BYD previews Q1 net income to rise as much as 118.88% year-on-year

BYD said its net income in the first quarter is expected to be RMB 8.5 billion to RMB 10 billion, an increase of 86.04 percent to 118.88 percent from the same period last year.

In the first quarter, BYD's sales of NEVs were 1,000,804 units, an increase of 59.81 percent from the same period last year.

BYD (HKG: 1211, OTCMKTS: BYDDY) previewed solid first-quarter results, though not as strong as the fourth quarter of 2024.

The new energy vehicle (NEV) maker expects its net income for the first quarter to be between RMB 8.5 billion ($1.16 billion) and RMB 10 billion, up 86.04 percent to 118.88 percent year-on-year, according to a stock exchange announcement during today's lunch break.

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BYD expects its basic earnings per share for the first quarter to range from RMB 2.91 to RMB 3.42, up from RMB 1.57 in the same period last year.

China's NEV industry maintained strong growth momentum in the first quarter, and the company, an industry leader, saw the highest first-quarter performance in NEV sales, BYD said.

BYD's overseas NEV sales grew significantly in the first quarter, further solidifying its position as the world's No. 1 seller of NEVs, it said.

In addition, the continuously expanding scale effect and vertically integrated strategic layout helped the group achieve significant growth in profitability, BYD said.

The earnings preview data is the result of preliminary calculations by BYD's finance department and has not been audited by an accounting firm, its announcement noted.

In the first quarter, BYD's NEV sales amounted to 1,000,804 units, an increase of 59.81 percent year-on-year, albeit a decrease of 34.34 percent from the fourth quarter of 2024, according to data that has already been released.

It sold 206,084 NEVs overseas in the first quarter, up 110.51 percent year-on-year and up 72.71 percent from the fourth quarter of last year.

China's auto market is distinctly seasonal, with the first quarter of the year usually being a slow season, mainly due to the impact of the Chinese New Year holiday and the fact that much of the demand is released early at the end of the previous year.

BYD reported record net income of RMB 15.02 billion in the fourth quarter of 2024, up 73.12 percent year-on-year and up 29.37 percent from the third quarter, according to its 2024 annual report.

($1 = RMB 7.3280)