On April 25, Chinese electric vehicle (EV) giant BYD reported that its first-quarter net profit more than doubled compared to the same period last year, reaching 9.1 billion CNY (about 1.25 billion USD). This marks the fifth consecutive year of net profit growth for the company.
Revenue surged 36% year-over-year to 170.3 billion CNY (about 23.5 billion USD), driven largely by strong performance in BYD’s core automotive division, which accounts for 80% of total sales. Favorable currency exchange rates also boosted overall revenue.
The automaker’s new vehicle sales skyrocketed by 60% to 1 million units compared to the previous year. Production of passenger cars and plug-in hybrid vehicles hit 560,000 units, representing a staggering 76% increase. In February, BYD enhanced 21 models in its flagship Marine and Dynasty series with driver-assistance features at no additional cost, garnering positive consumer feedback.
International sales of passenger vehicles also saw major gains, doubling to 200,000 units. This growth was supported by favorable exchange rates and BYD’s aggressive global market expansion strategy.
BYD is also ramping up its logistics capabilities. On March 22, the company took delivery of its fourth dedicated car carrier, capable of transporting 9,200 vehicles, signaling an acceleration in its global export infrastructure.
According to China Daily, BYD has set an ambitious vehicle sales target of 5.5 million units for this year—a 30% increase from 2024. The company aims to boost overseas sales by 90% to 800,000 units, reflecting its strategy to navigate intensifying domestic competition while expanding its global footprint.
As the global automotive industry recalibrates its electrification timeline, BYD continues to demonstrate robust growth across production, sales, and profitability. The success of BYD’s international expansion strategy is particularly noteworthy, as the company has strengthened its presence in key markets such as Japan, Germany, Thailand, and Brazil. This strategy has paid off, doubling overseas sales and outperforming global brands like Tesla, which are struggling with slower growth in some major markets.
BYD is enhancing its value proposition through software-based features like advanced driver assistance systems. This reflects a broader industry shift from hardware-centric to software-driven competition.
Despite facing regulatory headwinds, including anti-dumping investigations in Europe and high tariffs in the U.S., BYD is actively diversifying its risk by targeting emerging markets in Southeast Asia, South America, and the Middle East.
BYD’s strong first-quarter results underscore the company’s consistent execution of a comprehensive market diversification strategy and its focus on product innovation and logistics optimization. As the global EV race intensifies, all eyes will be on BYD to see if it can maintain this impressive growth trajectory.
