Tesla’s (NASDAQ:TSLA) rival China-based electric vehicles BYD (BYDDY) reported 411% year-over-year jump in its first-quarter earnings to RMB4.13 billion (about $596.6 million), fueled by 80% growth in its revenue to RMB120.2 billion.
The EV maker, backed by Warren Buffett’s Berkshire Hathaway (NYSE:BRK.A), saw its first-quarter deliveries jump about 93% year-over-year to 552,076 vehicles. The quarter gained from robust sales of Dynasty and Ocean series of plug-in hybrids and fully electric cars.
BYD has rapidly emerged as one of the leading EV companies in China, the world’s largest EV market. Last year, it dethroned Tesla as the world’s largest EV maker in the world by delivering over 1.86 million plug-in hybrid vehicles and fully electric vehicles across the world, outperforming Tesla’s 1.31 million cars.
While BYD’s year-over-year growth in Q1 2023 profits and revenue was impressive, both the metrics declined when compared to the fourth quarter of 2022. BYD, like several other EV makers, joined the price-war triggered by Tesla, which impacted its profitability. Last month, BYD offered discounts on its Song Plus and Seal EVs.
BYD continues to expand its customer base with its attractive prices. At the recently-held Shanghai autoshow, the company introduced its Seagull electric hatchback, with a price tag starting at RMB78,000. The company is expanding beyond China into key international markets like Europe.
BYDDY shares have advanced more than 16% since the start of this year.
