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Investing.com -- Chinese electric vehicle manufacturer, BYD (SZ:002594), reported a significant leap in its first-quarter profit, marking a 100.4% increase from the same period a year prior. This is the fastest pace of growth the company has seen in nearly two years.
BYD’s net profit reached 9.2 billion yuan ($1.26 billion), according to a stock filing released on Friday. This figure surpassed the company’s earlier estimate, which ranged between 8.5 billion yuan and 10 billion yuan.
In terms of revenue, the company reported a total of 170.4 billion yuan for the quarter. This represents a 36.4% year-on-year increase, a significant jump compared to the 10.6% rise in the previous quarter.
The strong financial performance comes as BYD continues to expand its lead in the competitive Chinese electric vehicle market. The company has been strategically launching a smart EV price war, aiming to secure its position in the rapidly evolving industry.
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