Listed car companies are polarizing, with new energy vehicles becoming the "decisive factor".

With the gradual disclosure of the annual reports for 2024 and the first quarter of 2025 of A-share and Hong Kong-listed automotive companies, the development trend of the automotive industry is becoming clearer. Under the tide of electrification and intelligence, the performance of various automakers shows a clear differentiation, with companies focusing on new energy vehicles outperforming those with a higher proportion of traditional fuel car businesses. New energy vehicles have become the "trump card" and are already a major driving force for industry growth. Looking at the latest disclosed data, leading domestic brands have shown strong growth. BYD, as a leading company in the new energy vehicle sector, achieved a revenue of 777.102 billion yuan in 2024, a year-on-year increase of 29.02%; net profit was 40.254 billion yuan, an increase of 34% year-on-year. This is the first time in BYD's history that annual revenue has exceeded 700 billion yuan.