BYD’s first-quarter profit leapt 100.4% from a year earlier, the fastest pace in nearly two years, as the Chinese electric vehicle giant extends its lead in its competitive home market by launching a smart EV price war.
Net profit totalled 9.2 billion yuan ($1.26 billion), a stock filing showed on Friday, compared with the company’s earlier estimate of 8.5 billion yuan to 10 billion yuan.
Revenue came in at 170.4 billion yuan in the quarter, up 36.4% year-on-year versus a 10.6% rise in the previous quarter.
About BYD
BYD (Build Your Dreams) is a Chinese multinational company specializing in electric vehicles (EVs), batteries, and renewable energy solutions. Founded in 1995 by Wang Chuanfu, BYD has grown to become one of the world’s leading EV manufacturers, with a significant presence in China and expanding globally.
BYD’s product lineup includes a wide range of electric vehicles, from passenger cars and buses to trucks and forklifts. The company has gained recognition for its innovative battery technology, including lithium-ion batteries and blade batteries, which offer improved safety and energy density. BYD’s vehicles have been adopted by various countries and cities worldwide, contributing to the transition towards sustainable transportation.
In recent years, BYD has accelerated its global expansion, entering new markets, and partnering with local companies to further its growth. The company has also invested heavily in research and development, focusing on autonomous driving, vehicle-to-everything (V2X) technology, and other cutting-edge innovations. With its commitment to electric mobility and sustainable energy, BYD is poised to play a significant role in shaping the future of transportation and energy.
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