BYD Projects 86.04%-118.88% Q1 Profit Surge: Explosive Growth Ahead!

[PCauto] BYD announced on April 8, 2025 that its Q1 2025 net profit attributable to shareholders is expected to reach RMB 8.5-10 billion, representing an 86.04%-118.88% surge from RMB 4.569 billion in Q1 2024. This performance not only set a new quarterly record for the company, but also far exceeded market expectations, being complimented by industry analysts as 'off-the-charts growth'.

In the first quarter, BYD's global new energy vehicle sales exceeded 1.007 million units, increasing by 59.81% year-on-year. Particularly noteworthy was the exceptional performance in markets outside China, where sales achieved significant growth. Besides that, Southeast Asia has played a great role in BYD's global expansion strategy.

For example, in Thailand, BYD's first overseas passenger vehicle production base outside China commenced operations in 2024 with an annual capacity of 150,000 units, directly serving the Southeast Asian market. Meanwhile, in Malaysia, BYD's multiple models continue to gain NEV market share through the competitive prices and intelligent functions.

Through vertical integration, BYD has achieved over 80% in-house production rate for core components including batteries, motors, and electronic control systems, significantly reducing manufacturing costs. Moreover, optimized global supply chains have enhanced BYD's localized delivery capabilities in emerging markets like Southeast Asia. For instance, BYD's Thailand plant has adopted regional procurement for certain parts, shortening delivery cycle and reducing the risk of currency fluctuation.

In 2024, BYD's R&D investment exceeded 54.1 billion yuan, an increase of 35.68% year-on-year, focusing on technologies like the fifth-generation DM hybrid technology, intelligent driving systems, ultra-fast charging technology including 1000kW charging, etc, which are gradually applied to the vehicle market.

The global new energy vehicle market continues to grow, with China, Europe and Southeast Asia becoming the three core growth places. Policy incentives (such as Thailand's 30% car purchase subsidy, Malaysia's import tax reduction)  and demand for the improvement of infrastructure are attracting BYD to expand its layout in Southeast Asia. Data shows that in the first quarter of 2025, BYD's sales in the ASEAN increased by more than 120% year-on-year, with a market share in Thailand exceeding 15% and the market share of pure electric models in Malaysia ranking in the top three.

Many institutions believe that the growth of BYD's performance growth has validated the effectiveness of its "Technology + Market" dual-wheel drive strategy. As one of the fastest-growing new energy vehicle markets in the world, Southeast Asia is expected to become an important growth driver for BYD's future profits. The company plans to deepen local partnership in Southeast Asia, including building a charging network with the National Energy Company of Malaysia and exploring the integration of the battery raw material supply chain in Indonesia, to further reduce regional operating costs.