Chinese electric vehicle (EV) and battery maker BYD reported a 241% rise in first-quarter profit, despite supply chain disruptions and higher input costs.
Net income rose 241% to 808.4 million yuan ($123 million) in the three months ended March 31 from a year earlier, the Shenzhen-based company said in a stock exchange filing.
BYD stock dipped about 1% in Thursday trading to 232.51 yuan.
“BYD has shown strong sales volume with limited impact from the Shanghai lockdown,” Daiwa Capital Markets analyst Kelvin Lau said.
“We remain positive on BYD achieving its target of 1.5 million units of sales volume, given its self-sufficient battery and chip supply capacity and strong new model launches in 2022,” he added.
BYD accounted for about 17% of the 3 million new energy vehicles (NEV) sold in China in 2021, China Association of Automobile Manufacturers data showed.
Last month, BYD said it would raise prices on its cars by 3,000-6,000 yuan ($471-$942), citing the rising cost of raw materials.
Customers who had already paid deposits on vehicles would not be affected.
“Due to the impact of continued rises in raw material prices, BYD has officially guided Wang Chao Business and Ocean Network Business to adjust prices on relevant EV models,” it said, referring to its sales channels.
- George Russell
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