Chinese EV giant BYD’s first-quarter profit jumps fivefold

Chinese electric vehicle manufacturer BYD Co. reported a 410.9% jump in Q1 net profit, increased by revenue that soared 79.8% to ¥120.17bn ($17.4bn). BYD sold 552,076 new energy vehicles in Q1, up 92.81% YoY, buoyed by its Dynasty and Ocean series of plug-in hybrids and pure electric cars, and outsold Volkswagen-branded cars in China. BYD’s first-quarter results were helped by a price war with Tesla, which also saw BYD offering discounts for its Song Plus and Seal EVs to increase sales. Last week, BYD unveiled a Seagull electric hatchback for only ¥78,000, around half the level of the cheapest new energy vehicles available elsewhere.