BYD Records a 79.83% YoY Leap in Q1 2023 Revenue

Shanghai (Gasgou)- BYD Company Limited (“BYD”) announced on April 27 that its revenue for the first quarter of 2023 reached RMB 120.174 billion, a year-on-year increase of 79.83%.

During the same period, BYD’s quarterly net profit attributable to shareholders increased by 410.89% year-on-year to reach approximately 4.13 billion yuan. Excluding the impact of certain one-off gains and losses, net profit in the first quarter increased by 593.68% year-on-year to RMB 3.565 billion.

BYD said the strong growth in revenue in the first quarter was largely due to the steady growth of sales of new energy vehicles.

In the first three months of this year, BYD sold nearly 552,100 new energy vehicles, representing a year-on-year surge of 92.81%. About 547,900 of them are passenger cars, representing a year-on-year increase of 92.43%.

According to data from the China Passenger Vehicle Association, BYD accounted for 38.7% of China’s total sales of new energy passenger vehicles from January to March. period of the year.

The export business is also becoming a new growth point for BYD. In the first quarter of 2023, BYD exported a total of about 38,700 passenger cars. As of March this year, BYD’s new energy passenger cars have been used in Japan, Germany, Australia, Brazil and other countries.

At the Shanghai Motor Show 2023, BYD’s general manager of branding & PR department, Li Yunfei, revealed BYD’s ambitious goal of selling 3 million vehicles at home and abroad by 2023.