BYD Reports Strong First Quarter Financial Results
BYD (HKG: 1211, OTCMKTS: BYDDY) recently announced its financial results for the first quarter, showcasing impressive growth in net income and revenue. The Chinese new energy vehicle (NEV) maker reported a net income of RMB 9.16 billion ($1.26 billion) in the first quarter, marking a significant increase of 100.38 percent compared to the same period last year.
The company’s revenue for the first quarter also saw a notable uptick, reaching RMB 170.36 billion, a 36.35 percent increase year-on-year. Despite these strong numbers, the figures were slightly lower compared to the fourth quarter of 2024.
Gross margin for the first quarter stood at 20.07 percent, reflecting a slight decrease from the previous year but a notable increase from the previous quarter. It’s important to note that BYD made adjustments to its operating costs calculation based on the latest accounting standards, resulting in changes to the gross margin for the same period last year.
Operating costs for the first quarter of 2024 were revised upward, leading to an increase in gross margin from the previously reported figure. In terms of expenses, BYD’s operating costs totaled RMB 13.62 billion in the first quarter, a 37.45 percent increase year-on-year, driven primarily by the growth of its NEV business.
The company’s NEV sales in the first quarter reached 1,000,804 units, showing a significant year-on-year increase but a slight decline from the previous quarter. Additionally, BYD’s R&D expenses for the first quarter amounted to RMB 14.22 billion, representing a 34.04 percent increase from the previous year.
Looking ahead, BYD has set ambitious targets for its car sales in 2025, aiming to sell 5.5 million units, including over 800,000 in overseas markets. The company’s strong financial performance in the first quarter sets a solid foundation for achieving these goals and further solidifying its position in the NEV market.
Overall, BYD’s impressive financial results underscore its continued growth and success in the rapidly evolving electric vehicle industry. With a strong focus on innovation and sustainability, BYD remains a key player in shaping the future of transportation and driving the adoption of clean energy solutions.
($1 = RMB 7.2883)
