According to official figures, the company posted earnings of 9.155 billion yuan, up from 4.569 billion yuan between January and March 2024. With this result, BYD exceeded its own forecast, which had estimated a profit between 8.5 and 10 billion yuan.
Revenue also rose by 36.4% year-on-year, reaching 170.36 billion yuan (€20.744 billion), compared to 124.944 billion yuan (€15.216 billion) in the same quarter of the previous year.
Meanwhile, Tesla, its main global competitor in the electrified vehicle segment, reported a 71% drop in quarterly net profit, down to $409 million (€359 million).
So far this year, BYD’s market capitalisation has increased by 27%, while Tesla’s has fallen by 32%.
In March, BYD unveiled its new “super e-platform”, which enables charging of up to 400 kilometres of range in just five minutes. This new architecture integrates the motor, control electronics and battery into a single structure embedded in the chassis.
The technology, offering a maximum charging power of 1,000 volts, will be featured in the upcoming Han L and Tang L models, which will be launched exclusively in China.
