Tesla rival BYD has reported a more than fivefold jump in net income for the first quarter as the Warren Buffett-backed Chinese group shook off a rabid price war and slower sales growth that hit foreign and local rivals in China.
BYD said on Thursday net income rose 411 per cent to Rmb4.1bn ($593mn) in the first three months of the year as the Shenzhen-based group expanded its dominance in plug-in hybrid and battery-powered electric vehicles in China.
The result beat market expectations and follows a blockbuster 400 per cent jump in annual net profit in 2022. The company’s strong financial performance is the latest signal that the formidable Chinese conglomerate, which has built a vertically integrated EV supply chain from mines to chips, is challenging incumbents in the global car industry.