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

Sales of NEVs almost double to more than a half-million, far outpacing the industry average and accounting for a third of total NEV deliveries

BYD accounted for more than a third of China’s total NEV sales in the first quarter of 2023.

Warren Buffett-backed Chinese electric-car maker BYD Co.’s profit surged 411% in the first quarter, boosted by EV sales growth that beat the industry average.

Operating revenue rose 80% to 120.2 billion yuan ($17.38 billion) while the gross margin was 17.9%, up about 5.5 percentage points, the Shenzhen-based automaker said Thursday.