BYD Q1 Profits Soar 100% to $1.26B as EV Dominance Grows
WilliamApr 27, 2025, 06:05 PM
【PCauto】 BYD‘s first quarter financial report for 2025 shows that its operating income reaches 170.3 billion yuan (about 23.6 billion US dollars), a year-on-year increase of 36.35%, and the net profit is 9.155 billion yuan (about 1.26 billion US dollars). ) , year-on-year increase of 100.38%.
In the Chinese automobile market, BYD has strengthened its leading advantage by adopting pricing strategy. In the first quarter, the new energy vehicle (NEV) penetration rate exceeds 51% in Q1, with BYD selling 1.0008 million NEVs, a year-on-year increase of 59.81%, accounting for 21% share of the local market. Among them, mid-to-high-end models such as Han and Tang contributed to over 30% of profits, becoming an important driver of profit growth.
BYD’s vertically integrated industrial chain plays an important role in promoting the growth of profits. From lithium mining to battery production, chip research and development to vehicle manufacturing, a complete industrial chain helps the company effectively control costs.
Taking power batteries as an example, their costs decreases by 18% year-on-year in the first quarter, making the company’s products more competitive in price. Furthermore, this year, BYD has announced that it will equip all its models with advanced smart driving systems, further enhancing its product competitiveness.
Outside of China, BYD also performs excellently. In the first quarter, it has sold 206,000 new energy vehicles overseas, showing approximately 110% year-on-year growth.
In order to further expand overseas markets, BYD has enhanced its global layout: the Mexican plant is expected to start production in the second half of 2025 with an initial capacity of 150,000 units, mainly serving the North American market; the European Hungarian plant is under preparation, planned to be established in 2026, largely serving the high-end market; in Southeast Asia, BYD reduces tariff costs and enhances product competitiveness through localized production in Thai factories.
Currently, BYD is undergoing a strategic transformation from an “automobile manufacturer” to an “energy solutions provider.” Energy storage has emerged as an essential component of this transition, generating 2.73 billion yuan (approximately $379 million) in Q1 revenue – a 67% year-on-year increase. The company also plans to develop the vehicle-to-grid (V2G) technology.
Driven by advantages like favorable policies, technological innovation, and integrated supply chain, BYD continues to reshape the competitive landscape of the global automotive industry. As market competition intensifies, whether BYD can sustain its leadership position is worthy of attention.
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