{"id":26115,"date":"2023-04-27T12:00:12","date_gmt":"2023-04-27T12:00:12","guid":{"rendered":"http:\/\/lynettelockhart.com\/client\/chinas-byd-posts-410\/"},"modified":"2023-04-27T12:03:27","modified_gmt":"2023-04-27T12:03:27","slug":"chinese-ev-giant-byds","status":"publish","type":"post","link":"http:\/\/lynettelockhart.com\/client\/chinese-ev-giant-byds\/","title":{"rendered":"Chinese EV giant BYD&#8217;s first-quarter profit jumps fivefold"},"content":{"rendered":"<p>BEIJING\/SHANGHAI (Reuters) -Chinese electric vehicle giant BYD Co. posted a fivefold jump in its first-quarter profit on Thursday as the company consolidated its leadership in the domestic market. <\/p>\n<p>Net profit for the first three months of the year was 4.13 billion yuan ($596.56 million), up 410.9% from 808.41 million yuan a year earlier, on revenue up 79.8% at 120.17 billion yuan, the company said in a stock market filing.<\/p>\n<p>The Shenzhen-based company, whose investors include Warren Buffett&#8217;s Berkshire Hathaway, outsold Volkswagen-branded cars in the first quarter of this year in China, according to a Reuters analysis of data from the China Association of Automobile Manufacturers.    Buoyed by its Dynasty and Ocean series of plug-in hybrids and pure electric cars, BYD sold 552,076 new energy vehicles in the first quarter, a surge of 92.81% year-on-year, according to the company.    The company sold more than 1.86 million vehicles in 2022, mostly in China.     BYD has joined many other Chinese brands in a price war started by Tesla, with the offering of discounts for its Song Plus and Seal EVs in March.    The price cuts have eaten into automakers&#8217; earnings, with Tesla reporting a 24% plunge in first-quarter net income.     Last week, BYD unveiled its Seagull electric hatchback at the Shanghai autoshow, stunning visitors with a price from just 78,000 yuan &#8211; around half the level of the cheapest new energy vehicles available elsewhere.        \u00a0<\/p>\n<p>($1 = 6.9230 Chinese yuan renminbi)<\/p>\n<p> (Reporting by Qiaoyi Li, Zhang Yan and Brenda GohEditing by David Goodman and Sharon Singleton)<\/p>\n<p><a href=\"http:\/\/lynettelockhart.com\/client\/chinas-byd-posts-410\/bangkok-international-motor-show-2\/\"><img decoding=\"async\" src=\"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ3Q0IR-VIEWIMAGE.jpg\" alt=\"tagreuters.com2023binary_LYNXMPEJ3Q0IR-VIEWIMAGE\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>BEIJING\/SHANGHAI (Reuters) -Chinese electric vehicle giant BYD Co. posted a fivefold jump in its first-quarter profit on Thursday as the company consolidated its leadership in the domestic market. Net profit for the first three months of the year was 4.13 billion yuan ($596.56 million), up 410.9% from 808.41 million yuan a year earlier, on revenue [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":26116,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[1213],"tags":[1223],"class_list":["post-26115","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-u-s-business","tag-updated"],"jetpack_featured_media_url":"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ3Q0IR-VIEWIMAGE.jpg","_links":{"self":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/26115","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/comments?post=26115"}],"version-history":[{"count":2,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/26115\/revisions"}],"predecessor-version":[{"id":26143,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/26115\/revisions\/26143"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media\/26116"}],"wp:attachment":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media?parent=26115"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/categories?post=26115"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/tags?post=26115"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}