China's electric vehicle (EV) manufacturer BYD reported net profit increased by 100.4% year-on-year, attributed to shareholders in the first quarter of fiscal 2025 (First quarter). Net profit in the first quarter reached RMB 9.15 billion (US$1.3 billion).

The operating income during this period was RMB 170.36 billion, up to RMB 124.94 billion a year ago.

The growth in operating income is largely attributed to the expansion of BYD's new energy (NEV) business.

The company's net cash flow fell 16.10% from operating activities to RMB 85.8 billion in the first quarter of 2025.

"During the reporting period, the company has strengthened its ability to further enhance its technical capabilities and accelerate its overseas expansion," Bied said in a press statement.

“In addition, the company was able to enrich its shareholder base and optimize its asset and liability structure by attracting many highly qualified institutional investors to participate in the location. The company completed new shares in a total of 129,800,000 companies on March 11, 2025, with the company completing a total of 129,800,000 new H shares.”

Earnings per share of basic and diluted was RMB 3.12, up 98.73%.

The company's total assets at the end of the reporting period were RMB 840 billion, a year-on-year increase of 7.30%.

Last month, Reuters reported that BYD plans to increase its overseas sales to 800,000 units by 2025.

The company intends to manage tariffs by assembling vehicles locally and identifying the UK as a key growth market, citing its openness to competitive Chinese products.

Byd sold 417,204 units outside China in 2024 and expects its UK market share to "significantly increase".

Last week, BYD signed an agreement with Saudi oil specialist Aramco to advance new energy vehicle technology.

Saudi Aramco Technology Corporation (SATC) signed a joint development agreement with BYD to improve vehicle efficiency and environmental performance.

"Chinese electric vehicle manufacturer Byd Doubles Q1 2025 Net Profit" was originally created and published by GlobalData-owned brand Just Auto.

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