Shanghai (ZXZC)- BYD Company Limited (“BYD”) announced on Apr. 27 its revenue reached 120.174 billion yuan in the first quarter of 2023, leaping 79.83% from the previous year.

During the same period, BYD saw its quarterly net profit attributable to shareholders soar 410.89% year on year to around 4.13 billion yuan. Excluding the impact of certain non-recurring gains and losses, its first-quarter net profit rocketed 593.68% from a year earlier to 3.565 billion yuan.

BYD said the high growth in its first-quarter revenue should owe much to the blooming rise in its new energy vehicle sales.

In the first three months of this year, BYD sold roughly 552,100 new energy vehicles, representing a 92.81% surge year-over-year. Of those, around 547,900 units were passenger vehicles, indicating a 92.43% soar over a year earlier.

According to data by the China Passenger Car Association, BYD accounted for 38.7% of China’s total new energy passenger vehicle sales in the Jan.-Mar. period this year.

The export business is becoming BYD’s new growth point as well. In the first quarter of 2023, BYD exported about 38,700 passenger vehicles in total. As of Mar. this year, BYD’s new energy passenger vehicles had tapped such countries as Japan, Germany, Australia, and Brazil.

At the Auto Shanghai 2023, Li Yunfei, General Manager of BYD Branding & PR Division, revealed that BYD is ambitious to sell 3 million vehicles through 2023 both home and abroad.