File photo/Li Xing (NBD)

On April 27, BYD released its first quarter financial report for 2023.

The report showed that BYD achieved operating income of RMB 120.173 billion in the first quarter, a year-on-year increase of 79.83%; net profit was RMB 4.13 billion, a year-on-year increase of 410.89%; and basic earnings per share was RMB 1.42, a year-on-year increase of 407.14%.

On April 3, 2022, BYD officially announced the cessation of production of fuel vehicles. In the following year, BYD's profitability continued to be restored.

In 2022, BYD achieved operating income of RMB 424.061 billion, a year-on-year increase of 96.2%; net profit was RMB 16.622 billion, a year-on-year increase of 445.86%.

BYD's net profit growth rate in the first quarter once again exceeded 400%, which is particularly impressive.

By comparison, BYD's net profit for the full year from 2018 to 2021 was RMB 2.78 billion, RMB 1.614 billion, RMB 4.234 billion, and RMB 3.045 billion, respectively.

Regarding the significant increase in revenue, BYD stated in the financial report that it was mainly due to the increase in sales of new energy vehicles.

In the first quarter of 2023, BYD's cumulative sales volume was 552,100 vehicles, an increase of 89.47% year-on-year.