Chinese NEV giant BYD posts 240.59% raise in Q1 net profits while its electronics subsidiary records earnings slump

Chinese new-energy vehicle (NEV) maker BYD on Wednesday posted a 240.59 percent year-on-year increase in net profits for the first quarter, while its electronics subsidiary recorded a 77.71 percent plunge in its quarterly earnings.

In a filing with the Shenzhen Stock Exchange, BYD said its operating income jumped 63 percent year-on-year to 66.83 billion yuan ($10.19 billion) in Q1, while its net profits soared 240.59 percent to 808.41 million yuan ($123.2 million).

BYD’s brisk earnings mirror the rapid growth of the country’s NEV sector despite a macroeconomic downturn and outbreaks of COVID-19.

In the first three months, the country’s NEV production hit 1.29 million units while sales totaled 1.26 million units, both with an increase of around 140 percent from the year before, according to data from the China Association of Automobile Manufacturers (CAAM).

As for Shenzhen-based BYD, the company reported NEV sales of over 100,000 units in March, a surge of 333 percent from the previous year. Its NEV sales in Q1 amounted to 286,300, a steep rise of 422.97 percent year-on-year.

Meanwhile, Hong Kong-listed BYD Electronics disclosed on Wednesday a plunge of 77.71 percent in net profits to 180.1 million yuan ($27.5 million) in the first quarter.

BYD’s shares in the Shenzhen market edged up 1.38 percent on Wednesday, while BYD Electronics’ stock rallied 11.91 percent.

Separately, several suicide attempts allegedly took place recently in BYD’s employee dormitories in Changsha, Central China’s Hunan Province, media reported citing unidentified employees of the company.

There were three suicide attempts by jumping off the dormitory buildings within a week, all involving staffers at BYD’s local plant, media reported. One of the incidents was fatal while a jumper on Tuesday was persuaded by local police to give up on the attempt.

The company has yet to publicly comment on the reports.

Source: Global Times

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