BYD reported another stellar quarter of earnings on the back of booming electric-vehicle sales that has propelled the company past Volkswagen AG to become China’s top-selling car brand, reports Bloomberg.
Net income in the three months through March surged 411% from a year earlier to RMB 4.13 billion ($597 million), the Shenzhen-based automaker said in a statement Thursday. Operating revenue rose 80% to RMB 120.2 billion.
Sales of its passenger electric vehicles almost doubled to 550,000 globally in the quarter. While BYD has been intensifying its push overseas, prioritizing Europe, Latin America and markets around Asia, about 440,000 of its sales in the period were in China, amounting to roughly 40% of all EV sales in the world’s biggest auto market.