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For the first time, NEVs outnumbered traditional fuel vehicles in terms of new launches, organizers of the Shanghai auto show said.
(Image credit: CnEVPost)
The 10-day Shanghai auto show, the first major auto show since China's Covid re-open, attracted nearly 1 million visitors, with new energy vehicles (NEVs) in the spotlight.
The Shanghai auto show officially closed on April 27, hosting more than 13,000 global media workers and reaching about 906,000 visitors, the show's organizers said in an article today.
The show was held April 18-27 at the National Exhibition and Convention Center in Shanghai, with media days April 18-19, April 20-21 for professional visitors and the general public access on April 22-27.
The Shanghai auto show has a total exhibition area of over 360,000 square meters, with 1,413 vehicles on display in the vehicle section, including 513 NEV show cars, according to the article.
Ninety-three vehicles made their world debut at the show, including 28 from multinational companies. In addition, there were 64 concept cars on display at the event.
A total of 271 NEV models were on display at the event, including 186 from Chinese automakers.
For the first time, NEVs outnumbered traditional fuel vehicles in terms of new launches, the event's organizers said, without providing specific figures.
NEVs occupied key positions on most stands, and the actions of well-known multinational car companies indicate a consensus for a full electrification strategy, the article said.
(Image credit: CnEVPost)
During the media days of April 18-19, automakers held 151 press conferences.
More than 20 forums, summits, seminars and technical exchange events were held during the Shanghai auto show, providing a platform for the global automotive industry to exchange ideas.
One of the highlights of the Shanghai auto show was the frequent presence of technology executive teams from foreign brands at the booths of Chinese brands, representing the fact that local brands have the ability to talk to the world in the field of NEVs and vehicle intelligence, the article said.
Separately, NIO (NYSE: NIO) had more than 200,000 people visit its booth at the Shanghai auto show, according to figures it released today.
NIO presented six of its latest models based on the NT 2.0 platform at the Shanghai auto show. The company debuted the new ES6 and launched the 2023 ET7 at the event.
(Image credit: CnEVPost)
Shanghai auto show: EVs take center stage, nearly 40 models equipped with LiDARs
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Honda building new 'mid- to large-size' EV for U.S. by 2025 as part of its fight back originally appeared on Autoblog on Thu, 27 Apr 2023 10:15:00 EDT. Please see our terms for use of feeds.
Permalink | Email this | CommentsRevenue 120 billion yuan (up 80% YoY), net profit 4.13 billion yuan (up 411% YoY).
The post BYD’s net profit up five times YoY to 596 million USD in Q1 2023 appeared first on CarNewsChina.com.
BYD reported revenue of RMB 120.17 billion in the first quarter, up 79.83 percent year-on-year, although it was 23.15 percent lower than in the fourth quarter of last year.
BYD (OTCMKTS: BYDDY) continued to see strong financial performance in the first quarter, as the company ratchets up its leadership position in China's new energy vehicle (NEV) market.
BYD reported revenue of RMB 120.17 billion ($17.34 billion) in the first quarter, up 79.83 percent year-on-year, despite a 23.15 percent decrease from the fourth quarter of last year, according to its financial report released today.
The significant year-on-year increase in revenue was mainly due to increased sales of NEVs, BYD said in the report.
BYD's net profit for the quarter was RMB 4.13 billion, up 410.89 percent year-on-year, although it was 43.5 percent lower than in the fourth quarter of last year.
After excluding non-recurring gains and losses, BYD's net profit in the first quarter was RMB 3.57 billion, up 593.68 percent year-on-year.
It reported basic earnings per share of RMB 1.42 in the first quarter, up 407.14 percent year-on-year.
BYD's costs grew in line with sales growth, with operating costs for the quarter at RMB 98.71 billion, up 68.62 percent year-on-year.
Its selling expenses for the quarter were RMB 4.65 billion, up 234.96 percent year-on-year, and R&D expenses were RMB 6.24 billion, up 164.24 percent year-on-year.
BYD's gross margin was 17.86 percent in the first quarter, up 5.46 percentage points from the same period last year, although it was 1.14 percentage points lower than the fourth quarter.
BYD sold 552,076 NEVs in the first quarter, up 92.81 percent year-on-year, but down 19.22 percent from a record 683,440 units in the fourth quarter of last year.
The company's NEVs include passenger cars as well as commercial vehicles, and they sold 547,917 units and 4,159 units in the first quarter, respectively.
BYD stopped production and sales of vehicles powered entirely by internal combustion engines in March 2022 to focus instead on NEVs, including plug-in hybrids and battery electric vehicles.
The first quarter was typically a slow quarter for sales in the Chinese auto industry, taking into account the Chinese New Year holiday.
In the first quarter of this year, the withdrawal of some previously available support policies, as well as a rare price war in the auto industry, brought additional pressure.
Chinese passenger car sales in the first quarter were 4.27 million units, down 13.15 percent year-on-year and down 24.55 percent from the fourth quarter of last year, according to the China Passenger Car Association (CPCA).
NEVs sold 1.32 million units in the first quarter, up 23.07 percent year-on-year but down 26.62 percent from the fourth quarter.
On February 25, local media reported that BYD's Dynasty series' models had been reduced in prices, with some models reduced by RMB 20,000.
BYD subsequently responded that this was not an official act, but promotional activities by some dealers.
On March 9, as the price war intensified in the Chinese auto industry, BYD began offering discounts of up to RMB 8,800 for the Song Plus and Seal.
($1 = RMB 6.9295)
BYD officially launches Seagull to expand its presence in China's EV market
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