Revenue rose by 80% as buyers in the world's largest auto market flocked to EVs.
... [+]U.S.-traded shares in BYD, China’s biggest maker of electric vehicles, rose by 5.4% today after the company posted a 410% bulge in first quarter profit compared with a year earlier.
Net profit in the three months of the year soared to 4.13 billion yuan or nearly $600 million versus 808 million yuan during the first three months of 2022. Sales increased by nearly 80% to 120.2 billion yuan from 66.8 billion yuan a year earlier as local buyers flocked to EVs in China, the world’s largest auto market. BYD is also making a large push to expand overseas.
Approximately 6% owned by Warren Buffett’s Berkshire Hathaway, BYD has emerged to rival Tesla as world’s largest EV maker. BYD’s current market capitalization of $100 billion in Hong Kong – its primary listing — exceeds GM and Ford combined. The Shenzhen-headquartered company sold 552,076 new energy vehicles in the first quarter, a surge of nearly 93% from a year earlier.– the country’s most important auto show since the end of its “zero-Covid” policies in December.
BYD’s overall business is more diversified than its EV rivals – it also makes handset components, semiconductors and photovoltaics. BYD ranked No. 579 on the Forbes Global 2000 ranking of the world’s top publicly traded companies in 2022.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Lots of Stuff for Your Backyard Is Up to 80 Percent Off at WayfairIncluding interior designer–approved patio sets, a beginner-friendly pickleball set, and a surprisingly sleek composter.
Read more »
SummerStage 2023 lineup announced: 80 free concerts across all five boroughsSummerStage is returning to New York City for its 37th year.
Read more »
Employee says ChatGPT carries out 80% of his work duties: reportEmployee says ChatGPT carries out 80% of his work duties, which allowed him to take on a 2nd job, report says
Read more »
WWE Hall of Famer has lost 80 pounds while in hospital fighting for his lifeThe legendary wrestler has been battling infection and kidney issues.
Read more »
Chinese EV giant BYD's first-quarter profit jumps fivefold - AutoblogBYD says it sold over 550,000 cars in the first quarter of 2023, netting almost $600 million in profit.
Read more »
2002 Toyota RAV4 EV Is Junkyard TreasureOne of the first production EVs of the modern era, a contemporary of the GM EV1.
Read more »