BYD reported net profit of RMB 4.57 billion in the first quarter, up 10.62 percent year-on-year, but down 47.33 percent from the fourth quarter of 2023.
BYD (HKG: 1211, OTCMKTS: BYDDY) reported a significant drop in net profit in the first quarter from last year's fourth quarter, as its vehicle sales declined during the traditionally slow season.
The new energy vehicle (NEV) maker reported revenue of RMB 124.94 billion ($17.25 billion) in the first quarter, up 3.97 percent year-on-year but down 30.6 percent from the fourth quarter of 2023, according to its financial report released today.
BYD's net profit in the first quarter was RMB 4.57 billion, up 10.62 percent year-on-year but down 47.33 percent from the fourth quarter of 2023.
In the first quarter, BYD's NEV sales were 626,263 units, an increase of 13.44 percent year-on-year, but a decrease of 33.71 percent from the fourth quarter of 2023, according to its previously announced figures.
Its passenger NEVs sold 624,398 units in the first quarter, up 13.96 percent year-on-year while down 33.76 percent from the fourth quarter of last year.
Commercial NEVs sold 1,865 units in the first quarter, down 55.16 percent year-on-year and down 12.36 percent from the fourth quarter last year.
BYD sold 300,114 passenger BEVs in the first quarter, up 13.4 percent year-on-year while down 42.99 percent from the fourth quarter last year.
Sales of passenger PHEVs were 324,284 units, up 14.48 percent year-on-year while down 22.09 percent from the fourth quarter of last year.
($1 = RMB 7.2420)
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