Chinese electric vehicle giant BYD Co. posted a fivefold jump in its first-quarter profit on Thursday as the company consolidated its leadership in the domestic market.<\/p>\n
Net profit for the first three months of the year was 4.13 billion yuan ($596.56 million), up 410.9 per cent from 808.41 million yuan a year earlier, on revenue up 79.8 per cent at 120.17 billion yuan, the company said in a stock market filing.<\/p>\n
The Shenzhen-based company, whose investors include Warren Buffett’s Berkshire Hathaway, outsold Volkswagen-branded cars in the first quarter of this year in China, according to a Reuters analysis of data from the China Association of Automobile Manufacturers.<\/p>\n
Buoyed by its Dynasty and Ocean series of plug-in hybrids and pure electric cars, BYD sold 552,076 new energy vehicles in the first quarter, a surge of 92.81 per cent year-on-year, according to the company.<\/p>\n
The company sold more than 1.86 million vehicles in 2022, mostly in China.<\/p>\n
BYD has joined many other Chinese brands in a price war started by Tesla, with the offering of discounts for its Song Plus and Seal EVs in March.<\/p>\n
The price cuts have eaten into automakers’ earnings, with Tesla reporting a 24 per cent plunge in first-quarter net income.<\/p>\n
Last week, BYD unveiled its Seagull electric hatchback at the Shanghai autoshow, stunning visitors with a price from just 78,000 yuan – around half the level of the cheapest new energy vehicles available elsewhere.<\/p>\n","protected":false},"excerpt":{"rendered":"
Chinese electric vehicle giant BYD Co. posted a fivefold jump in its first-quarter profit on Thursday as the company consolidated its leadership in the domestic market. Net profit for the first three months of the year was 4.13 billion yuan ($596.56 million), up 410.9 per cent from 808.41 million yuan a year earlier, on revenue up 79.8 per cent at 120.17 billion yuan, the company said in a stock market filing. The Shenzhen-based company, whose investors include Warren Buffett’s Berkshire Hathaway, outsold Volkswagen-branded cars in the first quarter of this year in China, according to a Reuters analysis of data […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[132],"tags":[],"class_list":["post-572749","post","type-post","status-publish","format-standard","hentry","category-power"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/572749","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=572749"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/572749\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=572749"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=572749"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=572749"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}