BYD scores year-on-year leap in 2023 revenue, profit

Shanghai (Gasgoo)- On March 27, BYD Company Limited ("BYD" or "the Group") announced its annual financial results for the year ended Dec. 31, 2023, showcasing a remarkable year-on-year growth in both revenue and profit.

For the year of 2023, BYD recorded yearly revenues of 602.315 billion yuan, which jumped 42.04% over a year earlier. Among which, the annual revenues from the automobile, related products, and other products amounted to around 483.453 billion yuan, leaping 48.9% from the previous year. Meanwhile, the sector of the handset components, assembly service and other products saw its revenue grow 20% year on year to 118.577 billion yuan.

During the year, the Group's profit attributable to owners of the parent amounted to 30.041 billion yuan, soaring 80.72% from a year earlier.

BYD Dolphin Honor Edition; photo credit: BYD

In the same time span, BYD's gross profit zoomed up by around 68.53% year on year to roughly 121.757 billion yuan. Its gross profit margin climbed to 20.21% in 2023 from the 17.04% in 2022.

The Group mainly attributed the year-on-year increases in its annual revenue, profit, and gross profit margin to a same factor, namely, the growth in its new energy vehicle business. It sold 3.024 million vehicles through 2023, indicating a 61.9% year-on-year spike.

"As a pioneer and leader in the global new energy vehicle industry, the Group has steadily promoted the upgrading of brand power and the strategic layout of going abroad, and achieved substantial business development in the background of increasingly fierce competition in the industry, leading China's new energy vehicle sales for 11 consecutive years, retaining its No. 1 position in the global sales of new energy vehicles and creating a history for a Chinese automobile enterprise to rank top ten in terms of global sales for the first time,” Wang Chuanfu, Chairman of BYD, stated in the annual financial report.

While solidifying and extending its advantages within the domestic market, the Group has swiftly progressed with its expansion into international markets, venturing into countries and regions such as Japan, Germany, Australia, Brazil, and the United Arab Emirates. Notably, in March 2023, the Group marked a significant milestone with the official groundbreaking for its inaugural overseas passenger vehicle production facility in Thailand. Furthermore, in July and December last year, it announced plans to establish expansive manufacturing complexes in Brazil and Hungary, respectively, aiming to construct a world-class production facility for new energy vehicles and actively pursue localized production.

In January 2024, the Group celebrated a significant milestone as its first Ro-Ro ships dedicated to automobile transportation embarked on their its voyage, heralding a new chapter in BYD's overseas market penetration. Looking ahead, more Ro-Ro ships will be deployed, bolstering transportation capacity for the Group's vehicles overseas and fostering sustainable growth across the automobile export industry.