BYD China

 BYD is China’s EV champion—but is it hiding a financial crisis beneath the surface? In this episode, we break down a powerful analysis that uses BYD’s own financial data to expose how the company buried over 125 billion yuan in hidden costs, delayed supplier payments, and manufactured the illusion of profitability. Despite claiming massive profits, BYD is operating on a zero-profit model just to crush competitors. With working capital deeply in the red, its survival hinges on relentless sales growth. This is the untold story behind BYD’s success—and why it may be far more fragile than it looks.

BYD 2024 Financial Data 

•Total revenue: ¥777.1 billion 

Revenue from car sales: ¥533.3 billion (68.2% of total revenue) 

• Cars sold in 2024: 4.27 million 

Each auto brought in ¥124,900 in revenue in 2024. 

No Wonder Warren Buffet started dumping BYD shares in 2022 just as BYD started cooking the books! He probably checked with BYD suppliers, saw the red flag and got the hell out of Dodge City. 

BYD 2024 Financial Data 

• Revenue from Auto + Parts: ¥617.4 billion 

• Revenue from Auto: ¥533.3 billion 

(86.4%) 

• Prod cost of Auto + Parts: ¥479.7 billion 

Prod cost of Auto: $414.4 billion 

(86.4%) 

• Cars sold in 2024: 4.27 million 

Production cost per auto in 2024: ¥97,000

BYD 2024 Financial Data 

·BYD paid 52.7 billion yuan in taxes 

·Assuming taxes are spread in the same weight (68.2%) 

taxes related to car sales = 

52.7 billion x 68.2% = 35.9 billion yuan 

Cars sold in 2024: 4.27 million 

Each auto paid ¥8,400 in taxes in 2024.

BYD 2024 Financial Data 

Revenue per auto : ￥124,900 

Production cost per auto: (￥97,000) 

Taxes per auto: (￥8,400) 

Profit before overhead: ￥19,500 

15.6% Profit Margin before Overhead