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China EV Leader BYD Posts Five-Fold Quarterly Profit Leap

The Shenzhen outfit’s hybrids and fully electric vehicles outsold Volkswagen-branded cars in the first three months of the year in China

BYD logo
BYD has joined many other Chinese brands in a price war started by Tesla.


Chinese electric vehicle giant BYD has posted a fivefold jump in its first-quarter profit as the firm continues to dominate in its domestic market.

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 on Thursday.

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. 


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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% year-on-year, according to the company. The company sold more than 1.86 million vehicles in 2022, mostly in China. 

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. The price cuts have eaten into automakers’ earnings, with Tesla reporting a 24% plunge in first-quarter net income. 

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.


  • Reuters with additional editing by Sean O’Meara


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Sean O'Meara

Sean O'Meara is an Editor at Asia Financial. He has been a newspaper man for more than 30 years, working at local, regional and national titles in the UK as a writer, sub-editor, page designer and print editor. A football, cricket and rugby fan, he has a particular interest in sports finance.


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