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China’s BYD Posts 241% Profit Rise on EV, Battery Demand

BYD accounted for about 17% of the 3 million new energy vehicles (NEV) sold in China in 2021, China Association of Automobile Manufacturers data show


BYD
BYD said it will continue to offer existing customers of traditional gasoline-powered vehicles improved service and after-sales support, as well as a supply of spare parts throughout the life cycle. Photo: BYD.

 

Chinese electric vehicle (EV) and battery maker BYD reported a 241% rise in first-quarter profit, despite supply chain disruptions and higher input costs.

Net income rose 241% to 808.4 million yuan ($123 million) in the three months ended March 31 from a year earlier, the Shenzhen-based company said in a stock exchange filing.

BYD stock dipped about 1% in Thursday trading to 232.51 yuan.

“BYD has shown strong sales volume with limited impact from the Shanghai lockdown,” Daiwa Capital Markets analyst Kelvin Lau said.

“We remain positive on BYD achieving its target of 1.5 million units of sales volume, given its self-sufficient battery and chip supply capacity and strong new model launches in 2022,” he added.

BYD accounted for about 17% of the 3 million new energy vehicles (NEV) sold in China in 2021, China Association of Automobile Manufacturers data showed.

Last month, BYD said it would raise prices on its cars by 3,000-6,000 yuan ($471-$942), citing the rising cost of raw materials.

Customers who had already paid deposits on vehicles would not be affected.

“Due to the impact of continued rises in raw material prices, BYD has officially guided Wang Chao Business and Ocean Network Business to adjust prices on relevant EV models,” it said, referring to its sales channels.

 

  • George Russell

 

READ MORE:

China’s BYD Ends Production, Sales of Petrol Vehicles – Xinhua

China’s BYD Has 400,000 EV Orders Backlog – Cailian

Envoy Says China, US ‘Build Dreams’ at BYD Plant – Xinhua

 

 

 

 

George Russell

George Russell is a freelance writer and editor based in Hong Kong who has lived in Asia since 1996. His work has been published in the Financial Times, The Wall Street Journal, Bloomberg, New York Post, Variety, Forbes and the South China Morning Post.

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