BYD has made a significant leap in the Fortune Global 500 list, moving up to #91 and climbing over 50 spots from its previous rank of #143 in 2024. The company’s impressive growth is evidenced by its annual revenue of approximately USD 107.1 billion and a record of 4.27 million new energy vehicle (NEV) sales in 2024. BYD’s commitment to research and development remains steadfast, with R&D expenditures surpassing net profits, allowing for innovative technologies that bolster its global market presence.
The rise of BYD reflects its strong sales performance and strategic expansions. In 2024, the company reported a 29% year-on-year increase in revenue, with NEV sales growing by 41%. This performance established BYD as the global champion in new energy passenger vehicle sales for the third consecutive year. The company emphasizes technological innovation as a key driver of its international growth, maintaining a development philosophy focused on being technology-based and innovation-oriented. Notably, its R&D spending in 2024 was RMB 54.2 billion (approximately USD 7.47 billion), marking a 36% increase compared to the previous year. This commitment to research has enabled BYD to introduce advanced technologies, including the Blade Battery and intelligent body control systems.
In addition to financial growth, BYD is also focusing on globalization and localization. In the first half of 2025, it sold over 470,000 passenger vehicles and pickup trucks internationally, demonstrating strong market demand. Key milestones in its localization efforts include establishing a European headquarters in Hungary and commencing vehicle production in Brazil. The company has now made its NEVs available in 112 countries and regions, reinforcing its commitment to offering sustainable technology and premium services to a global consumer base.
Looking forward, BYD’s trajectory suggests significant growth potential as it continues its expansion into foreign markets. The company is poised to make a substantial impact on the auto industry, potentially reducing the number of gas- and diesel-powered vehicles on the streets. Its dedication to electrification also emphasizes the importance of a sustainable climate, reflecting its values and the broader mission to address climate change through innovation and market leadership.
https://cleantechnica.com/2025/08/19/byd-rises-to-91-on-fortune-global-500-list/