 million), and adjusted net profit was ~$3.63 million (RMB26.1 million). NIO reported positive operating cash flow for a fourth straight quarter and cash reserves of RMB56.7 billion (US$8.4 billion) at June 30, 2026. Major funding came from Hefei state-linked investors in 2020 and Abu Dhabi-backed CYVN Holdings, which invested about US$3.3 billion in 2023.
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 |
NIO
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$12.2B | ~-$2.1B | -17.1% | +33.1% | Source |
| FY2024 | ~$9.1B | ~-$3.1B | -34.1% | +18.2% | Source |
| FY2023 | ~$7.7B | ~-$2.9B | -37.3% | +12.9% | Source |
| FY2022 | ~$6.8B | ~-$2B | -29.3% | +36.3% | Source |
| FY2021 | ~$5B | ~-$558.4M | -11.1% | +122.3% | Source |
| FY2020 | ~$2.3B | ~-$737.3M | -32.6% | +107.8% | Source |
| FY2019 | ~$1.1B | ~-$1.6B | -144.4% | +58.0% | Source |
| FY2018 | ~$688.2M | ~-$1.3B | -194.7% | — | Source |
Where 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.
NIO
- Vehicle Sales
~90% (Q2 2026)
Sales of NIO, ONVO and FIREFLY vehicles. Vehicle sales were ~$4.04 billion (RMB29.06 billion) of ~$4.47 billion (RMB32.14 billion) total revenue in Q2 2026.
- Other Sales and Services
~10% (Q2 2026)
Battery swap and charging services, BaaS battery subscriptions, parts and accessories, after-sales services, used cars and embedded software.
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.
NIO
How it makes money
NIO earns most of its revenue from vehicle sales across three brands: NIO (premium SUVs and sedans such as the ES8, ES6 and ET5), ONVO (family SUVs such as the L60 and L90) and FIREFLY (a compact car). In Q2 2026 vehicle sales were ~$4.04 billion (RMB29.06 billion) of ~$4.47 billion (RMB32.14 billion) in total revenue.
Growth strategy
NIO's growth plan rests on three brands at different price points, a shared battery-swap network and in-house technology such as its Shenji NX9031 driving chip and SkyOS operating system. The third-generation ES8, launched in 2025, reached 150,000 deliveries within a year and topped 10,000 units a month from July to September 2026.
Competitive advantage
NIO's clearest advantage is its battery-swap network, which lets drivers exchange a depleted pack for a charged one in a few minutes and supports the BaaS subscription model. Other strengths include a loyal owner community built around NIO Houses and the NIO app, in-house chips and software, and a three-brand lineup that spreads the cost of the swap network over more vehicles.
Questions about BYD vs NIO
Which company has higher revenue — BYD Company Ltd or NIO Inc.?
BYD Company Ltd reported ~$111.8B (FY2025), while NIO Inc. reported ~$12.2B (FY2025). By last reported revenue, BYD Company Ltd is the larger business, with NIO Inc. reporting a smaller revenue base.
What is the market cap of BYD Company Ltd vs NIO Inc.?
BYD Company Ltd's market capitalisation stands at $113.4B, while NIO Inc.'s is $8.5B. BYD Company Ltd carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to NIO Inc..
Which is more financially efficient — BYD Company Ltd or NIO Inc.?
BYD Company Ltd generates $123k / employee in revenue per employee, while NIO Inc. generates $347k / employee. NIO Inc. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do BYD Company Ltd and NIO Inc. make money?
BYD Company Ltd and NIO 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. NIO Inc.: NIO earns most of its revenue from vehicle sales across three brands: NIO (premium SUVs and sedans such as the ES8, ES6 and ET5), ONVO (family SUVs such as the L60 and L90) and FIREFLY (a compact car).
Which company is valued higher relative to revenue — BYD Company Ltd or NIO Inc.?
On a price-to-sales (P/S) basis, BYD Company Ltd trades at 1.0x P/S and NIO Inc. at 0.7x P/S. BYD Company Ltd commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to NIO Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is BYD Company Ltd bigger than NIO Inc.?
By last reported revenue, BYD Company Ltd (~$111.8B (FY2025)) is the larger company compared to NIO Inc. (~$12.2B (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 NIO overview