BYD’s Q1 sales surge 58% to 986,098, March numbers up 23%

BYD posted a strong start to 2025, with first-quarter sales surging 58% year-on-year to 986,098 passenger vehicles.

In March alone, BYD delivered 371,419 passenger cars, including 166,109 battery EVs and 205,310 plug-in hybrids.

The company set a new record for overseas sales in March, delivering 72,723 vehicles, a YoY increase of 89.22%.

The Shenzhen-based company, which ceased production of combustion engine vehicles in 2022, continues to innovate, recently rolling out advanced smart driving technology at no extra cost and unveiling an ultra-fast charging system capable of adding 400 kilometers of range in just five minutes.

BYD’s edge over Tesla

Investor confidence in BYD remains strong, with the stock up around 45% this year, in stark contrast to its biggest rival, Tesla’s 36% decline.

This comes as BYD has been steering ahead of Tesla in sales performance.

BYD reported $107 billion in sales for 2024, marking a 29% increase from the previous year, with total deliveries reaching 4.27 million vehicles, including hybrids.

In comparison, Tesla posted $97.7 billion in revenue for the year, delivering 1.79 million battery-powered vehicles. Notably, Tesla’s annual deliveries declined by 1.1%—its first year-over-year drop.

Unlike Tesla, which positions itself as a premium brand, BYD has built its dominance through affordability.

Its entry-level model starts at just over $10,000 in China, significantly lower than Tesla’s least expensive Model 3, which is priced at more than $32,000.

BYD’s 2025 goals

BYD is targeting 5.5 million vehicle sales in 2025, with plans to more than double overseas shipments to 800,000 units.

The company sees substantial growth potential in Britain, Latin America, and Southeast Asia, where demand for affordable EVs is on the rise.

Chairman Wang Chuanfu indicated that BYD will navigate tariff challenges by localizing assembly operations while maintaining reliance on China for key components.

The company currently does not sell passenger cars in the US due to high tariffs and restrictions on smart driving EV technology.

Britain presents a particularly attractive opportunity, with Wang describing the market as “very open” to competitive Chinese products.

Latin America and Southeast Asia are also expected to contribute meaningfully to BYD’s international sales expansion.

Analysts on BYD stock

Last week, several analysts shared their bullish outlook on the EV giant.

Bernstein analysts reaffirmed their “outperform” rating on BYD shares, maintaining a price target of HK$460.00.

Following its full-year 2024 earnings release, Bernstein highlighted the company’s growth trajectory, particularly its expansion in overseas markets.

Jefferies analyst Johnson Wan raised BYD’s price target to HK$447.00 from HK$426.00 while reiterating a “buy” rating.

The revision follows the company’s fourth-quarter earnings report, which showed revenue growth of 37% year-over-year to RMB275 billion and a 29% rise in net profit to RMB15 billion.

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