BYD (002594.SZ) has recently signaled its commitment to high-quality growth. On October 31, the company reported revenue of 566.27 billion yuan (RMB) for the first three quarters of 2025, marking a 13% year-on-year increase and setting a new record for the period. Core operational metrics showed clear improvement.
Notably, BYD’s R&D expenditure surged 31% YoY to 43.75 billion yuan in the first nine months, far exceeding its net profit of 23.33 billion yuan. This investment not only outpaced China State Construction Engineering (the second-highest R&D spender in the A-share market) by nearly 20 billion yuan but also surpassed the combined R&D spending of Geely, SAIC Motor, and Chery—three leading automakers. The 31% growth rate also significantly exceeded that of its major competitors, cementing BYD’s position as the top R&D investor in both the A-share market and the automotive industry.
According to industry analysis, BYD’s R&D leadership stems from its long-held philosophy of "technology-driven innovation." By Q3 2025, the company’s cumulative R&D investment exceeded 220 billion yuan, with spending surpassing annual net profits in 14 of the past 15 years (2011–2025). This long-term strategy has translated into tangible market competitiveness through an expanded "technology reservoir" and global expansion.
In 2025, BYD achieved breakthroughs in core technologies, including the launch of its "Eye of the Gods" advanced driver-assistance system (ADAS) and the "Super e-Platform" megawatt fast-charging solution. By September, vehicles equipped with these technologies had surpassed 1.7 million cumulative sales, capturing 91.3% of the domestic market. Backed by a daily accumulation of 100 million kilometers of ADAS data, BYD confidently guarantees safety in intelligent parking scenarios—a testament to its technological prowess.
Robust R&D has fueled explosive sales growth. By October 2025, BYD’s cumulative NEV sales exceeded 14 million units. Its November 2 sales report revealed a record 441,700 NEVs sold in October alone, pushing January–October sales past 3.7 million units. Overseas sales surged 155.5% YoY to 84,000 units in October, with cumulative exports reaching 781,000 units. Analysts attribute this growth to rising demand in Turkey, Brazil, and Europe, improved logistics from dedicated roll-on/roll-off vessels, and new overseas plants in Brazil, Uzbekistan, and Hungary—positioning BYD for accelerated global expansion.
Beyond sales figures, BYD showcased its technological and localization capabilities at the Tokyo Motor Show on October 29. Under the theme "ONE BYD," the company debuted dual passenger and commercial vehicle exhibits. Highlights included the Japan-exclusive K-EV BYD RACCO (its first electric Kei car) and the plug-in hybrid Sealion 06 DM-i, alongside upgraded models like the Yuan PLUS, Dolphin, and Seal. The ultra-luxury Yangwang U9 supercar also made an appearance, demonstrating BYD’s full-spectrum EV and high-performance lineup. The company aims to offer 7–8 NEV models in Japan by 2027.
For commercial vehicles, BYD unveiled the all-electric T35 truck (designed for Japanese regulations) and the J6 Living Car concept, alongside the J7 and K8 electric buses. The T35, equipped with Blade Battery technology, is slated for a 2026 Japan launch, reinforcing BYD’s global commercial vehicle strategy.
As the NEV industry shifts from electrification to intelligence, BYD’s heavy R&D investment has created a virtuous cycle: breakthroughs drive market success, fueling further innovation. With advancements in autonomous driving algorithms, battery technology, and overseas expansion, BYD’s competitive moat continues to widen. Its disruptive impact is accelerating the automotive industry’s transformation, offering sustainable mobility solutions worldwide.