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Themis Qi

China’s electric vehicle (EV) king BYD reported a slump in first-quarter net profit as weakness in its domestic market outweighed rising exports.
The mainland’s largest and most profitable EV maker reported a net profit of nearly 4.09 billion yuan (US$590 million) for the first three months of the year, a drop of 55 per cent compared with a year earlier.
Revenue came in at 150.2 billion yuan, down 11.8 per cent from a year earlier.
The market’s consensus estimate was 4.09 billion yuan for net profit and 140 billion yuan for revenue.
The first-quarter revenue was the lowest quarterly figure since the April to June period in 2024, while the net profit was the least since the first quarter of 2023, as slowing growth at home weighed on earnings.
Rising overseas sales helped the Shenzhen-based carmaker offset weakness at home. BYD exported 120,083 units in March, marking the fifth consecutive month with shipments of more than 100,000 vehicles.
Notably, BYD’s exports in the first quarter accounted for nearly 46 per cent of its total deliveries, double the full-year proportion of 23 per cent in 2025.

Although BYD did not reveal its overseas profit margin, it is widely believed that Chinese EV makers could earn more abroad than at home, where they have been embroiled in a vicious price war. Since last year top policymakers and regulators have repeatedly urged firms to end the profit-squeezing competition and seek further technological breakthroughs.
On the mainland, carmakers’ average net margin per vehicle stood at about 5,000 yuan, according to Nick Lai, head of auto research for Asia-Pacific at JPMorgan Chase.
In October, he said that the margin could rise fourfold to 20,000 yuan in overseas markets, where Chinese cars commanded higher prices.
The energy shock arising from the Middle East conflict is also expected to help EV makers boost overseas sales.
Morgan Stanley cut its forecast for China’s domestic EV sales growth to flat this year compared with a 7 per cent increase previously, according to a report published on April 22. The US bank expects car exports to grow 88 per cent compared with its earlier forecast of 38 per cent.
BYD told analysts in late March that its outbound shipments could rise to 1.5 million units this year compared with its previous target of 1.3 million announced in January.
Moreover, the EV king in the mass market is stepping up efforts to tap the premium category in a bid for higher profit margins. It plans to debut its Denza Z all-electric sports car in Europe in July and is examining options to enter Formula 1 racing.
In early April, BYD said it would launch the Denza Z9GT at prices starting from €103,500 (US$121,050), nearly triple the price at home.
China halved the sales tax exemption for EVs in January, leading to a 23.8 per cent dip in domestic sales in the first quarter.
BYD also saw its total EV sales decrease 30 per cent year on year to around 1 million units in the first quarter. Even with an increase in March, the monthly figure was still the second lowest in 15 months.


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The company reports a net profit of nearly 4.09 billion yuan (US$590 million) and revenue of 150.2 billion yuan


The company reports a net profit of nearly 4.09 billion yuan (US$590 million) and revenue of 150.2 billion yuan.


BYD, China’s EV king, posts a 55% slump in first-quarter profit

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}The company reports a net profit of nearly 4.09 billion yuan (US$590 million) and revenue of 150.2 billion yuan

The company reports a net profit of nearly 4.09 billion yuan (US$590 million) and revenue of 150.2 billion yuan