BYD Company Limited has delivered an impressive financial performance in its third-quarter report. The company posted revenue of 194.99 billion yuan in Q3, with net profit reaching 7.82 billion yuan, up 23% quarter-on-quarter. Additionally, its gross margin rose by 1.6 percentage points sequentially, signaling strong operational resilience despite intensifying industry competition.
For the first three quarters of the year, BYD’s cumulative revenue hit a record high of 566.27 billion yuan, marking a 13% year-on-year increase. R&D expenses surged 31% to 43.75 billion yuan, far exceeding its net profit of 23.33 billion yuan during the same period. Over the past 14 years, BYD has invested more in R&D than its annual net profit in 13 of those years, with total R&D spending surpassing 220 billion yuan.
BYD’s technological breakthroughs are underpinned by its robust R&D capabilities. In 2025, the company unveiled three key innovations: the "God’s Eye" advanced driver-assistance system (ADAS), the Super e-Platform’s megawatt-level flash charging, and the Falcon onboard drone system. The "God’s Eye" ADAS, now installed in over 1.7 million vehicles as of September, has become China’s most widely adopted ADAS, featuring L4-level autonomous parking and a "safety net" commitment that highlights BYD’s technical confidence.
These advancements have translated into market competitiveness, driving steady sales growth. From January to September, BYD sold 3.26 million vehicles globally, up 19% year-on-year, maintaining its lead in the new energy vehicle (NEV) sector. Overseas sales soared 132% to 702,000 units, already surpassing its total 2024 overseas sales, with products now available in 117 countries and regions.
BYD’s global influence continues to rise. On October 9, its 14 millionth NEV rolled off the production line at its Brazil plant, with Brazilian President Lula attending the ceremony and becoming an owner of the Song Pro. The company also debuted the Japan-tailored K-EV BYD RACCO and introduced its first plug-in hybrid model, the Seal 06 DM-i, in Japan, accelerating its dual-strategy of "pure electric + hybrid" expansion.
Beyond its own growth, BYD is fostering collaboration with supply chain partners. Its Q3 report shows a significant reduction in accounts payable and shorter payment cycles for upstream suppliers, supporting small and medium-sized partners.
Citigroup forecasts BYD’s sales to reach 4.67 million and 5.39 million units in 2025 and 2026, respectively, reflecting strong growth momentum. Last month, five executives and 32 core employees invested over 50 million yuan in BYD shares, signaling confidence in the company’s future.
Looking ahead, BYD remains committed to innovation, deepening its electrification and smart mobility initiatives while expanding globally to deliver high-quality NEVs and drive industry advancement.