BYD Co Ltd (OTC: BYDDF) reported strong first-quarter results on Wednesday, weathering economic and geopolitical risks.
What Happened: Shenzhen, China-based BYD reported first-quarter revenue of 66.83 billion yuan ($10.14 billion), up about 63% from a year earlier.
The company attributed the strong topline performance to the rapid growth of new energy vehicle sales. BYD sold 143,000 battery EVs in the first quarter and 142,000 plug-in hybrids.
Net profit climbed over 240% to $808.41 million yuan. Excluding one-time gains or losses, adjusted net profit was at 514.94 million yuan, compared with a year-ago loss of 81.65 million yuan.
Earnings per share jumped from 0.08 yuan to 0.28 yuan.
In comparison, Tesla, Inc. (NASDAQ: TSLA) reported an 81% revenue growth to $18.76 billion in the first quarter, and its bottom line increased by 42%.
Related Link: Warren Buffett-Backed BYD's Flagship Han EV Sedan Drives Into Brazil: What You Need to Know
Why It's Important: BYD began making vehicles in 2003 and did not make a new energy vehicle until 2008. Thus far, the company has sold about 1.8 million NEVs, CnEVPost reported, citing the company.
BYD recently announced plans to completely transition away from oil-fueled vehicles.
Apart from selling vehicles in China, the company has begun exporting vehicles to overseas markets, primarily in South America, the Middle East and Africa.
Apart from the EV business, the company also manufactures batteries that go into EVs.
The OTC-listed shares of BYD rallied 3.55% before closing Wednesday's session at $28.48, according to BenzingaPro data
Related Link: Warren Buffett-Backed BYD Says New Han EV Variants Receive Over 12,000 Preorders Within Hours Of Launch
Photo courtesy: BYD
