BYD 2025 Annual Report In Context - CleanTechnica

In 2025, BYD solidified its position as the world’s largest producer of plug-in hybrid electric vehicles (PHEVs), battery electric vehicles (BEVs), and new energy vehicles (NEVs) overall, while also leading China’s automotive market and becoming the largest global exporter of BEV buses. The company was the top producer of Battery Energy Storage Systems (BESS) by installed capacity. Despite these achievements, BYD’s 2025 net earnings declined by 18.97% year-over-year, with a net margin dropping from 5.2% to 4.1%, although revenue increased by 3.5%. Excluding its electronics manufacturing segment, BYD’s automotive gross margin slipped to 20.5%. The company paid more in domestic taxes than its net profit but still outperformed many global automakers, including GM, Ford, Stellantis, and Renault, which lost money in 2025. BYD notably increased its research and development (R