BYD posts fivefold jump in 1Q profit

BYD posts fivefold jump in 1Q profit
© Reuters. BYD posts fivefold jump in 1Q profit

Chinese electric automaker BYD (OTC:BYDDY) posted a fivefold jump in its first-quarter profit on Thursday.

Net profit for the first three months of the year was 4.13 billion yuan (CNY 1 = $0.1444), up 410.9% from 808.41 million yuan a year earlier, while revenue was up 79.8% at 120.17B yuan ($17.36B), the company said in a stock market filing.

The Warren Buffet-backed EV giant outsold Volkswagen (ETR:VOWG_p) in the first quarter of this year in China, according to a Reuters analysis of data from the China Association of Automobile Manufacturers.

BYD sold 552,076 new energy vehicles in the first quarter, a surge of 92.81% year-on-year, according to the company. The company sold more than 1.86M vehicles in 2022, mostly in China.

Last week, BYD unveiled its Seagull electric hatchback at the Shanghai autoshow, with a price of 78,000 yuan – around half the price of the cheapest new energy vehicles available elsewhere.