Financial Performance
- Net Profit: BYD achieved a net profit of $1.26 billion (≈9.15 billion CNY), an increase of ~100% compared to Q1 2024. Thus, the company surpassed Tesla for the first time (adjusted profit of $934 million).
- Revenue Growth: Revenue rose by 36% to $23.4 billion, while analysts had expected a higher $24.8 billion. The discrepancy could be attributed to price competitions or product mix.
Operational Metrics
- Sales Figures: BYD sold a total of 1 million vehicles (+59.8%), including:
- 416,388 fully electric cars (+38.7%)
- 569,710 plug-in hybrids (+75.7%)
- 14,706 commercial vehicles (+688.5%, including buses and vans)
- Market Strategy: Growth in plug-in hybrids significantly surpasses that of BEVs, indicating demand for more flexible drive solutions in emerging markets.
Competitive Advantages over Tesla
| Criterion | BYD Q1 2025 | Tesla Q1 2025 |
|---|---|---|
| Net Profit | $1.26 billion | $0.934 billion |
| Sales Growth | +59.8% | Declining* |
| Product Range | BEV + PHEV + CV | Only BEV |
*Tesla’s exact sales figures for Q1 are not specified; however, it is known that the profit declined by ~50% compared to the previous year according to DER AKTIONÄR.
Drivers of Success
- Cost Efficiency: Through vertically integrated production (own battery cell manufacturing), BYD keeps production costs low.
- Chinese Home Market: Around 90% of vehicles were sold domestically, supported by government subsidies and infrastructure development.
- Export Offensive: The international sales share is ~10%, with a strong focus on Southeast Asia and Europe.
For investors, a clear turnaround is evident here: While Tesla struggles with margin pressure (the profit margin has shrunk from +388% in 2022 to currently only ~35% against BYD), BYD demonstrates sustainable profitability through economies of scale and a broad model range.