BYD’s revenue soars 108.31% year on year in first quarter of 2021

Shanghai (Gasgoo)- BYD Company Limited (BYD) gained 40.991 billion yuan ($6.321 billion) in the revenue for the first quarter of 2021, representing a year-on-year surge of 108.31%, according to the company's latest quarterly financial results.

For the Jan.-Mar. period, BYD saw its net profit attributable to shareholders shoot up 110.73% over a year ago to 237.356 million yuan ($36.598 million). Nonetheless, excluding the impact of non-recurring profits and losses, the company still faced a net loss of 81.651 million yuan ($12.59 million yuan).

During the reporting period, BYD's net cash flow generated by operating activities was 141.856 million yuan ($21.873 million), tumbling 97.13% from the year-ago period. The company said the decrease mainly resulted from the increase in the cash paid for purchasing commodities and receiving labors.

Meanwhile, the basic earnings per share for the first quarter stood at 0.08 yuan, versus 0.02 yuan for the prior-year period.

Notably, BYD's R&D expenses for the first three months surge 60.9% year over year to 1.217 billion yuan ($187.681 million). The increasing investment in R&D businesses might help BYD strengthen its presence in China's NEV market as the company is striving to seize opportunities from the tide of auto electrification.

BYD sold a total of 104,145 new vehicles in the first quarter of 2021, representing a 69.97% hike from a year earlier. NEV sales amounted to 54,751 units (+146.72% YoY), including 38,599 all-electric passenger vehicles (+113.14% YoY).