Chinese EV Giant BYD’s First-Quarter Profit Surges Over 400%

Warren Buffett-backed Chinese electric-car maker BYD Co.’s profit surged 411% in the first quarter, boosted by EV sales growth that beat the industry average.

Operating revenue rose 80% to 120.2 billion yuan ($17.38 billion) while the gross margin was 17.9%, up about 5.5 percentage points, the Shenzhen-based automaker said Thursday.

In the first three months of 2023, BYD sold 552,100 new-energy vehicles (NEVs), almost double from the same period a year ago. NEVs include hybrids and purely battery electric autos. BYD accounted for more than a third of the country’s total NEV sales. China’s total NEV sales increased 26.2% to 1.6 million units in the first quarter, according to the China Association of Automobile Manufacturers (CAAM).