BEIJING: Chinese electric vehicle (EV) giant BYD is forecasting record net profit for the first quarter of 2025, driven by robust sales growth that saw the company ship more than one million vehicles between January and March.
According to preliminary results released today, the Shenzhen-based automaker expects net profit to come in between ¥8.5 billion (US$1.2 billion) and ¥10 billion – nearly doubling from ¥4.6 billion in the same period last year. This marks a year-on-year growth of between 86% and 119%.
“The company achieved record new energy vehicle (NEV) sales for Q1,” BYD stated in a filing to the Hong Kong Stock Exchange.
In the first quarter alone, sales of pure electric passenger vehicles surged by 39% to 416,388 units. BYD had earlier announced that its total vehicle sales during this period had surpassed the one million mark for the first time.
The company, whose slogan is “Build Your Dreams”, has experienced a strong sales trajectory in recent months. Its annual revenue in 2024 climbed to ¥777.1 billion, surpassing that of US rival Tesla.
In addition to domestic success, BYD noted “substantial growth” in international NEV sales.
However, geopolitical headwinds could challenge the company’s global ambitions. The escalating China-US trade tensions and broader friction between Beijing and Western capitals pose significant risks.
Former US President Donald Trump has imposed 25% tariffs on all imported vehicles, alongside sweeping levies on Chinese goods. These come on top of earlier measures by predecessor Joe Biden, which restrict the use of Chinese technology in smart vehicles.
In Europe, BYD faces scrutiny as well. The European Union is reportedly investigating whether the Chinese government provided unfair subsidies for BYD’s upcoming factory in Hungary, which is set to begin electric car production later this year.-AFP
