BYD's financial transformation since 2020 has been extraordinary in both scale and speed. The company that reported revenues of approximately 156 billion yuan in 2020 grew to over 600 billion yuan by 2023 — a nearly four-fold increase in three years — driven by the explosive adoption of new energy vehicles in China, international expansion, and the energy storage business's growth. Revenue in 2022 reached approximately 424 billion yuan (approximately $59 billion USD), representing a 96% year-on-year growth rate. In 2023, revenues grew further to approximately 602 billion yuan ($83 billion), making BYD one of the fastest-growing large-cap companies in global industrial history. To put this in perspective: BYD's 2023 revenue exceeded Volkswagen Group's revenue from China operations and approached the combined China revenues of General Motors and its joint venture partners. This growth has been achieved not through acquisition (BYD's growth is almost entirely organic) but through genuine market share expansion in a rapidly growing category. Net profit performance has been equally impressive. BYD reported net profit attributable to shareholders of approximately 16.6 billion yuan in 2022 (approximately $2.3 billion) and approximately 30 billion yuan in 2023 (approximately $4.2 billion) — representing margin expansion as scale benefits from vertical integration compounds and as the product mix shifts toward higher-margin premium segments. These margins remain below Tesla's (which achieved automotive gross margins of 17–25% in recent years) but are improving and compare favorably with traditional automakers whose ICE vehicle margins are under pressure from electrification transition costs. The balance sheet reflects BYD's manufacturing intensity. Capital expenditure has been consistently high — approximately 40–50 billion yuan annually in recent years — reflecting ongoing investments in battery gigafactories, assembly plants in China and internationally (Thailand, Hungary, Brazil), and semiconductor manufacturing capacity. This CapEx intensity is a choice: BYD is building the manufacturing infrastructure for global scale while the window of competitive advantage is open, accepting near-term cash conversion pressure in exchange for long-term cost and scale positioning. The company's debt levels are manageable relative to its asset base and cash generation, and Berkshire Hathaway's patient ownership stake (now reduced to approximately 6% through gradual sales since 2022) has provided institutional credibility.