Financial Performance in Q1 2025
Revenue Growth: Revenue increased by 36.4% to CNY 170.36 billion (approximately USD 23.4 billion), although analysts had originally forecasted CNY 183.2 billion.
Profit Development: Net profit nearly doubled (+100.4%) to CNY 9.155 billion (approximately USD 1.26 billion), significantly surpassing internal expectations of CNY 8.5–10 billion.
Operating Result: The operating result reached nearly double the previous year’s value at CNY 11 billion (Q1 2024: CNY 5.8 billion).
Sales and Market Positioning
Sales Figures: BYD sold just under one million vehicles in Q1, putting the company on track to reach its annual target of 5.5 million units.
Global Comparison: With over 416k fully electric vehicles sold, BYD again clearly surpassed Tesla (336k deliveries) and solidified its position as the world’s leading electric car manufacturer.
Strategic Initiatives and Expansion
Internationalization Push: Planned factories in Europe – potentially including a third factory in Germany – aim to increase the export quota (currently at ~10%).
Technological Advantage: Since 2022, BYD has exclusively produced electric vehicles and plug-in hybrids, securing cost advantages through economies of scale.
Despite the slightly below-consensus revenue, the profit leap demonstrates the company’s high operational efficiency – a key factor for investors given the heightened pricing competition in the Chinese electric vehicle market. DZ Bank particularly emphasizes the structural growth potential through international expansion.