Renewable Energy StoriesRenewable Energy Stories
  • Home
  • Solar News
    • Utility Scale
    • Rooftop Solar
    • Manufacturing
  • Other Renewables
    • Wind Energy
    • Biofuels
    • Hydro Power
    • Others
  • Storage
    • Lithium-Ion
    • Large Storage (100 kW+)
    • Small Storage
    • Battery Technology
  • Research
  • Finance
  • Events
  • Advertise
Facebook Twitter Instagram
India Edition | Middle East Edition
Facebook Twitter LinkedIn
Renewable Energy StoriesRenewable Energy Stories
  • Home
  • Solar News
    • Utility Scale
    • Rooftop Solar
    • Manufacturing
  • Other Renewables
    • Wind Energy
    • Biofuels
    • Hydro Power
    • Others
  • Storage
    • Lithium-Ion
    • Large Storage (100 kW+)
    • Small Storage
    • Battery Technology
  • Research
  • Finance
  • Events
  • Advertise
Renewable Energy StoriesRenewable Energy Stories
Home » Profits of Chinese BYD EV Giant Rise Fivefold
Solar News

Profits of Chinese BYD EV Giant Rise Fivefold

Saur News DeskBy Saur News DeskMay 2, 2023Updated:May 2, 2023No Comments
Facebook Twitter Pinterest LinkedIn WhatsApp Reddit Tumblr Email
Profits of BYD
Profits of Chinese BYD EV Giant Rise Fivefold
Share
Facebook Twitter LinkedIn Pinterest Email

Shenzhen-based EV giant, BYD  has reported its profits to have risen five-fold in Q1. The firm has consolidated its leadership in China’s domestic electric vehicle market and has emerged as a tough competitor to other EV global giants in the domestic market.

It said in the stock market filing that its net profit was 4.13 billion yuan ($596.56 million) in the first quarter of 2023, up 410.9 percent from 808.41 million yuan one year earlier.

As per data available from the China Association of Automobile Manufacturers, it is reported that the company outsold rival Volkswagen in the first quarter of this year in China, selling 552,076 new EVs, a 92.81 percent rise year-on-year(YoY).

The tremendous success is mainly attributed to its Dynasty and Ocean series of plug-in hybrids and pure electric cars. It is reported that the company also sold more than 1.86 million vehicles in 2022, mostly in China.

BYD also reported an 11-fold rise in profit during the fourth quarter of last year,further asserting its lead in the country’s competitive electric vehicle (EV) sector.

BYD also joined many other Chinese brands  in providing competitive prices due to the  price war started by Tesla. It offered discounts for its Song Plus and Seal EVs in March. The cut in EV prices have affected the  automakers’ earnings, with Tesla reporting a 24% plunge in first-quarter net income.

It may be recalled that at the Shanghai auto-show recently, BYD unveiled its Seagull electric hatchback, that costs only $11,000, around half the cost of the next cheapest new EV.

BYD China Association of Automobile Manufacturers EV giant plug-in hybrids Seagull electric hatchback
Share. Facebook Twitter Pinterest LinkedIn Tumblr Telegram Email
Saur News Desk
  • Website

Related Posts

Energy Asia 2023 Inaugural to Focus on New Potential in Energy Sector

June 5, 2023

Maxeon Solar Upgrades Solar Panel Technology

June 5, 2023

Philippines’ DoE Lists Eligible Bidders For June 2023 Auction

June 2, 2023

Leave A Reply Cancel Reply

12 − ten =

ADVERTISE WITH US

We are the no.1 B2B solar media in India. With SaurEnergy, you have a full menu of options to pick from to reach the largest audience for your products and services.

To get in touch, contact us at info[at]saurenergy.com

Or Call at 9891147599 / 8802315631

Facebook Twitter Instagram YouTube LinkedIn WhatsApp
Latest News
  • Energy Asia 2023 Inaugural to Focus on New Potential in Energy Sector
  • Maxeon Solar Upgrades Solar Panel Technology
  • Philippines’ DoE Lists Eligible Bidders For June 2023 Auction
  • ICCSC Forum 2023 to Focus on Carbon Capture & Storage Implementation in Indonesia
  • Cleantech Solar to Develop Rooftop Solar for Coats Group PLC
SAURENERGY NEWSLETTER

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

    © 2023 Saurenergy International.

    Type above and press Enter to search. Press Esc to cancel.

    en English
    af Afrikaansar Arabiczh-CN Chinese (Simplified)da Danishen Englishfi Finnishfr Frenchit Italian