Chinese electric vehicle manufacturer BYD has projected significant growth in its first-quarter net profit, supported by expanding new energy vehicle (NEV) sales and increased overseas deliveries, even as results fell short of its record fourth-quarter performance.
The Shenzhen-based company said in a stock exchange filing on Tuesday it expects net income for the January–March period to be between 8.5 billion yuan ($1.16 billion) and 10 billion yuan, an increase of 86.04% to 118.88% compared to the same quarter a year earlier. Basic earnings per share are forecast to rise to between 2.91 yuan and 3.42 yuan, up from 1.57 yuan in the first quarter of 2024.
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BYD attributed the earnings growth to continued momentum in China’s NEV industry, as well as the company’s scale efficiencies and vertically integrated supply chain. Preliminary data showed NEV sales in the first quarter reached 1,000,804 units, marking a year-on-year increase of nearly 60%, though representing a 34.34% drop from the previous quarter.
Overseas NEV sales played a key role in the company’s expansion, totaling 206,084 units in the first quarter. This represents a 110.51% increase from the same period last year and a 72.71% rise from the fourth quarter of 2024, helping to reinforce BYD’s global position in the NEV segment.
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The automaker noted that the first quarter tends to be a slower period for the Chinese automotive market due to seasonal factors such as the Lunar New Year and front-loaded demand at the end of the previous year. Despite this, BYD maintained a leading position in domestic NEV sales.
The first-quarter estimates were based on unaudited calculations by BYD’s finance department. The company previously reported a record net profit of 15.02 billion yuan in the fourth quarter of 2024, reflecting strong momentum heading into the new year.