BYD Q1–Q3 revenue hits 79.5 billion USD, R&D spending exceeds net profit as global EV sales surge
BYD reported strong results for the first three quarters of 2025, with revenue reaching 566.27 billion yuan (approximately 79.5 billion USD), up 13% year‑on‑year and setting a new record for the same period. Q3 revenue was 194.99 billion yuan (approximately 27.4 billion USD), and net profit stood at 7.82 billion yuan (approximately 1.10 billion USD), a 23% increase from Q2. Gross margin improved by 1.6 percentage points, according to Securities Daily.
During the first three quarters, BYD’s R&D expenses amounted to 43.75 billion yuan (approximately 6.14 billion USD), a 31% increase year‑on‑year. This exceeded the net profit for the same period by 23.33 billion yuan (approximately 3.28 billion USD). BYD remains the highest R&D‑spending A‑share automaker, with cumulative investment surpassing 220 billion yuan (approximately 30.9 billion USD).
The company reported global vehicle sales of 3.26 million units in the first nine months, up 18.64% year-over-year, reaching 70.87% of its 4.6 million-unit annual target. Models equipped with their God’s Eye driver-assistance system have sold over 1.7 million units to date.
In overseas markets, BYD delivered 701,600 units between January and September, representing a 132% year-over-year increase, and covered 117 countries and regions. Cumulative exports exceeded 700,000 units, effectively achieving its annual overseas sales doubling target ahead of schedule. In the pure‑electric segment, BYD sold 1.61 million units, versus 1.22 million reported for Tesla in the same period.
On October 9, BYD produced its 14 millionth new‑energy vehicle at its Brazil plant, where Brazilian President Luiz Inácio Lula da Silva became a Song Pro owner. At the Tokyo Motor Show, BYD unveiled the Japan‑specific K‑car BYD Racco and introduced its first Japanese market plug‑in hybrid model, the Sealion 6 DM‑i SUV, signalling a dual “pure‑electric + hybrid” product strategy in Japan.
In line with regulatory requirements to shorten payment cycles for suppliers, BYD announced in June that it standardised payment terms to within 60 days. The Q3 report shows a reduction in both accounts payable and notes payable, as well as a further shortening of the average payment cycle to suppliers.
Central international investment banks remain bullish on BYD’s outlook. Citigroup’s latest research projects BYD’s sales to reach 4.67 million units in 2025 and 5.39 million in 2026, citing growth in premium branding, plug‑in hybrid technology, a broader product line‑up and rapid overseas expansion as core drivers.
