BYD Co.
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posted a more than five-fold rise in net profit for the first quarter, driven by strong sales growth.
The electric-vehicle maker’s net profit in the first three months of the year rose to 4.13 billion yuan ($596.5 million) from CNY808.4 million in the same period last year.
However, profit retreated from the CNY7.30 billion recorded in the fourth quarter of 2022. The EV giant’s quarterly decline came amid a slowdown in demand for cars in China and an intensifying price war with both its domestic rivals and foreign competitors like Tesla Inc.
BYD’s revenue rose 80% on year in the first quarter to CNY120.17 billion. Net cash flow from operations increased 21% to CNY14.47 billion.
