Chinese electric vehicle maker BYD's net profit leapt 73.1% 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. - REUTERS
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00:00Chinese electric vehicle maker BYD said Monday its net profit
00:05jumped 73% in the fourth quarter of 2024 to a record $2.1 billion.
00:12The car company continues to benefit from lower prices and higher sales than rivals.
00:17Revenue rose nearly 53% according to a stock market filing.
00:22For all of 2024, profit climbed 34% to $5.6 billion.
00:29BYD's shares in Hong Kong have risen by 51% year-to-date
00:34and are currently slightly off an all-time high reached last week.
00:38The Chinese EV champion overtook Volkswagen to lead China's car sales in 2024.
00:44It has continued to roll out cheaper models,
00:47contributing to the deepening of a brutal two-year price war in the world's largest auto market.
00:53BYD has also roiled the market in recent weeks
00:56by unveiling a new supercharging EV technology platform
01:00and announcing that it will offer smart driving features on most of its lineup at no extra charge.
01:07The Warren Buffett-backed automaker said earlier this month
01:10it had raised about $5.6 billion in a primary share sale that was increased in size,
01:17with proceeds to be invested in research and development
01:20and expanding overseas among other purposes.
01:23Reuters has reported that BYD is considering Germany
01:26for a possible third international plant in Europe.
01:30Its overseas shipments jumped 71.9% last year to make up 10% of overall car sales.