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BYD net profit up 410.89% YoY in the first quarter - PingWest

 2 years ago
source link: https://en.pingwest.com/w/11680
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BYD net profit up 410.89% YoY in the first quarter

BYD net profit up 410.89% YoY in the first quarter

12 hours ago

Chinese automaker BYD released its first-quarter financial report on Thursday, with a net profit of 4.13 billion yuan, a year-on-year increase of 410.89%.

Revenue came in at 120.173 billion yuan, a year-on-year increase of 79.83%. The company attributed the growth to rising sales of new energy vehicles (NEV), which includes all-electric and plug-in hybrid vehicles.

According to data from the China Passenger Car Association (CPCA), in the first quarter, BYD delivered 547,900 NEVs, a year-on-year increase of 92.43%, maintaining its first position.

Along with the increase in sales, operating costs also rose, reaching 98.707 billion yuan, up 68.62% year-on-year.

In 2022, BYD overtook Tesla as the world's largest electric vehicle maker, driven by strong sales in the Chinese market. Last year, it delivered 1.86 million NEVs worldwide, 42% more than Tesla's 1.31 million vehicles. 

This momentum continued in the first quarter. According to the China Passenger Car Association (CPCA), the Chinese EV giant delivered 547,900 NEVs, up 92.43% from a year earlier.

BYD's expansion into other markets for its passenger car business began in Norway in 2021 and currently includes Australia, the UK, Brazil, Costa Rica, Germany, Japan, Mexico and Singapore. It recently received permission from the Chilean government to build a battery module plant in the country, one of the world's largest holders of lithium resources.

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