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BYD, the Chinese electric vehicle manufacturer, released its first-quarter financial report for 2023. The report reveals that the company's revenue is expected to exceed 110 billion yuan (approximately $17 billion USD) in the first quarter of 2023.
According to the report, BYD's revenue for the first quarter of 2022 was 39.1 billion yuan (approximately $6 billion USD), while the revenue for the first quarter of 2023 is expected to increase by 181.47% compared to the same period in the previous year.
The company's financial report shows that the sales revenue of new energy vehicles, including pure electric and plug-in hybrid vehicles, reached 21.2 billion yuan (approximately $3.3 billion USD) in the first quarter of 2023, an increase of 371.61% compared to the same period last year. The revenue from the company's vehicle-related businesses, including batteries and automotive parts, also increased significantly by 179.06% compared to the same period last year, reaching 78.1 billion yuan (approximately $12 billion USD).
The report also revealed that the net profit of BYD in the first quarter of 2023 is expected to be between 3.4 billion yuan and 3.6 billion yuan (approximately $526 million USD to $557 million USD), an increase of 292.58% to 318.76% compared to the same period last year.
BYD is known for its electric vehicles and batteries, but the company has also expanded its business to include areas such as rail transit and energy storage. With the increasing demand for electric vehicles in China and around the world, the company's revenue is expected to continue to grow in the coming years.