BYD increased quarterly profit significantly


BYD earned more than five times as much in the first quarter of 2023 as in the same period last year. BYD’s net profit rose by 411 per cent to 4.1 billion yuan (about $592 million). Revenue increased by almost 80 per cent to 120.2 billion yuan. That is the equivalent of $17,4 billion in sales in one quarter.

The trend towards smaller cars is clear. The number of sales rose more than the revenue. BYD sold 552,076 electric vehicles and plug-in hybrids worldwide in the first quarter of 2023, almost twice as many as in the same period last year (+92.8 per cent). Of these, 547,917 were NEV passenger cars, and 4,159 were commercial vehicles.

The vast majority of sales still come from China. BYD sold around 440,000 vehicles there in the first three months of the year – all electric, as BYD discontinued the production of combustion vehicles there in 2022.

BYD also took over the market leadership in China. So the top spot no longer belongs to VW for the first time since 2008. The carmaker’s EV business with ID. models is anything but flourishing in China. The majority of its sales there are still pure combustion vehicles, while BYD only sells plug-in hybrids and battery electric cars.

In the current business figures, the profit increase of 411 per cent stands out. So far, BYD has only posted a higher quarterly profit in Q3 and Q4 2022 in its company history. In Q1 2022, which was still affected by Corona restrictions, the profit was still 808 million yuan ($117 million)

According to the report, the gross margin was 17.86 per cent, 5.46 percentage points higher than in Q1 2022. However, in the best quarter to date, Q4 2022, the margin was still an even 19 per cent.,


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