Today, let's talk about BYD's recently released 2024 mid-year report and explore why BYD stands out in the field of new energy vehicles. According to the half-year report, BYD's revenue in the first half of the year reached approximately 301.127 billion yuan, surpassing SAIC Motor in total revenue. In addition, the company's net profit soared to 13.631 billion yuan, marking a year-on-year growth of 24.44%, making it the most profitable automaker in the Chinese market.
BYD's impressive revenue and profit figures are largely driven by its explosive sales growth. According to the latest data from Yiche, BYD's July sales ranked third globally, just behind Toyota and Volkswagen. A report from MarkLines also highlighted that in the second quarter of this year, BYD surpassed Honda to become the seventh-largest automaker in the world, marking a significant breakthrough in the global market and steadily advancing toward being one of the top three automakers worldwide.
BYD's success is closely tied to its steadfast commitment to the development philosophy of "technology as king, innovation as the foundation" and its continuous expansion of R&D investments. Data shows that BYD invested as much as 20.2 billion yuan in R&D in the first half of the year, representing a 42% year-on-year increase, a record high. This figure far exceeds its competitors, almost equaling the combined R&D investments of Great Wall Motors, Li Auto, Geely, and Changan, positioning BYD as the top investor in R&D among domestic automakers. This translates to an average daily investment of 110 million yuan in research and development, an extraordinary scale in any industry.
When comparing BYD's R&D investment with its net profit, it becomes evident that its R&D expenditure in the first half of the year exceeded its net profit by 6.6 billion yuan. Moreover, from 2011 to the present, BYD has achieved a remarkable track record, with R&D investments exceeding net profits in 13 of the past 14 years, often by several times.
Additionally, BYD's cumulative R&D investment has reached nearly 150 billion yuan, making it the company with the highest R&D expenses in the A-share market, earning it the title of "R&D King" in the A-share market. Such large-scale and continuous investment in R&D forms the foundation of BYD's sustained vitality.
In terms of talent development and retention, BYD's strong R&D capabilities and engineering culture continue to lead the industry, boasting over 100.000 engineers, with nearly 80% of them dedicated to R&D. In 2024 alone, the company recruited over 10.000 new graduates, ensuring a constant flow of talent to fuel its technological innovation and R&D efforts.
The explosive growth in BYD's revenue, net profit, and sales is a testament to the principle of steady accumulation leading to breakthroughs. There are no real "lucky stars" in the world; only by adhering to the philosophy of "technology as king, innovation as the foundation," consistently investing in R&D, and maintaining a vibrant talent pool can a company step-by-step achieve success and become a leader in the new energy vehicle industry.
