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Chinese EV Giant BYD’s Profit Surges Over 400% in First Quarter

  • BYD’s electric-vehicle sales topped half a million in quarter
  • Warren Buffett-backed BYD is now China’s top-selling car brand
Sales of its passenger electric vehicles almost doubled to 550,000 globally in the quarter.

Sales of its passenger electric vehicles almost doubled to 550,000 globally in the quarter.

Photographer: Ore Huiying/Bloomberg
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BYD Co. reported another stellar quarter of earnings on the back of booming electric-vehicle sales that has propelled the company past Volkswagen AG to become China’s top-selling car brand.

Net income in the three months through March surged 411% from a year earlier to 4.13 billion yuan ($597 million), the Shenzhen-based automaker said in a statement Thursday. Operating revenue rose 80% to 120.2 billion yuan, while its gross margin was 17.9%, up about 5.5 percentage points.