BYD increases quarterly profit by 241 percent

BYD increases quarterly profit by 241 percent

BYD posted a net profit of 808 million yuan (116 million euros) in the first quarter of 2022, up 241 percent from the same quarter last year, while sales rose 63 percent to 66.8 billion yuan.

The revenue growth to the equivalent of €9.61 billion was mainly due to growth in sales of e-cars and plug-in hybrids, according to BYD. BYD's sales of these so-called new energy vehicles reached a record high: 285,000 NEVs in the first quarter of 2022 represents a year-on-year increase of 423 percent, of which 143,000 were pure electric vehicles (+270%) and 142,000 were plug-in hybrids (+800%).

The fact that the growth is mainly due to the New Energy Vehicles has a simple reason: BYD no longer sells pure combustion engines. The company had stopped the production of pure gasoline engines in February, and already in March not a single vehicle with this drive was delivered. However, the production of combustion engines still continues for the plug-in hybrids.

With this result, BYD has landed in the middle of the range that the company itself had forecast just a few weeks ago. At that time, the range of 650 to 950 million yuan was mentioned for the profit - with 808 million yuan, the middle was hit quite accurately.