BYD vs Renault: Revenue, Profit and Business Model
BYD reported ~$111.8B of revenue in FY2025 and ~$4.5B of net income. Renault reported ~$65.5B of revenue in FY2025 and a net loss of ~$12.4B.
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.
Renault
Renault's revenue grew from ~$47.1 billion (EUR41.66 billion) in 2021 to ~$65.4 billion (EUR57.92 billion) in 2025 under the Renaulution value-over-volume plan. Group operating margin peaked at 7.9% in 2023, eased to 7.6% in 2024, and fell to 6.3% (~$4.1 billion (EUR3.63 billion)) in 2025 because of price pressure. The FY2025 net loss of ~$12.4 billion (EUR10.93 billion) came mainly from accounting changes and impairments on the Nissan stake, not from operations. In H1 2026, revenue rose 9.5% to ~$34.2 billion (EUR30.25 billion), operating margin was ~$1.81 billion (EUR1.6 billion) (5.2%), net income was ~$791 million (EUR0.7 billion) and automotive free cash flow was ~$738 million (EUR653 million). Renault confirmed 2026 guidance of about a 5.5% operating margin and about $1.13 billion (EUR1 billion) of automotive free cash flow.
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 |
Renault
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$65.5B | ~-$12.4B | -18.9% | +3.0% | Source |
| FY2024 | ~$63.5B | ~$849.8M | 1.3% | +7.4% | Source |
| FY2023 | ~$59.2B | ~$2.5B | 4.2% | +13.1% | Source |
| FY2022 | ~$52.4B | ~-$400M | -0.8% | +11.2% | Source |
| FY2021 | ~$47.1B | ~$1B | 2.1% | — | 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.
Renault
- Vehicle salesMajority
Sales of Renault, Dacia, Alpine, EV, hybrid, and light commercial vehicles.
- Financing and services
Meaningful
Sales financing, leasing, mobility, service contracts, and related customer finance.
- Parts and aftersales
Meaningful
Replacement parts, accessories, maintenance, and dealer-network aftersales.
- Partnerships and technologySmaller
Powertrain, platform, and alliance-linked strategic activities.
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.
Renault
How it makes money
Renault makes most of its money by designing, building and selling passenger cars and light commercial vehicles under the Renault, Dacia and Alpine brands, mostly in Europe. Mobilize Financial Services (formerly RCI Bank and Services) adds loans, leases, insurance and dealer financing.
Growth strategy
Renault's current strategy is futuREady, presented by CEO Francois Provost on March 10, 2026. It rests on four priorities (growth, tech, resilience and trust) and plans 36 new models by 2030, faster technology roadmaps, wider use of AI in operations, and a new relationship with suppliers. Product launches shown with the plan included the Dacia Striker and the Renault Bridger concept.
Competitive advantage
Renault's main edge is cost-disciplined value. Dacia reuses proven group platforms and builds in lower-cost plants in Romania and Morocco, and the Sandero was the best-selling passenger car in Europe across all channels in H1 2026.
Questions about BYD vs Renault
Which company has higher revenue — BYD Company Ltd or Renault S.A.?
BYD Company Ltd reported ~$111.8B (FY2025), while Renault S.A. reported ~$65.5B (FY2025). By last reported revenue, BYD Company Ltd is the larger business, with Renault S.A. reporting a smaller revenue base.
What is the market cap of BYD Company Ltd vs Renault S.A.?
BYD Company Ltd's market capitalisation stands at $113.4B, while Renault S.A.'s is $8.6B. BYD Company Ltd carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Renault S.A..
Which is more financially efficient — BYD Company Ltd or Renault S.A.?
BYD Company Ltd generates $123k / employee in revenue per employee, while Renault S.A. generates $668k / employee. Renault S.A. 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 Renault S.A. make money?
BYD Company Ltd and Renault S.A. 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. Renault S.A.: Renault makes most of its money by designing, building and selling passenger cars and light commercial vehicles under the Renault, Dacia and Alpine brands, mostly in Europe.
Which company is valued higher relative to revenue — BYD Company Ltd or Renault S.A.?
On a price-to-sales (P/S) basis, BYD Company Ltd trades at 1.0x P/S and Renault S.A. at 0.1x P/S. BYD Company Ltd commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Renault S.A.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is BYD Company Ltd bigger than Renault S.A.?
By last reported revenue, BYD Company Ltd (~$111.8B (FY2025)) is the larger company compared to Renault S.A. (~$65.5B (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 Renault overview