Key Points
BYD (OTC: BYDDY), China’s largest automaker, reported a significant growth in annual vehicle sales, which increased from 427,302 units in 2020 to 4.6 million units in 2025. Revenue soared from 157 billion yuan to 804 billion yuan ($118 billion) during the same period, while net income jumped from 4 billion yuan to 33 billion yuan ($5 billion). The company notably ceased gas-powered car production in 2022, focusing solely on hybrids and electric vehicles, and surpassed Tesla (NASDAQ: TSLA) to become the world’s largest EV maker in 2024.
Currently, BYD holds a market cap of 917 billion yuan ($134 billion), trading at less than one times this year’s sales. Analysts project revenue and net income growth rates of 13% and 24% CAGR, respectively, from 2025 to 2028, primarily fueled by increasing overseas shipments and expansion of its fast-charging network.
Despite pressures from geopolitical tensions and a cooling EV market that affect valuations, potential future growth could see BYD’s stock rise significantly, especially if it achieves a 10% CAGR from 2028 to 2036 and trades at ten times sales by then. Investors are advised to consider the market’s current volatility as they evaluate potential investments in BYD.
