BYD Tops 2025 Auto Brand Repurchase Rate Rankings, R&D Investment Exceeds ¥220 Billion

On February 12, iCar Research Institute released its "2025 Automaker Repurchase Rate Ranking," with BYD topping the list at a repurchase rate of 30.55% among existing owners—significantly ahead of Geely Auto in second place (25.86%). Tesla and Chery ranked third and fourth, respectively. Positions five through ten were held, in order, by SAIC-GM-Wuling, Changan, Great Wall, FAW-Volkswagen, SAIC Volkswagen, and SAIC Motor Passenger Vehicle. BYD’s high repurchase rate stems from its sustained investment in technology and multi-brand strategy: between 2011 and 2024, its R&D spending exceeded net profit for 13 consecutive years. In the first three quarters of 2025 alone, BYD invested RMB 43.75 billion in R&D, bringing its cumulative R&D expenditure to over RMB 220 billion. In the premium segment, Fangchengbao achieved sales of 234,600 units in 2025, surging 316.1% year-over-year; Denza steadily grew to 157,100 units; and Yangwang became the first Chinese luxury brand priced above RMB 1 million to surpass 10,000 annual deliveries.