BYD expects hugely increased profits from record vehicle sales in Q1

Earlier this month, China's largest EV maker, BYD, decided to stop manufacturing internal combustion engine vehicles with no electrification features. It is to focus exclusively on EVs and plug-in hybrids, and in the light of its newly outed profit and sales estimates, this now makes a lot of sense.

Today out of China comes news that for the first quarter of this year (January to March), BYD expects a net profit of CNY 650 million ($102 million) to CNY 950 million ($149 million). This would represent an increase of 174% to 300% year-on-year.

The increased profits come from record vehicle sales. In March, for example, BYD made 106,658 units (416.96% more than in March 2021) and sold 104,878 units (a 422.97% year-on-year increase).

Of those, 54,684 were pure EVs produced in March (266.2% more than in March last year), while sales of pure EVs were 53,664 in the same month (growing 271.05% year-on-year). The rest were plug-in hybrids.

Source (in Chinese)