BYD dropped their financials for the first quarter of 2023, revenue jumped a whopping 79.83% to 120.17 billion RMB compared to the same time last year. Net profit went through the roof, increasing by a mind-blowing 410.89% to 4.13 billion yuan. Earnings per share weren’t too shabby either at 1.42RMB ($0.2051) , up from just 0.28 RMB ($0.0404) in Q1 2022.
EV sales supercharged the numbers
The massive increase in revenue mainly came down to BYD’s booming new energy vehicle sales, according to the company. In March alone, BYD sold 207,000 new energy vehicles, bringing the total for the year so far to 552,000. That’s a 92.81% increase from this time last year. A total of 13,300 new energy passenger vehicles were sold outside of China in Q1.
Profit per car, average price in 169,000 RMB ($24,410) in Q1, a 3.8% decrease from last quarter but still a 7.5% increase year over year, profit declined 32% quarter over quarter to 6,600 RMB ($954) , due in part to lower government subsidies, some models even saw minor price hikes.
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BYD chairman sets lofty goal for 2023
At the end of March, BYD chairman Wang Chuanfu set an ambitious target for the rest of the year: to become China’s top automaker by year’s end. To get there, BYD is aiming to sell at least 3 million vehicles this year, and possibly as many as 3.6 million. If achieved, that would be an astronomical increase of 152.5% from 2021.
According to the China Association of Automobile Manufacturers, BYD commanded a 27% share of China’s new energy vehicle market in 2022, up nearly 10 percentage points from 2021. With today’s blowout earnings, it looks like BYD’s well on their way to hitting their goal and cementing their spot at the top of China’s automotive industry, Future’s looking bright for this new energy juggernaut.