BYD, a prominent player in the new energy vehicle (NEV) industry, has released a preview of its first-quarter financial results, showcasing impressive growth compared to the same period last year. The company expects its net income for the first quarter to be between RMB 8.5 billion to RMB 10 billion, marking a substantial increase of 86.04 percent to 118.88 percent year-on-year.
The basic earnings per share for the first quarter are projected to range from RMB 2.91 to RMB 3.42, a significant improvement from the previous year. BYD attributes this growth to the robust performance of the NEV sector in China during the first quarter, with the company achieving the highest sales volume in this period.
Notably, BYD’s overseas NEV sales also saw significant growth in the first quarter, further solidifying its position as the global leader in NEV sales. The company credits its expanding scale effect and vertically integrated strategic layout for contributing to the substantial growth in profitability.
It is important to note that the earnings preview data provided by BYD is based on preliminary calculations by the company’s finance department and has not been audited by an accounting firm.
In terms of sales figures, BYD reported selling 1,000,804 NEVs in the first quarter, representing a 59.81 percent increase year-on-year. Despite a slight decrease from the previous quarter, the company’s overseas NEV sales amounted to 206,084 units, reflecting a substantial year-on-year and quarter-on-quarter growth.
The Chinese auto market typically experiences seasonality, with the first quarter being a slower period due to factors such as the Chinese New Year holiday and early demand release in the previous year. However, BYD’s solid performance in the first quarter underscores its resilience and market strength.
In the fourth quarter of 2024, BYD achieved record net income of RMB 15.02 billion, showcasing a notable year-on-year and quarter-on-quarter growth trajectory. The company’s consistent growth and market dominance position it as a key player in the evolving NEV industry landscape.
Overall, BYD’s strong first-quarter performance sets a positive tone for its future growth prospects and reaffirms its leadership in the NEV market. With a focus on innovation, sustainability, and strategic expansion, BYD continues to drive the transition towards a greener and more sustainable automotive industry.
