BYD sold 626,263 NEVs in the first quarter, a 33.71 percent decrease from the fourth quarter of 2023 due to seasonal factors.
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.
After non-recurring gains and losses, the company reported a net profit of RMB 3.75 billion in the first quarter, up 5.24 percent year-on-year.
It reported basic earnings per share of RMB 1.57 in the first quarter, up 10.56 percent year-on-year.
BYD spent RMB 10.6 billion on research and development in the first quarter, up 71 percent from RMB 6.2 billion in the same period last year.
BYD's cash and cash equivalents reserves amounted to RMB 86.2 billion at the end of the first quarter, up from RMB 54.9 billion in the same period last year.
The decrease in revenue and profit may be primarily due to lower vehicle sales. The first quarter had the Chinese Lunar New Year holiday, which is typically a seasonal low point for vehicle sales.
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)
