Shanghai (ZXZC)- BYD Company Limited ("BYD") recorded revenues of around 124.944 billion yuan in the first quarter of 2024 (Q1 2024), representing a year-on-year growth of 3.97%, according to the company's latest quarterly financial results.

Song Pro DM-i Honor Edition; photo credit: BYD

During the same period, BYD posted a 10.62% year-over-year growth in its Q1 net profit attributable to shareholders, which reached roughly 4.569 billion yuan. Excluding the impact of certain non-recurring gains and losses, its Q1 net profit still rose 5.24% over a year earlier to 3.752 billion yuan.

In addition, BYD's the net cash flow generated by operating activities reached 10.228 billion yuan in the first three months of this year, shrinking 29.29% from the year-ago period. Meanwhile, the company reported basic earnings per share of 1.57 yuan for the quarter, versus the 1.42 yuan for the same period a year ago.

Moreover, the company's R&D expenses for Q1 2024 surged by 70.1% from the previous period's 6.238 billion yuan, reaching 10.611 billion yuan. This accounts for 8.49% of BYD’s total revenue, an increase of 3.29 percentage points year-over-year.

For the first three months of 2024, BYD recorded a cumulative sales volume of 626,263 vehicles, up 13.44% over a year ago.

In the passenger vehicle sector, BEVs and PHEVs contributed to a Q1 sales volume of 300,114 units and 324,284 units, respectively, both logging a year-on-year growth of over 13%.