BYD Shares Rise After First-Quarter Earnings Beat Expectations

Dow Jones10:01
 

By Jiahui Huang

 

Chinese auto giant BYD's shares rose after first-quarter results beat expectations despite profit and revenue weakening.

BYD's Hong Kong-listed shares rose 3.1% to 106.80 Hong Kong dollars early Wednesday, while the Shenzhen-listed shares were 2.0% higher.

The carmaker's results beat consensus expectations, even as quarterly profit more than halved.

The first-quarter earnings "could mark a clearing event for the stock," Bernstein analysts wrote in a note. Market sentiment on BYD has improved following the release of new models with flash-charging technology that have generated strong order momentum.

BYD's lower revenue compared with a year earlier was mainly due to a sales mix skewed toward higher-margin exports, Citi analysts wrote in a note.

The EV maker sold a total of 700,463 units in the first quarter, with overseas shipments continuing to outpace domestic deliveries.

The Bernstein analysts noted that BYD's net profit per car was 5,700 yuan, equivalent to US$833.64, above expectations of 4,000 yuan.

Looking ahead, analysts expect BYD's market share to improve in the second quarter as deliveries of new models ramp up. BYD also continues to make progress in overseas expansion and external battery sales, Bernstein said.

 

Write to Jiahui Huang at jiahui.huang@wsj.com

 

(END) Dow Jones Newswires

April 28, 2026 22:01 ET (02:01 GMT)

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