Chinese electric vehicle giant BYD reported strong first-quarter profits on Friday, propelled by surging sales as US rival Tesla struggles to maintain pace.
China's EV market is the largest in the world, and BYD has emerged in recent years as the clear leader of the highly competitive sector, outperforming Tesla in annual revenue last year.
The Shenzhen-based firm achieved a net profit of 9.15 billion yuan ($1.26 billion) in the first three months of the year, according to results published at the Hong Kong Stock Exchange.
The figure is a new record for BYD in the first quarter, which historically sees lower profits due to seasonal reductions in factory activity and consumer spending during the lengthy lunar new year holiday.
The net profit -- which represented year-on-year growth of 100.38 percent -- was in line with preliminary results released by BYD earlier this month.
But revenue during the first quarter reached 170.36 billion yuan, Friday's statement showed, falling short of a Bloomberg average estimate of 183.17 billion yuan.
The quarterly results are the first to be announced by BYD since it published 2024 figures last month, showing that it had outperformed Tesla in annual revenue.
Tesla has in recent months grappled with declining consumer interest in the United States and Europe, as company boss Elon Musk's support for US President Donald Trump wards off many would-be buyers.
BYD has also surged ahead of traditional industry heavyweights in its home market of China, where European automotive giants have struggled to compete with local startups in the race to switch to electric models.
A new generation of Chinese automotive giants -- in which BYD is a key player -- has benefited from generous government support over the years, with vast state funds poured into the sector.
The approach has given domestic firms a critical edge in the race to provide cheaper, more fuel-efficient EVs over leading US automakers.
With AFP
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