BYD vs SAIC Motor: Revenue, Profit and Business Model
BYD reported ~$111.8B of revenue in FY2025 and ~$4.5B of net income. SAIC Motor reported ~$91.2B of revenue in FY2025 and ~$1.4B of net income.
Latest financial snapshot
BYD
- Latest revenue
- ~$111.8B (FY2025)
- Net income
- ~$4.5B
- Net margin
- 4.0%
- Revenue growth
- +29.7% a year, FY2018–FY2025
SAIC Motor
- Latest revenue
- ~$91.2B (FY2025)
- Net income
- ~$1.4B
- Net margin
- 1.5%
- Revenue growth
- -4.2% a year, FY2021–FY2025
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.
SAIC Motor
Revenue peaked at ~$108 billion (CN¥779.8 billion) in 2021, then fell to ~$87.2 billion (CN¥627.6 billion) in 2024 as joint-venture volumes shrank, and net profit dropped to ~$232 million (CN¥1.67 billion) that year. 2025 brought a rebound: revenue rose 4.6% to ~$91.2 billion (CN¥656.24 billion) and attributable net profit rose to ~$1.41 billion (CN¥10.11 billion). In the first half of 2026 revenue was flat at ~$41.5 billion (CN¥298.65 billion), net profit fell 14.4% to ~$716 million (CN¥5.15 billion), and operating cash flow rose 158% to ~$7.55 billion (CN¥54.3 billion). The board proposed a 2025 cash dividend of CN¥2.66 per 10 shares, about $423 million (CN¥3.04 billion) in total.
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 |
SAIC Motor
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$91.2B | ~$1.4B | 1.5% | +4.6% | Source |
| FY2024 | ~$87.2B | ~$231.6M | 0.3% | -15.7% | Source |
| FY2023 | ~$103.5B | ~$2B | 1.9% | +0.1% | Source |
| FY2022 | ~$103.4B | ~$2.2B | 2.2% | -4.6% | Source |
| FY2021 | ~$108.4B | ~$3.4B | 3.1% | — | 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.
SAIC Motor
- Vehicle sales (own brands and consolidated JVs)
Sales of MG, Roewe, IM Motors, Maxus and Wuling vehicles in China and overseas.
- Auto parts (HASCO / Huayu Automotive)
Interiors, lighting, chassis, thermal and e-drive parts sold to SAIC and other carmakers.
- Joint-venture investment income
SAIC's share of profits from 50:50 joint ventures with Volkswagen and General Motors.
- Finance, logistics and mobility services
Auto loans and dealer financing, Anji Logistics vehicle transport, and mobility services.
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.
SAIC Motor
How it makes money
SAIC makes money mainly by building and selling vehicles. Revenue is consolidated from its own brands (MG, Roewe, IM Motors, Maxus/LDV), from consolidated joint ventures, and from parts maker HASCO (Huayu Automotive Systems).
Growth strategy
SAIC's growth plan centres on its own brands and overseas markets. MG is the export spearhead, with local assembly in Thailand, Indonesia and India and plans for more local production to work around tariffs. At home, SAIC is moving Roewe, MG and IM Motors onto new EV and plug-in hybrid platforms, and working with partners such as Huawei, Audi and Alibaba on software and premium models.
Competitive advantage
SAIC's advantages are scale, a long head start in exports and a well-known Western brand. MG gives it an established dealer network in the UK, Europe, Australia, India and the Middle East. It also has backing from the Shanghai government, its own parts supplier in HASCO, its own car logistics arm in Anji Logistics, and four decades of manufacturing know-how from working with Volkswagen and GM.
Questions about BYD vs SAIC Motor
Which company has higher revenue — BYD Company Ltd or SAIC Motor?
BYD Company Ltd reported ~$111.8B (FY2025), while SAIC Motor reported ~$91.2B (FY2025). By last reported revenue, BYD Company Ltd is the larger business, with SAIC Motor reporting a smaller revenue base.
What is the market cap of BYD Company Ltd vs SAIC Motor?
BYD Company Ltd's market capitalisation stands at $113.4B, while SAIC Motor's is $17.0B. BYD Company Ltd carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to SAIC Motor.
Which is more financially efficient — BYD Company Ltd or SAIC Motor?
BYD Company Ltd generates $123k / employee in revenue per employee, while SAIC Motor generates $507k / employee. SAIC Motor 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 SAIC Motor make money?
BYD Company Ltd and SAIC Motor 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. SAIC Motor: SAIC makes money mainly by building and selling vehicles.
Which company is valued higher relative to revenue — BYD Company Ltd or SAIC Motor?
On a price-to-sales (P/S) basis, BYD Company Ltd trades at 1.0x P/S and SAIC Motor at 0.2x P/S. BYD Company Ltd commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to SAIC Motor. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is BYD Company Ltd bigger than SAIC Motor?
By last reported revenue, BYD Company Ltd (~$111.8B (FY2025)) is the larger company compared to SAIC Motor (~$91.2B (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 SAIC Motor overview