BYD sees Q1 net income double year-on-year

BYD reported a net income of RMB 9.16 billion ($1.26 billion) in the first quarter, up 100.38 percent year-on-year.

The company's revenue for the first quarter was RMB 170.36 billion, up 36.35 percent year-on-year.

BYD (HKG: 1211, OTCMKTS: BYDDY) saw strong net income growth in the first quarter, after previewing its financial results earlier this month.

The Chinese new energy vehicle (NEV) maker reported net income of RMB 9.16 billion ($1.26 billion) in the first quarter, up 100.38 percent year-on-year, albeit down 39.03 percent from the fourth quarter of 2024.

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On April 8, BYD released an earnings preview showing that it was expecting a net income of RMB 8.5 billion to RMB 10 billion in the first quarter.

The company reported revenue of RMB 170.36 billion in the first quarter, up 36.35 percent year-on-year, albeit down 38.02 percent from the fourth quarter.

Gross margin for the first quarter was 20.07 percent, a decrease of 0.64 percentage points from 20.71 percent a year earlier, but an increase of 3.05 percentage points from the fourth quarter.

It's worth noting that BYD adjusted its calculation of operating costs based on the latest accounting standards in its earnings report, resulting in a change in gross margin for the same period last year.

Operating costs for the first quarter of 2024 were revised upward from the previously reported RMB 9.76 billion to RMB 9.91 billion, causing the gross margin for the quarter to change from the previously reported 21.88 percent to the latest 20.71 percent.

In the first quarter, BYD's operating costs amounted to RMB 13.62 billion, up 37.45 percent year-on-year. The company said this was mainly due to the growth of its NEV business.

In the first quarter, BYD's NEV sales were 1,000,804 units, up 59.81 percent year-on-year, though down 34.34 percent from the fourth quarter of 2024, according to previously published data.

BYD's R&D expenses for the first quarter amounted to RMB 14.22 billion, an increase of 34.04 percent year-on-year, mainly for employee compensation and material consumption.

($1 = RMB 7.2883)