BYD posts fivefold jump in 1Q profit

Chinese electric automaker BYD Co. 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 ($596.56 million), up 410.9% from 808.41 million yuan a year earlier, on revenue up 79.8% at 120.17 billion yuan, the company said in a stock market filing.

The Warren Buffet-backed EV giant outsold Volkswagen 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 1.86 million 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.

By Michael Elkins | [email protected]

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