BYD vs Zhejiang Geely Holding Group: Revenue, Profit and Business Model
BYD reported ~$111.8B of revenue in FY2025 and ~$4.5B of net income. Zhejiang Geely Holding Group reported $87.9B of revenue in FY2025 and a net loss of $896.6M.
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
Zhejiang Geely Holding Group
- Latest revenue
- $87.9B (FY2025)
- Net income
- -$896.6M
- Net margin
- -1.0%
- Revenue growth
- +12.0% 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.
Zhejiang Geely Holding Group
Geely Holding does not publish full consolidated accounts the way a listed company does. Fortune's 2026 Global 500 lists FY2025 revenue of $87.87 billion (up 10%), a net loss of $896.6 million, total assets of $112.0 billion and stockholder equity of $17.5 billion. Its 2025 Global 500 entry listed FY2024 revenue of $79.9 billion. The largest listed unit, Geely Automobile Holdings, reported 2025 revenue of ~$48 billion (RMB 345.2 billion) and core net profit attributable to shareholders of ~$2 billion (RMB 14.41 billion). In the first half of 2026 it reported revenue of ~$24.1 billion (RMB 173.6 billion) (up 15%) and core attributable profit of ~$1.35 billion (RMB 9.68 billion) (up 46%) on sales of 1.42 million vehicles (up 1%).
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 |
Zhejiang Geely Holding Group
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $87.9B | -$896.6M | -1.0% | +10.0% | Source |
| FY2024 | $79.9B | — | 0.0% | — | Source |
| FY2021 | $55.9B | — | 0.0% | — | 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.
Zhejiang Geely Holding Group
No segment breakdown is published.
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.
Zhejiang Geely Holding Group
How it makes money
Geely Holding is a holding company rather than a single carmaker. Most of its volume comes from Geely Automobile Holdings, the Hong Kong-listed unit that sells Geely, Geely Galaxy, Lynk & Co and Zeekr vehicles; that unit sold 3,024,567 vehicles in 2025 and reported revenue of ~$48 billion (RMB 345.2 billion).
Growth strategy
Growth is centred on new energy vehicles, which made up 2.293 million of the group's 4.116 million sales in 2025, and on overseas markets. The group is also simplifying its structure: Geely Auto took Zeekr private in December 2025 so it could combine product development, manufacturing and sales.
Competitive advantage
Geely combines large-scale Chinese manufacturing and EV supply chains with European brands, engineering centres and distribution, mainly through Volvo Cars. Shared architectures such as CMA (co-developed with Volvo) and the SEA electric platform let it spread development costs across many models and brands.
Questions about BYD vs Zhejiang Geely Holding Group
Which company has higher revenue — BYD Company Ltd or Zhejiang Geely Holding Group?
BYD Company Ltd reported ~$111.8B (FY2025), while Zhejiang Geely Holding Group reported $87.9B (FY2025). By last reported revenue, BYD Company Ltd is the larger business, with Zhejiang Geely Holding Group reporting a smaller revenue base.
What is the market cap of BYD Company Ltd vs Zhejiang Geely Holding Group?
BYD Company Ltd has a market capitalisation of $113.4B. A public market cap figure for Zhejiang Geely Holding Group was not available (it may be privately held).
Which is more financially efficient — BYD Company Ltd or Zhejiang Geely Holding Group?
BYD Company Ltd generates $123k / employee in revenue per employee, while Zhejiang Geely Holding Group generates $645k / employee. Zhejiang Geely Holding Group 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 Zhejiang Geely Holding Group make money?
BYD Company Ltd and Zhejiang Geely Holding Group 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. Zhejiang Geely Holding Group: Geely Holding is a holding company rather than a single carmaker.
Is BYD Company Ltd bigger than Zhejiang Geely Holding Group?
By last reported revenue, BYD Company Ltd (~$111.8B (FY2025)) is the larger company compared to Zhejiang Geely Holding Group ($87.9B (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 Zhejiang Geely Holding Group overview