In a stunning display of growth, BYD has announced record-breaking figures for the fourth quarter of 2024. The company's net income soared to an unprecedented RMB 15.02 billion (approximately $2.07 billion), marking an astounding year-on-year increase of 73.12% and a quarter-on-quarter jump of 29.37%. This remarkable performance is primarily attributed to a historic surge in new energy vehicle (NEV) sales.

For the first time ever, BYD's revenue exceeded $100 billion, surpassing even Tesla's figures as the company reported a staggering RMB 777.1 billion in total revenue for the full year, equating to a 29% increase from the previous year. In dollar terms, BYD's remarkable total revenue reached over $100 billion, eclipsing Tesla's reported $97.7 billion, showcasing its dominance in the NEV market.

During Q4, BYD sold 1,524,270 NEVs, reflecting a 61.34% increase compared to the same quarter last year and a 34.31% rise from the previous quarter. This exceptional demand for electrified vehicles signals a significant consumer shift towards greener alternatives as global efforts to combat climate change intensify.

However, it's not all rosy for BYD; the company's gross margin declined in Q4 due to rising operational costs. The gross margin fell to 17.01%, a decline of 4.88 percentage points from the third quarter's 21.89%. This dip was partly influenced by adjustments in accounting standards that increased reported operating costs for the year to RMB 490.4 billion. Despite these challenges, BYD's fourth-quarter operating cash flow stood at an impressive RMB 77.18 billion, making up 57.8% of the company's annual cash flow.

Looking ahead, BYD has ambitious plans for the future and intends to invest up to RMB 60 billion of its idle funds in wealth management products to bolster its financial strategy.

As the automotive market rapidly evolves, BYD's aggressive growth and innovative approach to NEV manufacturing have positioned the company as a formidable player, redefining the competitive landscape and challenging established giants like Tesla. With consumer demand for sustainable vehicles at an all-time high and environmental regulations tightening globally, BYD's trajectory suggests it's only a matter of time before it cements its place as the leader in the electric vehicle revolution.

Stay tuned for more updates as BYD continues to rewrite the rules of the automotive game!