Revenue 120 billion yuan (up 80% YoY), net profit 4.13 billion yuan (up 411% YoY).
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Tagged: eV
BYD posts over 400% year-on-year Q1 profit growth
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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Report: Michelin airless EV tires fit autonomy, law enforcement
Michelin has been testing airless tires for years with an eye toward EV use. While they still aren't ready for production, executives believe they could be a good fit for autonomous vehicles and law enforcement. European police forces have expressed interest in airless tires because, unlike conventional pneumatic tires, they can't be shot out... $2.5B boost may keep Vinfast moving despite IPO status
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Smart is a brand owned by Mercedes and Geely. Mercedes takes care of the exterior and interior design, and Geely about manufacturing and tech.
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Li Auto to report Q1 earnings on May 10
Li Auto delivered a record 52,584 vehicles in the first quarter, which is near the lower end of its guidance range of 52,000 to 55,000 vehicles.
Li Auto (NASDAQ: LI) will report its unaudited financial results for the first quarter on Wednesday, May 10, before the US market opens, it said today.
The company's management will hold an earnings call at 8 pm Beijing Time that day, or 8 am US Eastern Time on May 10.
Previously released figures show that Li Auto delivered a record 52,584 vehicles in the first quarter, up 65.80 percent year-on-year and up 13.53 percent from the fourth quarter of last year.
The deliveries were near the lower end of the 52,000 to 55,000 vehicle guidance range it had previously provided.
Li Auto's revenue guidance for the first quarter was RMB 17.45 billion to RMB 18.45 billion, implying a year-on-year increase of 82.5 percent to 93 percent.
The company launched the new Li L7, its first five-seat SUV, on February 8. Previously the company was delivering the higher-priced Li L9 and Li L8 models.
The Li L7 is the least expensive of its product array, with Pro and Max versions starting at RMB 339,800 ($49,090) and 379,800 respectively. In addition, the Li L7 has a lower-priced Air version available, starting at RMB 319,800.
Deliveries of the Li L7 Pro and Li L7 Max began on March 11, with deliveries of the Li L7Air beginning earlier this month.
Li Auto's vehicle margin was 20 percent in the fourth quarter, down from 22.3 percent in the year-ago quarter but up from 12 percent in the third quarter.
It posted a gross margin of 20.2 percent in the fourth quarter, a sharp rebound from 12.7 percent in the third quarter. Li Auto's accelerated phase-out of its first model, the Li ONE, in the third quarter of last year severely hurt margins.
For participants wishing to join Li Auto's earnings conference call, online registration needs to be completed prior to the scheduled start time of the call using the link provided below.
Once registered, participants will receive conference call access information including a dial-in number, password and unique access PIN.
To join the conference, you will need to dial the number provided and enter your password and PIN.
Attendees can register online at https://s1.c-conf.com/diamondpass/10030396-a6jw52.html
A replay of the conference call will be accessible by dialing the following number through May 17.
United States: +1-855-883-1031
Chinese mainland: +86-400-1209-216
Hong Kong, China: +852-800-930-639
International: +61-7-3107-6325
Replay PIN: 10030396
A live and archived webcast of the conference call will also be available at the company's investor relations website at http://ir.lixiang.com.
($1= RMB 6.9226)
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NIO signs partnership deal with state conglomerate China Resources
NIO has opened 46 NIO Houses and NIO Spaces in commercial real estate projects managed by China Resources.
(Image credit: NIO)
NIO (NYSE: NIO) signed a strategic cooperation framework agreement with China's state conglomerate China Resources to collaborate on a variety of fronts, the electric vehicle (EV) maker said yesterday.
The two signed the agreement on April 26 at an NIO House in Hefei, Anhui province, in the presence of William Li, founder, chairman and CEO of NIO, and Wang Xiangming, chairman of China Resources, according to an article posted on the NIO App.
NIO and China Resources will cooperate in areas including commercial space leasing and construction, charging and battery swap infrastructure investment and construction, campus and community energy management, new material applications, and consumer services, according to the article.
China Resources is a large state-owned enterprise with major businesses in consumer, energy, urban construction and operations, health, industrial finance, technology and emerging industries.
By the end of 2022, China Resources had total assets of more than RMB 2.3 trillion and was ranked 70th on the Fortune 500 in 2022.
NIO started working with China Resources in 2018, opening more showrooms in the latter's operated properties than any other partner.
By the end of March 2023, NIO had opened 46 NIO Houses and NIO Spaces in commercial real estate projects managed by China Resources, according to the article in the NIO App.
The article did not provide more details on the possible future collaboration between the two. For NIO, it will need the support of partners, especially property operators, in increasing the number of showrooms as well as charging and battery swap infrastructure.
NIO has an aggressive plan to add 1,000 battery swap stations and 10,000 charging piles this year to ensure it provides a continuous energy replenishment experience for owners.
"People always think of battery swap when they think of NIO, but we're actually doing a great job with charging facilities as well … we will be determined to build the infrastructure," Li said in a speech at a forum earlier this month.
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Baojun Yep unveiled an exterior LCD screen to share messages with other drivers
The coolest Chinese EV got even cooler. What could possibly go wrong.
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