BYD, China’s EV king, posts a 55% slump in first-quarter profit

The company reports a net profit of nearly 4.09 billion yuan (US$590 million) and revenue of 150.2 billion yuan

BYD’s first-quarter net profit matched market estimates as China’s electric vehicle (EV) king partly offset weakness in its domestic market with rising exports.

The mainland’s largest and most profitable EV maker reported a net profit of nearly 4.09 billion yuan (US$590 million) for the first three months of the year, a drop of 55 per cent compared with a year earlier.

Revenue came in at 150.2 billion yuan, down 11.8 per cent from a year earlier.

The market’s consensus estimate was 4.09 billion yuan for net profit and 140 billion yuan for revenue.

The first-quarter revenue was the lowest quarterly figure since the April to June period in 2024, while the net profit was the least since the first quarter of 2023, as slowing growth at home weighed on earnings.

Rising overseas sales helped the Shenzhen-based carmaker offset weakness at home. BYD exported 120,083 units in March, marking the fifth consecutive month with shipments of more than 100,000 vehicles.