BYD’s Global EV Sales and Profit Surge in Q1 2024

BYD EV

Overseas Expansion and Battery Growth Fuel Record-Breaking First Quarter

Chinese automaker BYD achieved record-breaking global EV sales and profit growth in the first quarter of 2024. Despite slower domestic demand due to regional holidays and local competition, BYD's global reach drove strong performance.

The company sold 1 million electric vehicles worldwide in Q1, up nearly 60% year-on-year.

Sales dipped 35% from Q4, but BYD still delivered the most profitable first quarter in its history.

Competition intensified in China from local rivals such as Geely and Leapmotor.

Yet, BYD’s global sales momentum helped offset domestic market softness.

Overseas Markets and Battery Output Drive Growth

BYD sold 206,084 units outside China during Q1, more than double last year's overseas total. Brazil, its largest international market, accounted for 21,390 units, or nearly 10% of all exports.

Beyond vehicles, BYD strengthened its battery leadership. Its power battery and energy storage installations surged by 77%, reaching 52.5 GWh, the third-highest in company history.

BYD remains the second-largest battery producer in China, following CATL, and continues to expand rapidly in global battery markets.

Profit Nearly Doubles, Outpaces Tesla by Threefold

BYD earned $1.26 billion in profit in Q1 2024, nearly double the same period in 2023.

This figure exceeded internal forecasts by $260 million and was three times higher than Tesla’s profit for the quarter.

Quarterly revenue rose 36% to $23.3 billion, showcasing the company’s strong cost control and global sales strength.

As competition heats up in the EV sector, BYD continues to gain market share on both vehicle and battery fronts.