On April 19, BYD released its first quarter 2022 performance forecast. The report shows that between January 1 and March 31, 2022, BYD's net profit attributable to shareholders of listed companies reached 650 million to 950 million yuan, an increase of 174% to 300% year-on-year.
BYD said that the sales of new energy vehicles hit a record high in the first quarter, driving a significant increase in profitability, and to a certain extent hedging the pressure generated by the price increase of upstream raw materials. According to the data, BYD's sales of new energy vehicles in March 104878, an increase of 333.06% year-on-year; the cumulative sales of 286329 units from January to March, an increase of 422.97% year-on-year.
DM-i plug-in hybrid model sales are extremely eye-catching, from January to March cumulative sales reached 141514, accounting for 49.4%, an increase of 857.4% year-on-year, sales directly took off. According to the current sales performance, BYD's goal of 1.1 million units per year should not be a big problem, and with the subsequent listing of more new cars and the commissioning of new factories, it is not impossible to impact the target of 1.5 million.
BYD announced in March that it would officially discontinue its fuel vehicles and focus on pure electric and plug-in hybrid vehicles. With the advantages of blade batteries and DM-i super hybrid technology, BYD's sales of new energy vehicles have grown rapidly, and it has become the first place in the domestic new energy vehicle market, and its sales are far ahead of Tesla.
According to the data released by the Association of Automobile Associations, Tesla's domestic sales in March were 65,754 vehicles, an increase of 85.3% year-on-year, ranking second in the domestic new energy vehicle market, but there is a gap of nearly 40,000 vehicles from BYD. However, the sales of Tesla's single model are very high, and the Model Y ranks first in the new energy SUV list with a score of 39730 units, surpassing BYD Song. Model 3 ranks second in the new energy sedan list with a performance of 26,024 units, second only to the Wuling Hongguang mini EV, surpassing BYD's Qin/Han series models.
From the data, it can be found that Tesla's growth rate is also very fast, and it has come to the second position in China with only two hot-selling models. BYD's sales are indeed high, but there are more models, the price is relatively cheap, and the advantages are more obvious. If Tesla also launches a cheaper model, sales may soon catch up.
BYD also needs to continue to enhance its technical strength and move towards the high-end market. Nowadays, the competition in the new energy vehicle market is particularly fierce, and there is not enough hard power, and it may soon be surpassed by others.