Chinese new energy vehicle (NEV) maker BYD has reported a significant drop in net profit for the first quarter of 2024 compared to the previous quarter, as vehicle sales declined during the traditionally slow season.
According to BYD’s financial report released today, the company recorded revenue of RMB 124.94 billion ($17.25 billion) in the first quarter, marking a 3.97 percent year-on-year increase but a 30.6 percent decrease from the fourth quarter of 2023.
BYD’s net profit for the first quarter was RMB 4.57 billion, showing a 10.62 percent year-on-year increase but a substantial 47.33 percent drop from the fourth quarter of 2023.
After factoring in non-recurring gains and losses, the company reported a net profit of RMB 3.75 billion in the first quarter, reflecting a 5.24 percent year-on-year increase.
Basic earnings per share for the first quarter were reported at RMB 1.57, up 10.56 percent year-on-year.
In terms of NEV sales, BYD sold 626,263 units in the first quarter, marking a 13.44 percent year-on-year increase but a 33.71 percent decrease from the fourth quarter of 2023, according to previously announced figures.
The company’s passenger NEV sales totaled 624,398 units in the first quarter, up 13.96 percent year-on-year but down 33.76 percent from the fourth quarter of last year.
On the other hand, commercial NEV sales reached 1,865 units in the first quarter, reflecting a 55.16 percent year-on-year decrease and a 12.36 percent decrease from the fourth quarter of last year.
BYD’s sales of passenger battery electric vehicles (BEVs) amounted to 300,114 units in the first quarter, up 13.4 percent year-on-year but down 42.99 percent from the fourth quarter of last year.
Sales of passenger plug-in hybrid electric vehicles (PHEVs) totaled 324,284 units, up 14.48 percent year-on-year but down 22.09 percent from the fourth quarter of last year.
