Chinese electric vehicle manufacturer BYD has reported a significant 29% increase in its annual revenue for the year ending 31 December 2024, with strong sales in new energy vehicles (NEVs - BEVs and plug-in hybrids).

The annual revenue reached 777bn yuan ($107bn), up from 602bn yuan in the same period a year ago.

Revenue from automobiles and related products was approximately 617.4bn yuan, marking a 27.7% year-on-year increase, while revenue from handset components and assembly services rose by 34.6% to about 159.6bn yuan.

The firm’s new energy vehicles have continued to experience "strong growth", with sales increasing by over 40% year-on-year.

The profit attributable to the owners of BYD for the full year stood at 40.25bn yuan, up by 34% from 30.04bn yuan in 2023.

BYD’s board has recommended a final dividend of 3.974 yuan per share including tax. As of 31 December 2024, BYD's cash reserves were approximately 154.9bn yuan.

In 2025, BYD plans to strengthen the independence and controllability of its core technologies and enhance product competitiveness.

The company aims to expand its multi-brand matrix and accelerate its overseas business expansion.

Furthermore, the company will also focus on its handset components and assembly business, investing in core technology R&D and manufacturing innovation.

BYD anticipates rapid growth in emerging businesses such as AI data centres and AI servers, which are expected to become new growth drivers.

Recently, BYD increased its presence in Europe by entering the Serbian market, introducing a range of pure-electric and DM-i plug-in hybrid models.

The company's first retail outlet has been established in Belgrade, with plans to open three more sales and service centres by the end of 2025.

In 2024, China’s automobile production and sales volume increased by 3.7% and 4.5% year-on-year to 31.282 million units and 31.436 million units respectively, according to the China Association of Automobile Manufacturers.