Chinese automaker BYD reported a 19% drop in profits in 2025, totaling 32.6 billion yuan (€4.09 billion), amid intensifying competition in China’s electric vehicle market.
According to financial filings submitted to the Hong Kong Stock Exchange, the company’s revenue grew by 3.46% compared to 2024, reaching 803.97 billion yuan (€100.7 billion)—after surpassing Tesla in sales the previous year.
BYD said that despite “macroeconomic headwinds and increasingly intense competition,” it continued to strengthen its competitiveness by investing in key technologies, maintaining leadership in the domestic market, and delivering strong performance overseas.
International business played a growing role, with overseas revenue rising from 28.55% to 38.65% of total turnover, following a 40.05% increase in 2025. Meanwhile, revenue in China—its main market—fell 11.17%.
Read more: Revolut posts record €1.5 billion profit in 2025
Founder and chairman Wang Chuanfu acknowledged that competition in China’s EV sector has reached a peak and entered an “elimination phase.” The company also cited global challenges such as trade protectionism and supply chain restructuring.
Profit margins declined from 5.2% to 4.1%, the lowest level since 2022.
During the year, BYD sold 4.6 million vehicles, including 1.05 million units abroad, representing a 140% increase in international sales. Wang highlighted Latin America as a key growth pillar for the company’s overseas expansion.
Despite the profit decline, BYD maintained its position as the world’s top electric vehicle seller for the fourth consecutive year and ranked among the top five global automakers by sales.
