On August 28, BYD released its semi-annual report for 2024. Data show that in the first half of the year, the group achieved revenue of about 301.127 billion yuan, an increase of 15.76%, and net profit of 13.631 billion yuan, an increase of 24.44%.
Byd Co., Ltd. is mainly engaged in the automotive business of new energy vehicles, mobile phone parts and assembly business, rechargeable battery and photovoltaic business, as well as urban rail transit and other businesses.
In terms of business, in the first half of 2024, the revenue of BYD’s automobile, auto-related products and other products business was about 228.317 billion yuan, an increase of 9.33%, accounting for 75.82% of the revenue. The revenue of mobile phone parts, assembly and other products business was about 72.778 billion yuan, an increase of 42.45% year-on-year, accounting for 24.17% of the revenue.
In the first half of 2024, BYD’s cumulative sales of new energy vehicles reached 1.613 million, an increase of 28%. Data from the China Association of Automobile Manufacturers show that in the first half of 2024, the market share of BYD’s new energy vehicles has further increased, ranking first in domestic auto sales and ranking first in global new energy vehicle sales.
Benefiting from the growth of its new energy vehicle business, BYD’s gross margin reached 20.01% in the first half of 2024, compared with 18.33% in the first half of 2023.
Among them, the gross margin of BYD’s automobiles, auto-related products and other products was 23.94% in the first half of 2024, an increase of 3.27 percentage points year-on-year.
According to the latest data released by MarkLines, a market research agency, in the second quarter of this year, BYD ranked seventh in the world with global new car sales of 980,000 units, an increase of 40%, ranking for the first time beyond Honda (920,000 units, ranked eighth).
