BYD is considering Germany for a possible third plant in Europe, Reuters has reported. Its overseas shipments jumped 71.9per cent last year to make up 10per cent of overall car sales. Chinese electric vehicle maker BYD‘s net profit leapt 73.1per cent in the fourth quarter of 2024 to a record 15 billion yuan ($2.1 billion), it said on Monday, reaping the rewards of lower prices and higher sales than rivals.
Fourth-quarter revenue was up 52.7per cent at 274.9 billion yuan, the company said in a stock market filing.
For the whole of last year, profit rose 34per cent to a record 40.3 billion yuan on revenue up 29%.
BYD’s shares in Hong Kong have risen by 51per cent year-to-date and are currently slightly off an all-time-high reached last week.
The Chinese EV champion overtook Volkswagen to lead China’s car sales with a record 4.25 million vehicles in 2024.
The company has continued to roll out cheaper models, contributing to the deepening of a brutal two-year price war in the world’s largest auto market.
It has also roiled the market in recent weeks by unveiling a new super-charging EV technology platform and announcing that it will offer smart driving features on most of its line-up at no extra charge.
Sales of autos and related products that accounted for 79.4per cent of the company’s operating revenue generated a 22.3per cent gross profit margin last year, up 1.3 percentage points from a year earlier.
The Warren Buffett-backed automaker said earlier this month it had raised $5.59 billion in a primary share sale that was increased in size, with proceeds to be invested in research and development, and expanding overseas, among other purposes.
BYD is considering Germany for a possible third plant in Europe, Reuters has reported. Its overseas shipments jumped 71.9per cent last year to make up 10per cent of overall car sales.
